Net earnings of $6.9 million (22 cents per share) on revenue of $39.2 million were recorded by Cambior (TSE) for the second quarter, compared with $5.2 million (22 cents per share) on revenue of $30.2 million for the same 3-month period in 1989. Gold output during the quarter grew by 39% to reach 68,138 oz. Operating costs during the report period averaged $268 per oz.
During the first half of the year, Cambior, based in Val d’Or, Que., reported net earnings of $11.5 million (37 cents per share) on revenue of $66.4 million. For the first six months of 1989, the company had net earnings of $10 million (42 cents per share) on revenue of $56.1 million.
First-half gold production totalled 107,720 oz., up from 86,986 oz. during the same period in 1989. Operating costs, down from last year, averaged $293 per oz. during the half.
The company attributes the increases in revenues and earnings mainly to higher gold output and reduced operating costs. Recent startups at three mines in northwestern Quebec — Beliveau, Chimo and Silidor — helped boost first-half production.
The company, which pursues a strategy of revenue protection through forward sales and gold loans, says it is committed to delivering its entire production for the last six months of 1990 at a minimum price of US$450 per oz.0600,0206,0300,0008 Cambior (TSE) $000s except per-share items 3 months ended Jun. 30 1990 1989 Revenue $39,182 $30,243 Net earnings 6,882 5,244
per share 0.22 0.22004
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