Gold production was up and costs down for
The company produced 164,200 oz. of the yellow metal during this period, or 11% more than a year ago, while cash costs averaged US$217 per oz., or 13% lower.
The largest contributor was the Omai open-pit mine in Guyana, which turned out 80,700 oz. during the quarter. While production held steady, costs fell to US$231 per oz. from US$244 a year earlier, owing to lower fuel costs and improved in-pit efficiencies.
The Doyon division contributed 61,900 oz. gold, compared with 49,400 oz. a year earlier, while cash costs fell 16% to US$212 per oz. The 50%-owned Sleeping Giant mine added 10,500 oz. to Cambior’s bottom line, 50% more than a year ago, owing to increased throughput and grade. Year-over-year mining costs fell 21% to US$171 per oz. Both underground mines are in northwestern Quebec.
Cambior also operates, or has interests in, several base metal mines and a niobium mine in Quebec. Zinc production in the latest quarter was 16,900 tonnes, compared with 15,300 tonnes a year earlier. The mines also turned out 2,200 tonnes of copper and 294 tonnes of niobium during the first quarter, compared with 1,900 tonnes and 273 tonnes, respectively, in the 1998 first quarter.
Cambior’s net earnings for the first three months of 1999 were US$1 million on revenue of US$86 million. A hedging program enabled the company to realize a gold price of US$364 per oz.
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