A loss of $513,000 was realized by Campbell Resources (TSE) for the first half of this year. This compares to a profit of $421,000 for the same period last year. The red ink comes from a loss of $211,000 from discontinued coal operations.
Increased gold output failed to help the bottom line. During the period, Campbell produced 31,000 oz of gold and 2.8 million lb of copper compared to 24,000 oz of gold and 2.8 million lb of copper in the same period in 1987.
The increase in gold production is attributable to Campbell’s Joe Mann mine which entered production in April 1987. For the first half, the mine yielded 16,600 oz of gold. A study is in progress designed to examine the most economic method of increasing production.
At the Cedar Bay operation, shaft sinking and headframe modifications have been completed. Lateral development is under way.
Due to decreasing reserves at the company’s Henderson II mine, the scale of Campbell’s mining operations in the Chibougamau camp may decline during the remainder of the year. All of the company’s mines are near Chibougamau, Que.
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