Copper prices rain on Novicourt earnings

Net earnings of $10.2 million were reported by Novicourt (NOV-T) for 1996, compared with $21.5 million in the previous year.

Novicourt, 60% of which is held by parent Noranda (NOR-T), says its 1996 results were affected by a significant drop in the price of copper, which averaged US$1.04 per lb. for the year, compared with an average of US$1.33 per lb. in 1995.

Novicourt has a 45% interest in the Louvicourt copper-zinc-gold-silver mine near Val d’Or, Que. The mine produced an average of 4,384 tonnes per day in 1996 at operating costs of $36.08 per tonne.