Joe Mann output declines in 1992

Copper and gold output at Campbell Resources’ (TSE) Joe Mann mine near Chibougamau, Que. declined by over 20% last year. In 1992, the mine produced 70,200 oz. gold and 1.2 million lb. of copper compared with 87,500 oz. gold and 1.5 million lb. copper in 1991.

Last year’s production was hampered by a lack of development work within the mine. As a result of lower production levels and a high fixed cost component, cash operating costs in 1992 increased to US$294 per oz. gold from US$257 in 1991.

Campbell’s Chief Financial Officer Patrick Downey told The Northern Miner that at today’s gold price, reserves at the mine are sufficient for another seven years of production.