Record output for Campbell

A record first-half gold production of 43,700 oz. was reported by Campbell Resources (TSE) from its Joe Mann mine near Chibougamau, Que.

The mine also turned out 783,000 lb. copper for Campbell, which recorded first-half net earnings of $1.3 million compared with $2 million for the same period in 1990.

During the second quarter, the company realized a gain of $13.5 million when it closed out its 100,000-oz. gold-hedging position. That gain is being amortized annually to 1995, the term of the original hedge.

The company attributed the improved output at Joe Mann to an increase in the tonnage and average grade of the ore mined. Some of the stopes at the mine have been converted from the longhole method of mining to the more selective shrinkage method.

First-half operating costs averaged US$253 per oz. compared with US$308 for the same 6-month period in 1990.