Eden Roc Minerals turns around in latest quarter

Improvements in operations and higher production at the Afema heap-leach gold mine in Ivory Coast gave rise to a strong second quarter for Eden Roc Minerals (edn-t).

For the three months ended June 30, Eden earned $1.4 million on revenue of $5.8 million, compared with a net loss of $1.3 million on $2.3 million for the comparable period of 1996.

The average realized price during the recent quarter was US$357, representing a drop of US$30 from the pervious year.

Gold production between the periods rose to 11,670 oz. from 4,748 oz., while operating costs fell to US$173 per oz. from US$261. The lower operating costs are attributed to an increase in the average grade to 4.97 grams gold from 1.92 grams gold, and the ability to process higher volumes of pregnant cyanide solutions in the newly installed adsorption-desorption recovery plant and carbon regeneration kiln.

The Afema project is owned by Somiaf, a joint-venture company in which operator Eden Roc holds a 68% interest; the Ivorian government holds the remainder.