Lac production tops million oz.

Gold production rose to almost 1.1 million oz. in 1992 from 885,571 oz. in 1991, Lac Minerals (TSE) reports. Production from all of the gold mines in which Lac has an interest totalled 1.14 million oz. last year.

The company says its average cash cost per oz. produced dropped to US$213 in 1992 from US$245 in 1991.

Total ore reserves were steady at 10 million oz. gold at the end of the year, of which about 70% were proven and probable.

Lac also produced 27,101 tons copper and 31,385 tons zinc in 1992. Net earnings declined to US$12.7 million in 1992 from US$15.4 million in 1991. The Toronto-based company says revenues remained at US$486 million despite softening gold prices and lower copper production.

As of Dec. 31, the company’s cash position was US$401 million compared with US$311 million at the end of 1991. As of Jan. 31, three million ounces were hedged at an average price of US$341 per oz.

The company says cash costs per ounce were reduced at Bullfrog in the U.S. and at El Indio in Chile. In northwestern Quebec, Bousquet No. 2 gold production underperformed because of grade overestimation and dilution, Lac says, adding that it projects a return to normal this year.

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