Increased revenue and gold production were reported by Cambior (TSE) for the first quarter of 1991. Revenue jumped by 33% to $36.3 million while output rose to 62,105 oz. compared with 39,582 oz. for the same period last year.
Net earnings for the quarter totalled $4.3 million, down slightly from $4.6 million last year.
Contributing to the improved gold output were increased production from some of Cambior’s operating mines, and production acquired in 1990 from additional interests in the Chimo and Silidor mines.
Cambior’s hedging policy will see it deliver 233,600 oz. (90% of its scheduled production) during the last nine months of 1991 at a minimum price of US$425 per oz. The company’s Valdez Creek placer gold project in Alaska is set to resume production this quarter. Commercial production at Cambior’s Mouska gold project, 25 miles east of Rouyn-Noranda, Que., is also set to begin during the second quarter. The company’s 1991 production target is about 320,000 oz. Cambior (TSE) 3 months ended Mar. 31 1991 1990 Revenue $36,325 $27,237 Net earnings 4,323 4,580
per share 0.14 0.15
Be the first to comment on "Cambior boosts revenue, output"