Cambior output up, earnings decline

Gold production in 1991 totalled 312,665 oz., Cambior (TSE) reports, up by 31% from the previous year. Net earnings plunged, however, to $13.9 million from $23.9 million in 1990 on about the same revenue amount.

Working capital at the end of 1991 stood at $52.4 million. Costs associated with the acquisition of Westmont Mining and construction of the Omai gold project in Guyana helped lower cash and short-term investments to $48.4 million at the end of 1991, the company says.

Early this year, the Val d’Or, Que.-based producer completed bank financing for the construction of the Omai project, and secured political risk insurance coverage of up to US$163 million from the Export Development Corp. Omai is scheduled to enter commercial production during the first quarter of 1993.