Copper prices are not what they were a year ago, yet Novicourt (nov-t) continues to post profits from its share of production at the Louvicourt mine near Val d’Or, Que.
The Noranda subsidiary holds a 45% stake in the underground mine, where, during the second quarter, 396,000 tonnes (4,346 tonnes per day) were milled with an average grade of 3.8% copper.
Novicourt posted net earnings of $1.5 million, or 3 cents per share, for the latest quarter, and $1.3 million for the first six months of this year. This compares with earnings of $3 million in the second quarter of 1997, and $4 million for the first half of that year.
Novicourt’s share of copper concentrate produced in the latest quarter contained 6,287 tonnes of accountable copper, 82,000 ounces of accountable silver and 3,166 oz. gold. Its share of zinc concentrate for the same period contained 2,005 tonnes of accountable zinc.
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