The company posted a second-quarter loss of $130,000 (or nil per share) on revenue of $15.2 million, compared with earnings of $161,000 (nil per share) on $15.5 million in the corresponding period of 2001. The operating loss climbed to just less than $1.3 million from $990,000 a year earlier. Cash flow from operations, before changes in working capital, was $2.4 million, down from $3.1 million.
For the first six months of 2002, earnings came to $1.1 million (3 per share), compared with a profit of $2 million (a nickel per share) in the initial half of last year. Revenue was marginally lower at $33.2 million.
During the second quarter, Novicourt’s 45% share of production from the Louvicourt mine, near Val d’Or, Que., came to 4,609 tonnes copper metal (5,141 tonnes a year earlier), 1,899 tonnes zinc (944 tonnes), 2,595 oz. gold (2,898 oz.) and 59,000 oz. silver (60,000 oz.). Higher zinc grades helped offset lower copper grades. The quarter saw average copper head grades fall to 2.9% from 3.2%, while zinc grades doubled to 1.6%.
For the half-year, Novicourt’s haul came to 9,802 tonnes copper, 3,668 tonnes zinc, 5,804 oz. gold and 127,000 oz. silver — all less, save for zinc, than year-ago levels.
During the second quarter, copper and zinc market prices averaged US73 and US35 per lb., respectively, compared with US75 and US43 a year earlier. During the first half, prices were US72 and US36 per lb., off from US77 and US44 in the corresponding period of 2001.
Mining schedules at Louvicourt were adjusted following a cave-in involving about 100,000 tonnes of rock and backfill in one of the stoping areas.
Louvicourt is held 45% by Novicourt, 30% by operator
At the end of 2001, Novicourt had $49 million in cash, up slightly from the end of 2001.
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