Production costs up for Royal Oak

High cash operating costs took some wind out of the sails of Royal Oak Mines (TSE) during the first nine months of 1995.

The company earned $19.5 million (or 17 cents per share), on revenue of $153.1 million, compared with $25.8 million (27 cents per share) on $122.2 million in the same period last year.

Gold output totalled 276,365 oz., which marks an improvement over the 224,633 oz. produced in the first nine months of 1994.

Cash production costs, however, were higher: US$355 per oz., compared with US$305 a year ago. The rise is attributed to a decrease in tonnages, mill throughput and millfeed grades.