Second-quarter earnings of Royal Oak Mines (TSE) increased to $2.9 million this year from $740,000 in the same period a year ago.
The company produced 70,369 oz. gold at a cash cost of US$311 per oz. during the quarter, compared with 44,227 oz. at US$358 per oz. a year ago. Gold production in 1993 includes that of the Hope Brook mine in Newfoundland. The operation enabled Royal Oak to increase production to 135,997 oz. in the first six months of this year, compared with 98,719 oz. in the 1992 first-half. Cash costs fell to US$309 during the period, from US$325 in the 1992 first-half.
Royal Oak has working capital of about $75 million, following an equity issue in July.
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