Increased revenue, earnings and gold production were reported by Cambior (TSE) for the third quarter and first nine months of 1990. The company attributed the rise in net earnings mainly to increased gold production, which resulted from the startup of three mines and a reduction in unit operating costs.
During the third quarter, Cambior’s output totalled 63,524 oz., up from 47,265 oz. for the same period last year. For the nine months, output increased by 28%, to 171,244 oz.
Operating costs averaged $304 per oz. during the third quarter, and $298 for the nine months, compared with $330 and $328, respectively, for the same periods last year.
Third-quarter net earnings of $6.9 million (23 cents per share) on revenue of $39.5 million were recorded, compared with $3.1 million (13 cents per share) on $28.3 million last year. For the nine months, net earnings of $18.4 million (60 cents per share) on revenue of $105.9 million were reported, compared with $13.2 million (55 cents per share) on $84.4 million last year.
Cambior said its entire fourth- quarter gold output has been sold forward at a minimum price of US$454 per oz. And, almost 60% of its forecast 1991 output is also committed at a minimum of US$459 per oz. The company reports cash assets of more than $70 million.
Cambior (TSE) 3 months ended Sept. 30 1990 1989 Revenue $39,447 $28,272 Net earnings 6,941 3,142
per share 0.23 0.13
9 months ended Sept. 30 Revenue $105,866 $84,355 Net earnings 18,403 13,154
per share 0.60 0.55
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