FUTURES PRICES; New contract at David Bell hikes wages by 22%

Management and union workers at the David Bell Mine at Hemlo, Ont., have signed a 3-year contract agreement that will increase wages by about 22%. The agreement, approved by 80% of local 9165 of the United Steelworkers of America, will be in effect until October, 1992.

The David Bell mine, owned equally by Corona (TSE) and Teck (TSE), is one of the lowest cost gold producers in the world. In the first quarter of 1990, the mine produced 97,620 oz. at a cost of $75 per oz. Proven and probable reserves are estimated to be 7.8 million tons grading 0.39 oz. per ton.