A total of 169,359 oz. gold and gold equivalent was produced to the account of International Corona (TSE) during the first three months of this year, about 10,000 oz. lower than in the year-earlier period because of the closure of the Renabie and Jolu mines in Canada.
Corona noted, however, that the lost production was mitigated by continued operating improvements at its other mines which saw production targets exceeded by 13%.
The average direct operating costs per oz. gold was US$210 for the period, compared with US$202 in the 1991 first quarter. Net earnings were $1.4 million on revenues of $63.8 million, compared with net earnings of $6 million on revenues of $75.1 million a year earlier.
Homestake Mining (TSE) recently made an offer to acquire Corona shares, and is now awaiting regulatory approval.
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