Revenue and earnings were higher, but third-quarter production of 12,439 oz. gold and 3.12 million lb. copper was off slightly from the same period in 1993, MSV Resources (ME) reports.
A higher copper price this year helped to boost revenue, while a 2-week summer shutdown led to the decrease in output.
MSV has been producing gold and copper from its Chibougamau, Que., operations since early 1993.
For the first nine months of 1994, MSV recorded revenue of $36.3 million and net earnings of $2.6 million, compared with revenue of $18.6 million and earnings of $597,175 for the same period last year.
Output for the nine months totaled 39,781 oz. gold and 9.8 million lb. copper, well ahead of last year’s figures.
Meanwhile, at MSV’s Eastmain gold project near James Bay where surface infrastructure is 95% complete and underground development is on schedule, the company continues to stockpile ore. MSV plans to truck ore to its Copper Rand mill at Chibougamau; the first shipment is set for the first quarter of 1995.
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