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Thursday, 22nd July 2004 (4104 views)

Canadian gold mining company Cambior Inc has reported profits for the second quarter of this year, compared to a loss last year.<BR/><BR/>Quarterly earnings for Quebec-based Cambior rose to $1.7 million during the three months to June 30th, up from a loss of $2.1 million last year, but still falling short of analysts' estimates.<BR/><BR/>Cambior said in a statement that revenue for the second quarter rose 81 per cent to $78.3 million, up from $43.3 million last year, driven by a 60 percent increase in gold production and lower unit costs. <BR/><BR/>Commercial production at the Rosebel mine, which began in February this year, was largely responsible for the increase in revenues, cash flows and profitability for the quarter and the first half of the year, according to Cambior.<BR/><BR/>The Canadian gold miner predicts that earnings and cash flows will improve in the second half of the year due to the recent acquisition of Sequoia Minerals Inc. The firm also announced that it is on target to achieve its production forecast of 705,000 ounces of gold for 2004.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=6025826"/>

 

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