MONTREAL – CAMBIOR INC. has had its most profitable year ever, recording net earnings of US$20.2 million in 2005, compared with a net loss of US$73.8 million in 2004. Total revenues this year were US$368.5 million (US$300.9 million in 2004).
The good results were attributed to operations at the Rosebel mine, in which Cambior (www.Cambior.com) holds a 95% interest. Output rose 25% during the second year of production, reaching 314,000 oz of gold.
Gold reserves mirror the upward trend. Contained gold in proven and probable reserves at the end of 2005 was 5.04 million oz (up 42%), in measured and indicated resources was 3.21 million oz (off 8%), and in inferred resources was 4.76 million oz (up 29%).
Gold production in 2005 was 638,000 oz (down 8%), but the realized price jumped 14% to US$402/oz.