Cambior Announces its First Quarter Results.MONTREAL Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. , Quebec--(BUSINESS WIRE)--May 9, 1996--Due to the increasing importance of operations and investments outside of Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , the Company has begun to report its financial statements in U.S. dollars. Previous financial statements were converted into U.S. dollars by using the December December: see month. 31, 1995 exchange rate of Cdn $1.3640 for US $1. First Quarter Results Cambior Cambior Inc. was a Canadian based international gold producer with operations, development projects and exploration activities in the Americas. Cambior’s shares traded on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol “CBJ”. Inc. announced today a return to profitability for its first quarter 1996, with the resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of operations at Omai in early February February: see month. . The first quarter results show revenues of $60.7 million compared to $68.0 million for the first quarter of 1995. Net earnings for the first quarter were $1.0 million ($0.02 per share) compared to $3.8 million ($0.08 per share) for the same quarter of 1995. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $11.6 million ($0.21 per share) compared to $15.6 million ($0.32 per share) for the first quarter of 1995. Compared to the prior year, results were negatively affected by the shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of Omai operations until early February and the lower efficiencies during the start-up Start-up The earliest stage of a new business venture. period. Favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. operating performance was recorded at the Doyon and Sleeping Giant Sleeping Giant may refer to: In geology:
ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. , a $38 premium over the average market price of $400 per ounce. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. P. Gignac Gignac is the name or part of the name of several communes in France:
"The Omai mine gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. increased production to a total of 27,000 ounces of gold, net of ounces accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. in the mill circuit inventory, from February 4 to the end of the first quarter". Investments during the first quarter totalled $36.2 million, and were principally focussed on completing the Grevet project, the mill expansion at Omai and the funding of advanced international development projects. Benefitting from a successful 8 million shares issue in February, netting $117 million, Cambior has a strong financial position to pursue its growth strategy within the Americas A·mer·i·cas , the See America. , with cash resources of $172 million, as at March 31, 1996. After the equity offer the Company has 60 million shares outstanding. 2. Outlook for 1996 The Company anticipates gradually improving results over the remaining quarters of 1996 as the Omai operation regains full access to the Fennell pit by mid year and benefits from the mill expansion into the second half of this year. Similar improvements in performance through the year are also expected at Grevet following the first quarter commercial start-up, and at Bouchard-Hebert with the increase in milling capacity earlier this year. Based on continuing strong production at Doyon, without undue effects from the current strike of hourly employees, we expect to meet our production targets and gradually improve profitability over the year. Development Projects The first quarter of 1996 was very active with the completion of three (3) pre-feasibility studies on development projects: La Granja La Granja, Spain: see San Ildefonso. , El Pachon and Gross Rosebel. Work is continuing on these projects in order to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... the feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. by early 1997. La Granja (Peru) Mining reserves at the La Granja project have increased significantly since September September: see month. 1995 to 1.3 billion tonnes at 0.61 percent copper using a cutoff of 0.4 percent copper (using data from 179 holes totalling 58,000 meters) representing nearly 16 billion pounds of copper in situ In place. When something is "in situ," it is in its original location. . Certain areas of the deposit appear to remain open laterally lat·er·al adj. 1. Of, relating to, or situated at or on the side. 2. Of or constituting a change within an organization or a hierarchy to a position at a similar level, as in salary or responsibility, to the one being left: and at depth, which indicates the possibility of further increases in mining reserves. Based on the results of the prefeasibility study, the most economical alternative would be an operation based on a milling capacity of 90,000 tonnes per day with a total capital cost of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $800 million. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a preliminary mine plan, some 220 million tonnes grading 0.87 percent copper could be mined with a waste to ore ore, metal-bearing mineral mass that can be profitably mined. Nearly all rock deposits contain some metallic minerals, but in many cases the concentration of metal is too low to justify mining the ore. ratio of 0.47 in the first seven years of commercial production; these preliminary results indicate an average annual production of 250,000 tonnes of copper in concentrate during this first phase of mining at average direct cash costs of $0.57 per pound of copper. The feasibility study is expected to be completed by the first quarter 1997. Cambior's total investment in the project to date is $20 million. Subsequent to the confirmation of the feasibility study and arrangement of financing, construction of the open pit mine could begin in 1998 with commercial production anticipated in 2001. The size and potential of this world class copper project are such that Cambior will eventually seek partners to further enhance the value of the project by sharing in the project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. and marketing. 3. El Pachon (Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. ) Mining reserves at the El Pachon project, based on data from 193 drill holes totaling over 34,000 metres, are estimated to be 687 million tonnes at 0.63 percent copper using a cutoff of 0.4 percent copper, representing over 9.5 billion pounds of copper in situ. Under the terms of its agreement, Cambior paid $10 million to acquire 40 percent of the common shares of Pachon S.A. Minera Minera (Welsh: Mwynglawdd) is a small village in the county borough of Wrexham in north-east Wales. It borders Coedpoeth to the east and Bwlchgwyn to the west. from Compania Minera San Jose S San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. .A. in 1994. Cambior has completed the funding commitment of $5 million required to acquire an additional 10 percent interest for a total interest of 50 percent. Based on the results of the prefeasibility study, mining of the deposit would be based on an initial milling capacity of 40,000 tonnes per day with a subsequent expansion to 60,000 tonnes per day after seven years of production for an initial investment in the order of $500 million. According to a preliminary mine plan, some 111 million tonnes grading 0.92 percent Cu could be milled with a waste to ore ratio of 1.8 in the first seven years of commercial production. These preliminary results indicate an average annual production of 135,000 tonnes of copper in concentrate during this first phase of mining at average direct cash costs of $0.57 per pound of copper. The feasibility study, expected in the first quarter of 1997, will include more advanced and technical studies on all aspects of the project in order to optimize optimize - optimisation costs and scheduling. Construction could begin in 1998, following the confirmation of financing, with commercial production anticipated in the year 2000. Gross Rosebel (Suriname Suriname (s  rĭnäm`, –năm`), officially Republic of Suriname, republic (2005 est. pop. 438,000), 63,037 sq mi (163,266 sq km), NE South America, on the Atlantic Ocean. )Mining reserves of 24 million tonnes grading 1.4 g Au/t were announced on the Gross Rosebel property in Suriname, representing 1.1 million ounces of gold in situ, and the potential exists for further increases. In December 1995, Cambior exercised its option to acquire a 50 percent interest in Golden Star's rights on the property, having provided $6 million in exploration and development expenditures for the property over the past 18 months. Some 33,000 metres of drilling are scheduled to be conducted in 1996 on all the known deposits in the northern and southern areas to test their lateral lateral /lat·er·al/ (-il) 1. denoting a position farther from the median plane or midline of the body or a structure. 2. pertaining to a side. lat·er·al adj. 1. and depth extensions, and on three new targets to identify additional reserves mineable by open pit. A budget of $5.5 million is planned for 1996 to complete the drilling program and a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. by year end, including an environmental impact study and condemnation Condemnation bell, book, and candle symbols of Catholic excommunication rite. [Christianity: Brewer Note-Book, 85] Bridge of Sighs passage from Doge’s court to execution chamber in Renaissance Venice. [Ital. Hist. and geotechnical drilling of the potential mill site and tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. pond POND. A body of stagnant water; a pool. 2. Any one has a right to erect a fish pond; the fish in ii are considered as real estate, and pass to the heir and not to the executor. Ow. 20. See Pool; River; Water. . The preliminary estimates indicate an investment in the order of $120 million with the construction starting during 1997. The potential production would be 100,000 to 150,000 ounces per year at direct cash costs similar to the Omai costs. 4. Metates (Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. ) Progress continues on the development of the Metates project where a total mineral inventory of over 14 million ounces of gold equivalent in situ was announced in late 1995. Extensive metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. testing is in progress to confirm recoveries from leaching leaching, method of extraction in which a solvent is passed through a mixture to remove some desired substance from it. A simple example is the passage of boiling water through ground coffee to dissolve and carry out the chemicals necessary for producing the beverage. ores or sulphide sulphide: see sulfide. concentrates after bio-oxidation. Results of current testing are encouraging in that the bio- bio- or bi- pref. 1. Life; living organism: biology. 2. Biology; biological: biophysics. bio- word element. [Gr.] life, living. oxidation oxidation /ox·i·da·tion/ (ok?si-da´shun) the act of oxidizing or state of being oxidized.ox·idative ox·i·da·tion n. 1. The combination of a substance with oxygen. 2. of the Metates ore and concentrate has been demonstrated to be an effective pre-treament method, prior to cyanidation, with precious metal recoveries of over 80 percent regularly obtained in laboratory test. Additional work is underway to further evaluate areas relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc metallurgical processing, flowsheet development and optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. of operating scenarios, which could potentially enhance the project economics significantly. The feasibility study is scheduled to be completed in the first quarter of 1997 and this could possibly lead to the construction of a pilot plant on site by next year. Strategic Outlook Mr. Gignac concluded his remarks at the annual meeting by highlighting the promising results of the exploration program on the new west zone at Doyon which appears to extend onto Cambior's Mouska property. Mr. Gignac stated: "This new indicated potential on our Doyon -Mouska properties, added to the progress on our development and exploration projects highlight the considerable potential for enhancing shareholder value. "We are also investigating all avenues to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of this value, including seeking partners on the major projects and reviewing various corporate structures, which would optimize the raising of funds for these projects.". Cambior is a major gold producer with operations and exploration activities in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Cambior shares and warrants are listed on the Montreal, Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of (AMEX AMEX See: American Stock Exchange ) stock exchanges under the symbols CBJ CBJ Columbus Blue Jackets (NHL team) CBJ Central Bank of Jordan CBJ Conflict-Directed Backjumping CBJ Circuit Board Jack CBJ Code-Breakers Journal CBJ Class Broker for Java CBJ Color Bubble Jet and CBJ.WTA WTA Washington Trails Association WTA Women's Tennis Association WTA World Transhumanist Association WTA Willingness to Accept WTA Winner-Take-All WTA Winner Takes All WTA World Toilet Association (Singapore) . -0-
HIGHLIGHTS
FIRST QUARTER SHORT-TERM OUTLOOK
________________________________ ___________________________
- Gold production of 90,187 ounces - Omai mill expansion by
mid year
- Resumption of operations at Omai - Metallurgical studies at
Metates
- Start-up of commercial production - Feasibility studies
contining at Grevet for
La Granja, El Pachon and
Gross Rosebel
- Completion of three pre-feasibility - Final permitting and
studies La Granja, El Pachon and construction start-up at
Gross Rosebel Carlota by year end
- 8,000,000 shares issued netting
$117 million
________________________________________________________________
For the three-month period ended March 31, (1) First Quarter
1996 1995
____________________________________________________________
RESULTS ($000) Total revenues $60,701 $67,977 Net earnings 1,037 3,825 Cash flow from operations (2) 11,584 15,633 ____________________________________________________________ PER COMMON SHARE ($) Earnings $0.02 $0.08 Cash flow from operations $0.21 $0.32 Weighted average number of common shares outstanding (in thousands) (3) 54,860 49,012 ____________________________________________________________ GOLD PRODUCTION Number of ounces 90,187 126,452 Mine operating costs ($ per ounce) 269 275 Cambior's selling price ($ per ounce) 438 402 Market price($ per ounce) 400 379 ____________________________________________________________
FINANCIAL POSITION ($000) March 31, December 31,
1996 1995
Cash $172,224 $62,537 Total assets 845,067 710,625 Net debt 63,386 140,550 Shareholders' equity 553,306 434,500 ____________________________________________________________ (1) All results in US dollars. (2) Before changes in working capital items. (3) As at March 31, 1996, Cambior has a total of 60 million common shares outstanding.-0- PRODUCTION STATISTICS (Cambior's share) ____________________________________________________________
First Quarter
ended March 31,
GOLD 1996 1995
____________________________________________________________
Omai (100 percent) (ounces) (1) 27,204 64,435 Tonnes milled 725,203 1,169,535 Grade milled (g Au/t) 1.6 1.9 Recovery (percent) 85 90 Operating cost/tonne 13 13 Operating cost/oz 294 234 Depreciation, depletion and amortization/oz 80 75 ____________________________________________________________ Doyon (50 percent) (ounces) 30,643 25,994 Tonnes milled 157,904 148,503 Grade milled (g Au/t) 6.4 5.7 Recovery (percent) 95 96 Operating cost/tonne 38 36 Operating cost/oz 197 209 Depreciation, depletion and amortization/oz 48 49 ____________________________________________________________ Rouyn-Noranda Division (ounces) 12,395 5,748 Operating cost/oz 337 319 Depreciation, depletion and amortization/oz 125 154 ____________________________________________________________ Chimo (ounces) (2) 5,898 7,697 Operating cost/oz 429 387 Depreciation, depletion and amortization/oz 154 146 ____________________________________________________________ Sleeping Giant (50 percent) (ounces) (3) 7,035 5,461 Operating cost/oz 189 215 Depreciation, depletion and amortization/oz 73 88 ____________________________________________________________ Valdez Creek Placer (ounces) -- 12,737 Operating cost/oz -- 579 ____________________________________________________________ Bouchard-Hebert/Grevet (ounces) 7,012 4,380 Operating cost/oz (pro rata) 318 206 ____________________________________________________________ TOTAL GOLD PRODUCTION (ounces) 90,187 126,452 Operating cost/oz 269 275 Depreciation, depletion and amortization/oz 79 69 ____________________________________________________________ METAL PRODUCTION DATA _______________________________________________________
First Quarter
ended March 31,
_______________________________________________________
Cambior's share 1996 1995
________________________________________________________
Bouchard-Hebert Tonnes milled 191,624 123,942 Zinc (tonnes) in concentrate 5,293 6,674 Copper (tonnes) in concentrate 1,262 748 NSR Revenue ($ per tonne) 33 52 Operating cost ($ per tonne) 27 30 ________________________________________________________ Grevet Tonnes milled 99,880 -- Zinc (tonnes) in concentrate 7,546 -- Copper (tonnes) in concentrate 339 -- NSR Revenue ($ per tonne) 26 -- Operating cost ($ per tonne) 24 -- ________________________________________________________ Niobec Mine (50 percent) Ferroniobium (kg Nb) 294,390 263,158 ________________________________________________________ Explanatory notes for production data differences between 1996 and 1995: (1) Omai resumed operations on February 4, 1996. (2) The Chimo mine experienced dilution related shortfalls. (3) Higher grade milled at the Sleeping Giant mine in first quarter 1996.
CONSOLIDATED EARNINGS
_______________________________________________________
(in thousands of US dollars except
per common share data)
(UNAUDITED)
_______________________________________________________
First Quarter
ended March 31,
1996 1995
$ $
_______________________________________________________
REVENUES
Mining operations 59,417 66,248
Investments 1,284 1,729
_______________________________________________________
60,701 67,977
_______________________________________________________
EXPENSES
Mining operations 33,034 41,699
Smelting, refining
and transportation 9,998 5,872
Depreciation, depletion
and amortization 9,131 10,140
Royalties 668 1,600
Exploration 1,856 2,966
Administration 1,468 1,351
Capital tax 388 318
Interest 2,340 1,561
Gain on translation of
foreign exchange (485) (2,685)
_______________________________________________________
58,398 62,822
_______________________________________________________
Earnings before the undernoted
items 2,303 5,155
Income taxes and mining duties 1,266 1,404
_______________________________________________________
1,037 3,751
Minority interests -- (74)
_______________________________________________________
Net earnings 1,037 3,825
_______________________________________________________
Earnings per common share 0.02 0.08
_______________________________________________________
Weighted average number of common
shares outstanding (in thousands) 54,860 49,012
_______________________________________________________
CONSOLIDATED CHANGES IN CASH RESOURCES
_________________________________________________________
(in thousands of US dollars except per common share data)
(UNAUDITED)
_________________________________________________________
First Quarter
ended March 31,
1996 1995
$ $
_________________________________________________________
OPERATING ACTIVITIES
Net earnings 1,037 3,825
Non-cash items
Depreciation, depletion and
amortization 9,131 10,140
Income tax benefit and
deferred mining duties 1,037 1,286
Minority interests -- (74)
Other 379 456
_________________________________________________________
Cash flow from operations 11,584 15,633
Changes in working capital
items (10,902) (8,337)
_________________________________________________________
Cash provided by operating
activities 682 7,296
_________________________________________________________
INVESTMENT ACTIVITIES
Investments 50 143
Property, plant and equipment (26,540) (38,226)
Accrued liabilities
- Construction in progress (9,723) (2,532)
_________________________________________________________
Cash used in investment
activities (36,213) (40,615)
_________________________________________________________
FINANCING ACTIVITIES
Long-term debt
Borrowings 29,759 41,049
Repayments (1,232) (1,349)
Minority interests -- 138
Capital stock 116,691 49
_________________________________________________________
Cash provided by financing
activities 145,218 39,887
_________________________________________________________
Increase in cash 109,687 6,568
Cash, beginning of period 62,537 98,051
_________________________________________________________
Cash, end of period 172,224 104,619
_________________________________________________________
Cash flow from operations
per common share 0.21 0.32
Cash provided by operating activities per common share 0.01 0.15 _________________________________________________________ Weighted average number of common shares outstanding (in thousands) 54,860 49,012 _________________________________________________________ CONSOLIDATED BALANCE SHEETS _________________________________________________________ (in thousands of US dollars) _________________________________________________________
March 31, December 31,
1996 1995
$ $
(unaudited) (audited)
_________________________________________________________
ASSETS
Current assets
Cash 172,224 62,537
Settlements receivable 23,697 17,509
Other account receivable 8,712 11,121
Supplies inventory 26,638 27,071
Prepaid expenses 5,125 5,184
_________________________________________________________
236,396 123,422
Investments 1,610 1,710
Property, plant and equipment 591,055 574,089
Deferred charge - gold loan 4,945 946
Income tax benefit 11,061 10,458
_________________________________________________________
845,067 710,625
_________________________________________________________
LIABILITIES
Current liabilities
Accounts payable and
accrued liabilities 37,712 55,050
Current portion of
long-term debt 41,821 23,773
_________________________________________________________
79,533 78,823
Long-term debt 193,789 179,314
Provision for environmental
obligations 3,576 3,288
Deferred mining duties 13,204 13,041
Minority interests 1,659 1,659
_________________________________________________________
291,761 276,125
_________________________________________________________
SHAREHOLDERS' EQUITY
Capital stock 175,973 152,609
Contributed surplus 336,605 238,146
Retained earnings 38,846 41,440
Cumulative translation
adjustment 1,882 2,305
_________________________________________________________
553,306 434,500
_________________________________________________________
845,067 710,625
_________________________________________________________
NOTES AND COMMENTS TO FINANCIAL STATEMENTS 1. GENERAL The accompanying unaudited consolidated financial statements do not include all the disclosure required by generally accepted accounting principles for annual statements and should be read in conjunction with the notes to the Company's audited consolidated financial statements for the year ended December 31, 1995. Modification - Reporting Currency _________________________________ As a result of its increasing international activities, Cambior has adopted the US dollar as its reporting currency commencing January 1, 1996. Accordingly, the Canadian operations will be treated as a self-sustaining establishment. The prior year's financial statements have been converted at the December 31, 1995 exchange rate of Cdn $1.364 for US $1.
2. PROPERTY, PLANT AND EQUIPMENT
First Quarter 1996
$000
______________________________________________________________
Construction in progress: Grevet 13,944
Omai 3,577
______________________________________________________________
17,521
Mining projects (1) 9,121
Ongoing operations 9,571
______________________________________________________________
36,213
______________________________________________________________
(1)As at March 31, 1996, the total amount of capitalized expenses on mining projects was $100 million. 3. ISSUANCE OF COMMON SHARES
First Quarter 1996
Number of Amount
shares
(000) $000
______________________________________________________________
Shares outstanding, beginning of period 52,040
Shares issued: Public offering February 29, 1996 8,000 116,571 Other 15 120 ______________________________________________________________ Total 8,015 116,691 ______________________________________________________________ Shares outstanding, end of period 60,055 ______________________________________________________________
4. SEGMENTED INFORMATION 1996
______________________________________________________________
Gold Metals Total
($ millions) ($ millions) ($ millions)
______________________________________________________________
Revenues 40.7 20.0 60.7
______ ______ ______
Expenses
Mining Expenses 24.9 8.1 33.0
Smelting and Refining 0.4 9.6 10.0
Exploration 1.5 0.4 1.9
Administration and Other 3.7 0.5 4.2
______ ______ ______
30.5 18.6 49.1
______ ______ ______
Cash flow from operations 10.2 1.4 11.6
______ ______ ______
______ ______ ______
88 percent 12 percent
Per common share 0.18 0.03 0.21
______ ______ ______
______ ______ ______
Investment 20.9 15.3 36.2
______ ______ ______
______ ______ ______
Property, plant and
equipment 432.9 158.2 591.1
______ ______ ______
______ ______ ______
______________________________________________________________
5. INCOME TAXES AND MINING DUTIES
First Quarter
1996
$000
_____________________________________________________________
Income taxes 1,031
Mining duties 235
_____________________________________________________________
Total 1,266
_____________________________________________________________
6. GOLD HEDGING PROGRAM
First Quarter 1996
_____________________________________________________________
Cambior's selling price 438
Market price 400
Cambior's premium 38
_____________________________________________________________
As at March 31, 1996, the Company held the following gold hedging positions excluding gold loans for the years indicated:
1996 1997 1998
(nine months)
_____________________________________________________________
Ounces of gold 326,500 214,200 55,000
Minimum price 420 445 463
_____________________________________________________________
7. EXCHANGE RATES The average exchange rate for first quarter 1996 was 1.3691 and the closing rate of March 31, 1996 was 1.3591 CONTACT: Cambior Inc., Montreal Henry A. Roy Roy, city (1990 pop. 24,603), Weber co., N Utah, near Great Salt Lake; settled by Mormons 1877, inc. 1937. Computer equipment is manufactured, and many residents work at nearby Hill Air Force Base. , 514/878-3461, (fax) 514/878-4608 or Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. LaValliere Noun 1. lavalliere - jeweled pendant worn on a chain around the neck lavalier, lavaliere pendant, pendent - an adornment that hangs from a piece of jewelry (necklace or earring) , 514/878-1282, (fax) 514/878-3324 or Victoria Putnam Put·nam , Israel 1718-1790. American soldier active in the French and Indian War and the Revolutionary War. During the Battle of Bunker Hill (June 17, 1775), he supposedly issued the order, "Don't one of you shoot until you see the whites of their , 514/878-3166, (fax) 514/878-0635 INTERNET: http://www.cambior.com |
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