Cambior Q3 Results.MONTREAL--(BUSINESS WIRE)--Nov. 10, 1999-- All amounts in US dollars 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. (AMEX AMEX See: American Stock Exchange :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 )(MSE MSE Mouse (computer) MSE Materials Science & Engineering MSE Mean Squared Error MSE Mean Square Error MSE Master of Science in Engineering MSE Manufacturing Systems Engineering MSE Mechanically Stabilized Earth :CBJ.)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CBJ.) reports third quarter 1999 results with revenues of $85 million. 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 (before changes in working capital items) totaled $16.5 million (23 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ). Net earnings before hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. amounted to $0.9 million. The net loss, after a $28.2 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. hedging restructuring charge, was $27.3 million (a loss of 39 cents per share). During the third quarter of 1999, the Company produced 150,200 ounces of gold, 18,600 tonnes of zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. , 1,600 tonnes of copper and 286 tonnes of niobium niobium (nīō`bēəm), metallic chemical element; symbol Nb; at. no. 41; at. wt. 92.9064; m.p. about 2,468°C;; b.p. 4,742°C;; sp. gr. 8.57 at 20°C;; valence +2, +3, +4, or +5. . As a result of difficulties arising from the surge See power surge. SURGE - Sorter, Updater, Report Generator, Etc. IBM 704, 1959. Sammet 1969, p.8. in the market price of gold since the end of the third quarter, Cambior has been pursuing discussions with gold hedging counterparties Counterparties The parties on either side of an interest rate swap or a currency, equity or commodity swap, or to an options or futures position. and lenders regarding the fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. of its obligations to these financial parties. On October October: see month. 27, 1999, Cambior entered into a standstill agreement Standstill agreement Contract by which the bidding firm in a takeover attempt agrees to limit its holdings of another firm. standstill agreement with these financial parties. On October 29, 1999, Cambior announced that it had reduced its gold hedging position by 1.3 million ounces through the purchase of one million ounces and the closing out of other positions totalling 300,000 ounces. As a result, the Company will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a net crystallized crys·tal·lize also crys·tal·ize v. crys·tal·lized also crys·tal·ized, crys·tal·liz·ing also crys·tal·iz·ing, crys·tal·liz·es also crys·tal·iz·es v.tr. 1. liability of $33 million. The third quarter results include a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for this amount. The cash flow impact of this gold hedging restructuring charge will be recorded in the fourth quarter results. FINANCIAL RESULTS Revenues for the third quarter of 1999 amounted to $85 million, compared to $83 million for the third quarter of 1998. Cash flow from operations (before changes in working capital items) totaled $16.5 million (23 cents per share) compared to $32.6 million (46 cents per share) in the corresponding period of the previous year. Cash flow from operations in the third quarter of 1998 included $17.8 million in gains realized from the conversion of the gold loans into dollar loans. Net earnings before hedging restructuring charge amounted to $0.9 million (1 cent per share) for the quarter compared to net earnings of $0.4 million (1 cent per share) in the corresponding period of the previous year. A net after-tax charge of $28.2 million was recorded at the end of the third quarter related to the reduction of 1.3 million ounces from the Company's hedge program resulting in a net loss of $27.3 million (a loss of 39 cents per share). Revenues for the first nine months of 1999 totaled $251 million compared to $267 million for the first nine months of 1998. Cash flow from operations amounted to $43.9 million (62 cents per share) compared to $79.2 million ($1.14 per share) in the corresponding period of 1998. Net earnings were $2.0 million (3 cents per share) before the hedging charge and the net loss was $26.2 million (37 cents per share) after the charge, compared to net earnings of $12.1 million (17 cents per share) in the corresponding period of the previous year. METALS MARKETS AND HEDGING The average market price for gold during the third quarter was $259 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. . Cambior's hedging program generated an average realized price of $371 per ounce of gold during the third quarter of 1999, yielding a premium of $112 per ounce over the average market price for a total premium of $16.8 million. For the first nine months of the year, the average realized price was $368 per ounce, a premium of $95 per ounce over the average market price for a total premium of $44 million. As at September September: see month. 30, 1999, Cambior reports the hedging program to include gold hedging positions for a total of 2.7 million ounces at an average realized price of $318 per ounce. These forward positions include naked puts Naked Put A put option whose writer does not have a short position in the stock on which he or she has written the put. Sometimes referred to as an "uncovered put." Notes: , forwards, matched put/call and spot deferred positions allocated to their intended periods of delivery and long term floating rate variable volume forwards. The above mentioned 2.7 million ounce position includes outstanding matched put and call options and spot deferred contracts which, as at September 30, 1999, include positions covering a total of 1,537,000 ounces of gold maturing in 1999 and positions covering 119,000 ounces maturing in 2000. Also as of September 30, 1999, outstanding naked call Naked Call A call option position held by a writer who does not hold a long position in the stock on which the call has been written. Sometimes referred to as an "uncovered call." Notes: Naked options are very risky. options include options expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. on or before December December: see month. 31, 1999, covering a total of 921,000 ounces of gold and a total of 983,000 ounces over the next three years. As a result primarily of the surge in the market price of gold since the end of the third quarter and the resulting difficulty incurred in persuading TO PERSUADE, PERSUADING. To persuade is to induce to act: persuading is inducing others to act. Inst. 4, 6, 23; Dig. 11, 3, 1, 5. 2. In the act of the legislature which declared that "if any person or persons knowingly and willingly shall aid or assist any counterparties to roll and extend maturing short term positions, it became necessary for Cambior to pursue discussions with its gold hedging counterparties and lenders (collectively, the "Financial Parties") with a view to fulfilling its gold delivery and loan obligations. Cambior entered into a Standstill Agreement with these Financial Parties on October 27, 1999. On October 29, 1999, Cambior announced that it had reduced its gold hedging position by 1.3 million ounces. This reduction, made in order to improve its aggregate hedging position, results from the purchase of one million ounces of gold at an average price of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $300 per ounce and from the closing out by counterparties of other positions totalling 300,000 ounces. As a result, the Company incurred a net crystallized liability of $33 million for the third quarter with the impact on cash flow recorded in the fourth quarter. Under the terms of the Standstill Agreement, this liability will be treated as a demand loan to Cambior by the Financial Parties. The determination of more specific repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan arrangements will form part of negotiations with the Financial Parties under the Standstill Agreement regarding the elaboration elaboration /elab·o·ra·tion/ (e-lab?ah-ra´shun) 1. the process of producing complex substances out of simpler materials. 2. of a plan for the orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. fulfillment of Cambior's obligations to the Financial Parties over time. An update regarding Cambior's gold hedging position as at November November: see month. 8, 1999, will be provided in a release which will be issued shortly. Zinc markets improved during the third quarter, averaging 51 cents /lb. The hedging program assured an average realized price of 53 cents /lb for the quarter and 50 cents /lb for the first nine months of the year. The program will provide a minimum price of 53 cents /lb for the remaining exposure for the year. Copper markets continued to improve during the quarter and the niobium market remained stable. OPERATIONS Gold production for the third quarter of 1999 was 150,200 ounces with an average direct mining cost of $217 per ounce, a reduction from the $222 per ounce incurred in the corresponding period of the previous year. For the first nine months of the year the production was 463,000 ounces of gold with an average direct mining cost of $219 per ounce. Zinc production was 18,600 tonnes for the third quarter and 51,100 tonnes for the first nine months of the year. The Company also produced 1,600 tonnes of copper and 286 tonnes of niobium during the third quarter for a total of 5,600 tonnes of copper and 868 tonnes of niobium produced during the first nine months of the year. The Doyon Division had a strong quarter with a decline in the direct mining cost and production of 57,500 ounces of gold. For the quarter, the Division processed 343,000 tonnes of 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. at a grade of 5.4 g Au/t, which included 73,300 tonnes of ore from the low grade stockpile stock·pile n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. . Production from the underground mine was lower in July July: see month. and August due to scheduled vacations. Direct mining costs for the Division were $196 per ounce for the quarter and $205 per ounce for the first nine months. The Omai mine produced 73,600 ounces of gold during the third quarter of 1999. The mill processed an average of 20,900 tonnes per day. The average grade milled during the quarter was 1.30 g Au/t. The direct cost per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. milled was $9.31. The large increase in fuel costs in the third quarter was totally compensated compensated /com·pen·sat·ed/ (kom´pen-sa?tid) counterbalanced; offset. by cost reduction in all other sectors. The average direct mining cost was maintained at $244 per ounce. Cambior's share of production from the Sleeping Giant Sleeping Giant may refer to: In geology:
The Bouchard-Hebert mine produced 11,300 tonnes of zinc in concentrate and 1,300 tonnes of copper in concentrate during the third quarter. The gold equivalent contained in the copper concentrate totaled 9,600 ounces. Due to higher grades and improved zinc prices, the Net Smelter Return (NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there ) was $42 per tonne, a 40 % improvement over the $30 per tonne achieved in the third quarter of 1998. The operating costs operating costs npl → gastos mpl operacionales were $21 per tonne for the quarter. The Langlois Langlois is a surname, and may refer to:
Cambior's share of production from the Niobec mine during the third quarter of 1999 was 286 tonnes of niobium compared to 283 tonnes of niobium produced in the third quarter of 1998. INVESTMENTS Investments during the third quarter of 1999 totaled $16 million, and were principally focused on sustaining and improving operations at Doyon ($5.3 million) and Omai ($4.8 million). The funding of advanced development projects focused on the low-cost heap leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. projects of Cerro San Pedro Pedro. For Spanish and Portuguese rulers thus named, use Peter. Pedro in marrying former mistress of enemy. [Ger. Opera: d’Albert, Tief land, Westerman, 371–374] See : Innocence ($1.1 million), in 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. , and Huamachuco ($1.0 million), in Peru. FINANCING At the end of the third quarter, Cambior had cash resources of $21 million. The total debt position at September 30, 1999 was $181 million and net debt was $160 million, which represents a net debt-to-capital ratio of 22 %. STANDSTILL AGREEMENT On October 27, 1999, Cambior announced that it had entered into a Standstill Agreement with its hedging counterparties and lenders regarding its obligations under agreements with such Financial Parties. Under the Standstill Agreement, the Financial Parties have agreed to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. Cambior gold delivery obligations under all hedging contracts maturing during the standstill standstill /stand·still/ (stand´stil?) cessation of activity, as of the heart (cardiac s.) or chest (respiratory s.) . stand·still n. Complete cessation of activity or progress. period (subject to exceptions to permit Cambior to deliver gold production against specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. contracts) and to waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such compliance with certain related provisions of Cambior's loan facility agreement. The Standstill Agreement remains in effect until November 26, 1999, subject to earlier termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. under certain conditions. In particular, the Standstill Agreement becomes subject to termination if Cambior fails to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. its obligations thereunder and may likewise be terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: by any non-defaulting Financial Party if any other Financial Party fails to perform its obligations thereunder. The Standstill Agreement also requires that Cambior present a proposal for the orderly fulfillment of its obligations to the Financial Parties over time (a "Definitive Plan") and secure a recommendation of approval for its Definitive Plan from a majority of a five-member working committee of Financial Parties by November 12, 1999, failing which the Standstill Agreement would also terminate Terminate (terminat.exe) was a shareware modem terminal and host program for MS-DOS and compatible operating systems developed from the early to the late 1990s by the Dane Bo Bendtsen. The last release (5. . Cambior's obligations under the Standstill Agreement include the obligation to grant a security interest in its Doyon Mine and related assets to secure the performance of its obligations to the Financial Parties; a commitment to provide security interests over additional assets in consideration for the approval of a Definitive Plan; a commitment to convert LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). borrowings under its loan facility agreement into U.S. Base Rate borrowings (resulting in higher interest payments for Cambior) and to renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. certain hedging-related provisions of the loan facility agreement; the obligation to submit to independent technical, financial and environmental reviews; a commitment not to incur additional indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. during the Standstill Period without the consent of the Financial Parties; a commitment not to pay dividends; a commitment not to sell material assets during the Standstill Period; a commitment not to modify its gold hedging position subject to such agreed measures as may be implemented to improve Cambior 's aggregate position under its hedging contracts; and an obligation to pay standstill fees and related expenses to the Financial Parties and to provide waivers, releases and indemnities to the Financial Parties in connection with the occurrence of certain events. SUSPENSION suspension, in vehicles suspension, in automobiles, system of springs used to suspend the frame, body, engine, and power train above the wheels. Its principal purpose is to lessen the jarring of the automobile that is caused by irregularities in the roads OF DIVIDENDS Under the terms of the Standstill Agreement, Cambior has given a commitment to not pay dividends and therefore has suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. the semi-annual dividend of US $0.025 per common share. APPOINTMENT OF FINANCIAL ADVISOR Cambior recently announced that its Board of Directors had appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. the firm Bunting bunting, common name for small, plump birds of the family Fringillidae (finch family). Among the American buntings are the indigo bunting, in which the summer plumage of the male reflects sunlight as a rich, metallic blue; the painted bunting, or nonpareil ( Warburg Dillon Read Investment bank created by the 1997 merger of S.G. Warburg & Co. and Dillon, Read & Co. Subsequently renamed UBS Warburg and now part of UBS AG, where the Warburg name was eventually dropped. Inc. as its financial advisor. With the assistance of the financial advisor, Cambior will continue to consider all possible courses of action with a view to maximizing max·i·mize tr.v. max·i·mized, max·i·miz·ing, max·i·miz·es 1. To increase or make as great as possible: shareholder value. YEAR 2000 READINESS DISCLOSURE Cambior is aware of the potential disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. that might be caused by the passage to the year 2000 and other date-related problems associated with it. Of prime concern, process controls and instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. were inventoried and tested at all locations. To date, no critical process controls or instrumentation have been identified as deficient de·fi·cient adj. 1. Lacking an essential quality or element. 2. Inadequate in amount or degree; insufficient. deficient a state of being in deficit. . Costs to complete the process on non-critical items are not currently expected to be material. Attention was equally brought to bear on the financial systems in use. The majority of our critical systems have been confirmed by our Vendors to be year-2000 compliant
Third-party service and supply providers together with financial institutions with which Cambior transacts business have been and continue to be contacted. Reliability of the commitments or comfort that will be expressed will then have to be evaluated and mitigation MITIGATION. To make less rigorous or penal. 2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy defined where either criticality or insufficient in·suf·fi·cient adj. 1. Not sufficient. 2. Incapable of proper functioning. comfort warrants it. This will also be the case for the financial systems and instrumentation. Contingency contingency n. an event that might not occur. planning requirements are currently being evaluated for effectiveness and implementation. Notwithstanding the above activities, there can be no assurance that issues related to the impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. arrival of year 2000 will not adversely affect Cambior generally and all or any of its operations, financial position, financial results and relations with third parties, in particular. Such adverse effects, if any, may be material. Cambior Inc. is an international diversified diversified (di·verˑ·s gold producer with operations, development projects and exploration activities throughout the Americas A·mer·i·cas , the See America. . Cambior's shares trade on the 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 , 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. 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) stock exchanges under the symbol "CBJ". This press release contains certain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ", as defined in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such risks and uncertainties are disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). under the heading "Risk Factors" in Cambior's Annual Information Form (AIF AIF Annual Information Form AIF Apoptosis-Inducing Factor AIF Agence Intergouvernementale de la Francophonie (French: Intergovernmental Agency for Francophony) AIF Australian Imperial Force ) filed with the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. , the Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. Securities Commission, the United States Securities and Exchange Commission (Form 40-F) and other regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities .
CAMBIOR INC.
HIGHLIGHTS
All amounts in US dollars
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First Second Third First nine
Quarter Quarter Quarter months
ended ended ended ended
March 31, June 30, September 30, September 30,
1999 1999 1999 1998 1999 1998
$ $ $ $ $ $
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RESULTS
(in millions $)
Total revenues 85.6 80.3 85.0 82.6 250.9 266.7
Net earnings
before hedging
restructuring charge 1.0 0.1 0.9 0.4 2.0 12.1
Net earnings
(Net loss) 1.0 0.1 (27.3) 0.4 (26.2) 12.1
Cash flows from
operations(1)(3) 15.4 12.0 16.5 32.6 43.9 79.2
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PER COMMON SHARE ($)
Net earnings before
hedging restructuring
charge 0.01 0.00 0.01 0.01 0.03 0.17
Earnings (Loss) 0.01 0.00 (0.39) 0.01 (0.37) 0.17
Cash flows from
operations(1) (3) 0.22 0.17 0.23 0.46 0.62 1.14
Weighted average
number of shares
(in millions)(2) 70.6 70.6 70.6 70.6 70.6 69.3
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GOLD PRODUCTION
Number of ounces (000)164 149 150 157 463 468
Direct mining costs
($ per ounce) 217 223 217 222 219 236
Realized market price
($ per ounce) 364 370 371 360 368 405
Cash price
($ per ounce) 337 340 341 338 339 385
Market price
($ per ounce) 287 273 259 289 273 294
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ZINC PRODUCTION
Number of pounds
(in millions) 37 34 41 38 112 112
Number of tonnes 16,937 15,599 18,606 16,919 51,142 50,629
Realized market
price (cents /lb) 47 50 53 50 50 48
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FINANCIAL POSITION
(in millions $) September 30, June 30, December 31,
1999 1999 1998
Cash and short-term
investments 21 20 22
Total assets 827 831 809
Total debt 181 186 166
Net debt 160 166 144
Shareholders' equity 537 565 550
Net debt-to-captial ratio (%) 22 22 20
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(1) Before changes in non cash working capital items.
(2) As atSeptember 30, 1999, Cambior had a total of 70.6 million
common shares outstanding.
(3) The comparative data has been reclassified to conform as per the
requirements of the accounting standard in place since the
beginning of 1999 affecting the cash flow statements.
CAMBIOR INC.
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CONSOLIDATED EARNINGS
(in thousands of US dollars)
Third Quarter First nine
ended months ended
September 30, September 30,
1999 1998 1999 1998
(unaudited) $ $ $ $
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REVENUES
Mining operations 84,807 82,235 249,973 265,040
Investments 274 359 957 1,668
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85,081 82,594 250,930 266,708
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EXPENSES
Mining operations 43,356 45,111 134,107 141,008
Smelting, refining and
transportation 13,898 11,875 36,747 36,977
Depreciation, depletion
and amortization 17,108 16,303 51,036 49,033
Royalties 1,030 1,184 3,343 3,789
Exploration 2,342 2,334 5,757 6,068
Administration 1,249 1,439 4,405 4,759
Capital tax 510 483 1,406 1,573
Financial expenses 3,210 2,431 8,852 6,724
Loss (Gain) on foreign exchange (3) (46) (38) 662
Gain on disposal of exploration
properties and other - - (224) (4,232)
Hedging restructuring charge
(note 4c) 33,000 - 33,000 -
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115,700 81,114 278,391 246,361
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Earnings (Loss) before
the undernoted items (30,619) 1,480 (27,461) 20,347
Income taxes and mining duties (3,470) 985 (1,954) 6,658
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(27,149) 495 (25,507) 13,689
Minority interests 151 63 694 1,580
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Net earnings (Net loss) (27,300) 432 (26,201) 12,109
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Per common share (in dollars) (0.39) 0.01 (0.37) 0.17
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Weighted average number of
common shares outstanding
(in thousands) 70,563 70,563 70,563 69,312
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CAMBIOR INC.
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CONSOLIDATED CASH FLOW
(in thousands of US dollars)
Third Quarter First nine
ended months ended
September 30, September 30,
1999 1998 1999 1998
(unaudited) $ $ $ $
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OPERATING ACTIVITIES
Net earnings (Net loss) (27,300) 432 (26,201) 12,109
Adjustments for:
Depreciation, depletion
and amortization 17,108 16,303 51,036 49,033
Hedging restructuring charge 33,000 - 33,000 -
Deferred gain (3,294) 14,441 (12,214) 8,351
Income tax benefit, deferred
income taxes and deferred
mining duties (3,749) 719 (3,015) 5,823
Minority interests 151 63 694 1,580
Other 612 652 573 2,264
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Cash flows from operations 16,528 32,610 43,873 79,160
Changes in non cash working
capital items 6,319 (1,474) (1,131) (6,100)
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Cash flows from
operating activities 22,847 31,136 42,742 73,060
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INVESTING ACTIVITIES
Investments (17) - 48 (3,463)
Property, plant and equipment (16,464) (19,547) (56,385) (66,625)
Acquisition of a joint venture - (466) - (79,061)
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Cash flows used in
investing activities (16,481) (20,013) (56,337)(149,149)
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FINANCING ACTIVITIES
Long-term debt
Borrowings (5,000) 145,015 15,000 365,276
Repayments (154)(164,643) (489)(364,563)
Minority interests - (63) - (1,580)
Common share issue - (1) - 51,984
Dividends - - (1,764) (1,764)
Other - - - (50)
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Cash flows from (used in)
financing activities (5,154) (19,692) 12,747 49,303
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Foreign exchange loss
on cash held in foreign
currency (68) (1,825) (409) (1,680)
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Net increase (decrease) in cash
and cash equivalents 1,144 (10,394) (1,257) (28,466)
Cash and cash equivalents,
beginning of period 19,617 33,142 22,018 51,214
-------------------------------------------------------------------
Cash and cash equivalents,
end of period 20,761 22,748 20,761 22,748
-------------------------------------------------------------------
Cash flows from operations
per share (in dollars) 0.23 0.46 0.62 1.14
-------------------------------------------------------------------
Cash flows from operating
activities per share
(in dollars) 0.32 0.44 0.61 1.05
-------------------------------------------------------------------
Weighted average number of
common shares outstanding
(in thousands) 70,563 70,563 70,563 69,312
-------------------------------------------------------------------
CAMBIOR INC.
-------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS
(in thousands of US dollars)
September 30, December 31,
1999 1998
$ $
(unaudited) (audited)
-------------------------------------------------------------------
ASSETS
Current assets
Cash and short-term investments 20,761 22,018
Settlements receivable
and other receivables 23,158 25,511
Supplies inventory 26,793 26,176
Prepaid expenses 3,772 2,491
-------------------------------------------------------------------
74,484 76,196
Investments 4,327 5,353
Property, plant and equipment 747,337 726,927
Income tax benefit 963 412
-------------------------------------------------------------------
827,111 808,888
-------------------------------------------------------------------
LIABILITIES
Current liabilities
Accounts payable
and accrued liabilities 33,774 35,553
Provision for hedging restructuring 33,000 -
Current portion of long-term debt 519 572
-------------------------------------------------------------------
67,293 36,125
Long-term debt 180,533 165,895
Deferred gain 25,342 37,556
Provision for environmental obligations 8,979 7,343
Deferred mining duties
and deferred income taxes 8,380 10,775
Minority interests - 1,659
-------------------------------------------------------------------
290,527 259,353
-------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock 204,961 204,961
Contributed surplus 361,542 361,542
Retained earnings (Deficit) (6,853) 21,112
Cumulative translation adjustment (23,066) (38,080)
-------------------------------------------------------------------
536,584 549,535
-------------------------------------------------------------------
827,111 808,888
-------------------------------------------------------------------
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, 1998.
As disclosed in a press release dated October 27, 1999, the
Company has entered into a Standstill Agreement dated October 27,
1999, with its hedging counterparties and lenders (collectively, the
"Financial Parties") regarding its obligations under agreements with
such Financial Parties.
Under the Standstill Agreement, the Financial Parties have agreed
to defer the Company's gold delivery obligations under all hedging
contracts maturing during the standstill period and to waive
compliance with certain related provisions of the Company's loan
facility agreement.
The Standstill Agreement remains in effect until November 26,
1999, subject to earlier termination under certain conditions. The
Standstill Agreement also requires that the Company present a proposal
for the orderly fulfillment of its obligations to the Financial
Parties over time (a "Definitive Plan") and secure a recommendation of
approval for its Definitive Plan by November 12, 1999, failing which
the Standstill Agreement would also terminate.
The Company's obligations under the Standstill Agreement include,
among other things, the obligation to grant a security interest in its
Doyon Mine and related assets to secure the performance of its
obligations to the Financial Parties; a commitment to provide security
interests over additional assets in consideration for the approval of
a Definitive Plan; a commitment to convert LIBOR borrowings under its
loan facility agreement into U.S. Base Rate borrowings (resulting in
higher interest payments) and to renegociate certain hedging-related
provisions of the loan facility agreement; and a commitment not to pay
dividends. The failure to achieve a Definitive Plan, or the early
termination of the Standstill Agreement for any other reason, would be
likely to have a material adverse effect on the Company and its
financial results, financial condition and prospects.
2. EXCHANGE RATE
The average exchange rate for third quarter of 1999 was 1.486
(Cdn $0.673/US $) and the closing rate on September 30, 1999 was
1.4674 (Cdn$0.682/US $). These rates were 1.5147 (Cdn$0.66/US $) and
1.5312 (Cdn$0.653/US $) respectively in 1998.
3. CASH FLOWS FROM OPERATIONS
Further to newly issued accounting policies, the reporting of
cash flows from operations has been adjusted and the comparative data
has been reclassified to conform to the requirements.
According to the new method, the total gains realized are
presented as an adjustment to cash flows from operations in the period
in which they are realized and the amortization is excluded from cash
flows from operations as it is included in the earnings statement. The
following table shows the data according to the two methods:
Third Quarter First nine months Twelve months
1999 1998 1999 1998 1998 1997
$000 $000 $000 $000 $000 $000
-------------------------------------------------------------------
(unaudited) (unaudited)
-------------------------------------------------------------------
Cash flows
from
operations
under previous
method 21,005 17,615 56,809 69,922 84,183 68,328
Adjustments
Gains realized
from the
conversion
of the gold
loans into
dollar
loans - 17,825 - 17,825 17,825 39,639
Amortization
of deferred
gain (4,460) (3,384) (13,380) (9,474) (13,028) (6,880)
Other (17) 554 444 887 856 558
-------------------------------------------------------------------
Cash flows
from
operations
under the
new
requirements
16,528 32,610 43,873 79,160 89,836 101,645
-------------------------------------------------------------------
-------------------------------------------------------------------
Per share
- previous
- method 0.30 0.25 0.81 1.01 1.21 1.14
-------------------------------------------------------------------
-------------------------------------------------------------------
- current
- method 0.23 0.46 0.62 1.14 1.29 1.69
-------------------------------------------------------------------
-------------------------------------------------------------------
4. GOLD HEDGING PROGRAM
a) Selling price
Third Quarter First nine months
ended ended
September 30, September 30,
($ per ounce) 1999 1998 1999 1998
-------------------------------------------------------------------
Realized market price 371 360 368 405
Market price 259 289 273 294
Cambior's premium 112 71 95 111
-------------------------------------------------------------------
Cash price 341 338 339 385
-------------------------------------------------------------------
The gold hedging program generated a premium of $16.8 M for the
third quarter and $44.0 M for the first nine months compared to $11.1
M and $52.0 M for the third quarter and first nine months of 1998.
b) Commitments
The hedging program of the Company as at September 30, 1999, is as
follows:
-------------------------------------------------------------------
1999 2000 2001 2002 2003 2004 to 2007 Total
-------------------------------------------------------------------
Flexible
forward
(000 ounces
of gold)(1) 6 412 447 495 25 - 1,385
Average price
($/oz) 333 280 271 281 291 - 278
Fixed forward
(000 ounces
of gold)(2) 152 231 192 102 102 508 1,287
Average price
($/oz) 335 332 340 340 340 350 342
-------------------------------------------------------------------
Total forward
position
(000 ounces
of gold) 158 643 639 597 127 508 2,672
Average cash
price ($/oz) 335 298 292 291 331 350 309
Deferred gain
($/oz)(3) 28 22 9 - - - 9
Total realizable
price ($/oz) 363 320 301 291 331 350 318
-------------------------------------------------------------------
-------------------------------------------------------------------
Call options
sold
(000)(4) 921 299 382 302 - - 1,904
Average price
($/oz) 287 323 352 348 - - 315
-------------------------------------------------------------------
(1) These positions consist of spot deferred and matched put and call
contracts which mature initially during the fourth quarter of
1999. Counterparties have historically agreed that delivery
obligations under such contracts may be deferred at maturity.
These positions have been presented in the table according to the
intended period of delivery. The average price presented assumes
that the price at initial maturity will increase until actual
delivery at a rate ("contango") of 0 % for the next twelve months,
1 % for the following twelve months and 2 % per annum thereafter.
(2) These positions consist primarily of long-term, floating-rate,
variable-volume forward contracts and are presented in the table
at the nominal volume of gold delivery commitments. The actual
volume of gold to be delivered under such contracts may vary from
80 % to 200 % of the nominal volume depending on the spot price of
gold at various test dates during the contract period (with gold
prices of $243/oz or less resulting in the lowest delivery volume
and gold prices of $450/oz more resulting in the highest delivery
volume). This forward structure also includes a gold lease rate
swap based on a lease rate of 1.50 %. Payments resulting from
differences between the swap lease rate and actual lease rates
will be settled in gold equivalent using the same payment schedule
as the delivery schedule of the forward structure.
(3) Gains were realized by the conversion of the gold loans into
dollar loans during 1997 and 1998. An amount of $4.4 million has
been recorded in the earnings of 1999 third quarter and the
balance of $24.2 million will be included in the earnings as
follows: $4.4 million for the fourth quarter of 1999, $14.1
million in 2000 and $5.7 million in 2001.
(4) These also have a fix-to-floating gold lease rate swap on 648,000
ounces at rates of 1.50 % and 1.75 %. Historically, these calls
positions, when exercised, have been converted into spot deferred
positions.
The estimated mark to market of the above hedging position as of
September 30, 1999, represents the following :
$M
-------------------------------------------------------------------
Deferred hedging gain 24.2
Hedging positions (111.9)
-------------------------------------------------------------------
Total hedge position (87.7)
-------------------------------------------------------------------
-------------------------------------------------------------------
The mark to market estimates are derived from estimates received
from hedging counterparties and are based on a gold spot price of
$299/oz and the market conditions prevailing as at September 30, 1999.
c) Hedging restructuring charge
On October 28 and 29, in agreement with the Financial Parties,
the Company reduced its gold hedging position by 1.3 million ounces
with a view to improving its aggregate hedging position. This
reduction results from the purchase of one million ounces of gold and
from the closing out by counterparties of other positions totalling
300,000 ounces. This reduction generates a net crystallized liability
for the Company of approximatively $33 million which is reflected as a
hedging restructuring charge for the third quarter. The
above-mentioned liability will be treated as a demand loan by the
Financial Parties. After taxes, the amount of this charge is $28.2
million ($0.40/share). The impact on cash flow will be recorded in the
fourth quarter.
5. INCOME TAXES AND MINING DUTIES
Third Quarter First nine months
1999 1999
$000 $000
-----------------------------------------------------------------
Income taxes (3,503) (1,923)
Mining duties 33 (31)
-----------------------------------------------------------------
Total (3,470) (1,954)
-----------------------------------------------------------------
6. INVESTMENT
Third Quarter First nine months
1999 1999
$000 $000
-----------------------------------------------------------------
Operations
Doyon 5,299 16,401
Omai 4,797 14,791
Langlois 1,695 4,676
Bouchard-Hebert 590 2,765
Sleeping Giant 344 1,814
Niobec 165 1,226
Other 31 824
-----------------------------------------------------------------
12,921 42,497
-----------------------------------------------------------------
Mining projects(1) 3,543 13,888
Investments 17 (48)
-----------------------------------------------------------------
16,481 56,337
-----------------------------------------------------------------
(1) Mining projects
Third First nine Cumulative to
Quarter months September 30,
1999 1999 1999
$000 $000 $000
-----------------------------------------------------------------
Cerro San Pedro 1,114 4,693 19,573
Huamachuco 1,046 5,536 12,193
Gross Rosebel 71 220 17,353
Yaou Dorlin 145 523 13,909
Carlota 319 898 61,561
El Pach(cent)n 81 265 20,420
La Granja 767 1,753 55,524
-----------------------------------------------------------------
Total of mining
Projects 3,543 13,888 200,533
-----------------------------------------------------------------
7. SEGMENTED INFORMATION
A) Segmented information by sector of activity is as follows:
Third Quarter First nine months
ended ended
September 30, September 30,
1999 1998 1999 1998
$000 $000 $000 $000
------------------------------------------------------------------
MINING OPERATIONS
REVENUES
Canadian Shield 55,785 53,355 160,360 162,134
Guiana Shield 29,022 28,880 89,613 102,906
Other Sectors(1) - - - -
------------------------------------------------------------------
84,807 82,235 249,973 265,040
------------------------------------------------------------------
EXPENSES
Mining Operations
Canadian Shield 39,050 38,398 115,964 119,279
Guiana Shield 19,144 19,745 57,902 62,148
Other Sectors(1) 90 27 331 347
------------------------------------------------------------------
58,284 58,170 174,197 181,774
------------------------------------------------------------------
Depreciation,
depletion and
amortization
Canadian Shield 9,317 8,553 27,632 25,168
Guiana Shield 7,511 7,629 22,591 23,486
Other Sectors(1) 280 121 813 379
------------------------------------------------------------------
17,108 16,303 51,036 49,033
------------------------------------------------------------------
OPERATING PROFIT
(LOSS)
Canadian Shield 7,418 6,404 16,764 17,687
Guiana Shield 2,367 1,506 9,120 17,272
Other Sectors(1) (370) (148) (1,144) (726)
------------------------------------------------------------------
9,415 7,762 24,740 34,233
------------------------------------------------------------------
Exploration 2,342 2,334 5,757 6,068
Gain on disposal
of exploration
properties and
other - - (224) (4,232)
Financial expenses,
net 2,936 2,072 7,895 5,056
Administration
and other 1,756 1,876 5,773 6,994
Hedging
restructuring
charge 33,000 - 33,000 -
Income taxes
and mining duties (3,470) 985 (1,954) 6,658
Minority interests 151 63 694 1,580
------------------------------------------------------------------
36,715 7,330 50,941 22,124
------------------------------------------------------------------
Net earnings
(Net loss) (27,300) 432 (26,201) 12,109
------------------------------------------------------------------
Cash flows from
(used in)
operations
Canadian Shield 16,117 18,385 43,325 50,622
Guiana Shield 2,462 16,602 9,866 36,050
Other Sectors(1) (2,051) (2,377) (9,318) (7,512)
------------------------------------------------------------------
16,528 32,610 43,873 79,160
------------------------------------------------------------------
As at September 30,
1999 1998
$000 $000
------------------------------------------------------------------
PROPERTY, PLANT
AND EQUIPMENT
Canadian Shield 363,157 351,100
Guiana Shield 208,652 217,687
Other Sectors(1) 175,528 174,208
------------------------------------------------------------------
747,337 742,995
------------------------------------------------------------------
TOTAL ASSETS
Canadian Shield 390,080 375,165
Guiana Shield 233,959 242,825
Other Sectors(1) 203,072 211,954
------------------------------------------------------------------
827,111 829,944
------------------------------------------------------------------
(1) Includes activities from Northern Cordillera, Andes and
Corporate.
B) Additional information by category of metals is as follows:
Third Quarter 1999
Gold(1) Metals(2) Total
$000 $000 $000
------------------------------------------------------------------
Gross
revenues 56,278 28,803 85,081
Less:
Smelting,
refining and
transportation 546 13,352 13,898
------------------------------------------------------------------
Net revenues 55,732 78 % 15,451 22 % 71,183
Mining
operations 33,361 9,995 43,356
------------------------------------------------------------------
Mine cash
flow 22,371 80 % 5,456 20 % 27,827
Expenses net
ff
adjustments 10,517 782 11,299
------------------------------------------------------------------
Cash flows
from
operations 11,854 72 % 4,674 28 % 16,528
Per share ($) 0.17 0.06 0.23
Investment 13,005 3,476 16,481
------------------------------------------------------------------
First nine months 1999
Gold(1) Metals(2) Total
$000 $000 $000
------------------------------------------------------------------
Gross
revenues 171,933 78,997 250,930
Less:
Smelting,
refining and
transportation 1,722 35,025 36,747
------------------------------------------------------------------
Net revenues 170,211 79 % 43,972 21 % 214,183
Mining
Operations 103,514 30,593 134,107
------------------------------------------------------------------
Mine cash
Flow 66,697 83 % 13,379 17 % 80,076
Expenses net
of
adjustments 34,440 1,763 36,203
------------------------------------------------------------------
Cash flows
from
operations 32,257 74 % 11,616 26 % 43,873
Per share ($) 0.46 0.16 0.62
Investment 45,400 10,937 56,337
Property,
plant and
equipment
Productive
Assets 393,387 153,417 546,804
Projects 63,028 137,505 200,533
------------------------------------------------------------------
456,415 290,922 747,337
------------------------------------------------------------------
(1) Gold includes silver converted to gold equivalent (9,192 ounces or
2 % - year-to-date - YTD).
(2) Metals include zinc (62% NSR - YTD), copper (11% NSR - YTD) and
ferroniobium (27% NSR - YTD). For the Bouchard-Hebert and Langlois
mines, the revenues and mining expenses are calculated on a pro
rata of Net Smelter Return basis (NSR).
CAMBIOR INC.
GOLD PRODUCTION STATISTICS
Third Quarter First nine months
ended ended
September 30, September 30,
1999 1998 1999 1998
------------------------------------------------------------------
Omai (100%) (ounces) 73,550 75,058 226,109 238,421
Tonnage milled (t) 1,927,284 1,918,248 5,692,919 5,694,551
Tonnes per
day (tpd) 20,948 20,850 20,853 20,859
Grade milled
(g Au/t) 1.30 1.32 1.35 1.41
Recovery (%) 91 92 92 93
Direct mining
costs ($ per
tonne milled) 9.31 9.65 9.50 10.21
Direct mining
costs
($ per ounce) 244 247 239 244
Depreciation
($ per ounce) 106 106 104 102
------------------------------------------------------------------
Doyon (100 %)
(ounces) 57,499 65,113 179,939 178,140
Tonnage milled (t)
Mine 269,651 316,102 865,723 931,081
Low grade
stockpile 73,285 24,425 149,059 54,663
------------------------------------------------------------------
Total 342,936 340,527 1,014,782 985,744
Grade milled
(g Au/t)
Mine 6.6 6.6 6.5 6.2
Low grade stockpile 1.0 1.0 1.0 1.0
------------------------------------------------------------------
Average 5.4 6.2 5.7 5.9
Recovery (%) 95 96 95 96
Direct mining
costs ($ per
tonne milled) 33 37 36 41
Direct mining
costs ($ per ounce) 196 196 205 227
Depreciation
($ per ounce) 89 73 85 77
------------------------------------------------------------------
Sleeping Giant
(50 %) (ounces) 8,789 9,579 26,957 24,909
Direct mining
costs ($ per ounce) 218 174 197 192
Depreciation
($ per ounce) 37 45 35 45
------------------------------------------------------------------
Bouchard-Hebert/
Langlois
(ounces)(1) 10,375 7,178 30,014 26,764
Direct mining
costs
($ per ounce) 143 258 170 268
------------------------------------------------------------------
TOTAL GOLD PRODUCTION
(ounces) 150,213 156,928 463,019 468,234
DIRECT MINING COSTS
($ per ounce) 217 222 219 236
------------------------------------------------------------------
(1) Gold and silver produced at Bouchard-Hebert and Langlois mines are
reported in gold equivalent.
CAMBIOR INC.
CONSOLIDATED GOLD PRODUCTION COSTS
($ per ounce)
Third Quarter First nine months
ended ended
September 30, September 30,
1999 1998 1999 1998
------------------------------------------------------------------
Direct mining costs 217 222 219 236
Smelting,
refining and
transportation 4 3 4 4
By-product credits (2) (2) (1) (1)
------------------------------------------------------------------
Cash operating cost 219 (2) 223 222 239
Royalties 7 7 7 8
------------------------------------------------------------------
Total cash cost 226 (2) 230 229 247
Depreciation 92 87 90 88
Reclamation 3 2 2 2
------------------------------------------------------------------
Total production cost 321 319 321 337
------------------------------------------------------------------
(2) The mine cash flow for the base metals provided $5.5 million in
the third quarter representing $36 per ounce produced. Net of this
credit, the cash operating cost represents $183 per ounce and the
total cash cost represents $190 per ounce.
------------------------------------------------------------------
METAL PRODUCTION DATA
------------------------------------------------------------------
Bouchard-Hebert
Tonnage milled (t) 257,030 255,042 790,805 763,564
Tonnes per day (tpd) 2,794 2,774 2,897 2,797
Grade - Zinc (%) 5.08 4.31 4.34 4.28
Zinc (tonnes) in
Concentrate 11,327 9,568 29,079 28,060
Copper (tonnes)
in concentrate 1,311 1,157 4,839 4,429
NSR Revenue
($ per tonne) 42 30 36 32
------------------------------------------------------------------
Direct mining costs
($ per tonne) 21 22 22 23
Depreciation
($ per tonne) 9 5 8 5
------------------------------------------------------------------
Total production costs 30 27 30 28
------------------------------------------------------------------
Langlois
Tonnage milled (t) 100,033 117,632 298,458 364,150
Grade - Zinc (%) 7.64 6.60 7.89 6.62
Zinc (tonnes)
in concentrate 7,279 7,351 22,063 22,569
Copper (tonnes)
in concentrate 279 264 780 894
NSR Revenue
($ per tonne) 44 42 43 36
------------------------------------------------------------------
Direct mining costs
($ per tonne) 33 31 35 30
Depreciation
($ per tonne) 14 12 14 12
------------------------------------------------------------------
Total production costs 47 43 49 42
------------------------------------------------------------------
Niobec (50 %)
Ferroniobium
(kg Nb) 286,465 283,030 867,725 825,834
------------------------------------------------------------------
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