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Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: Ironyman who wrote (22318)	10/27/2000 1:20:11 PM
From: john	Read Replies (1) \| Respond to of 34075

(COMTEX) B: Gold miner Cambior posts another quarterly loss on lower B: Gold miner Cambior posts another quarterly loss on lower revenues MONTREAL, Oct 27, 2000 (The Canadian Press via COMTEX) -- Troubled miner Cambior Inc. (CBJ) lost $8.9 million US in the third quarter as higher interest costs and falling revenues from flat gold production and weak world prices hurt the company's bottom line. The Montreal-based gold producer announced Friday it lost 12 cents a share in the quarter ended Sept. 30, compared with a loss of $27.3 million US or 39 cents a share last year. Revenue fell to $51.8 million from $56.6 million as the company got $318 an ounce for its gold in the period, down from $371 in the same 1999 period. Cambior almost went bankrupt last year after posting big losses on its gold hedging - an insurance plan against falling prices. The company bet gold prices would continue to drop, but instead they rose sharply for a time. The losses forced the company to sell non-core assets to pay its debts, including its La Granja copper mine in Peru. The sale is expected to net Cambior about $34 million US. "The closing of the sale of the La Granja copper project scheduled for November will reduce our aggregate indebtedness to approximately $128 million," Cambior president Louis Gignac said in a release. "We expect to further reduce the debt level by year-end through a share offering or private placement and-or sale of the remaining copper assets." After restructuring, "Cambior will focus on gold mining in the future, having retained all of its core gold assets," Gignac said. The company also said the deadline to make arrangements to repay or refinance its bank loan has been extended another month to the end of November. Cambior shares rose one cent to 51 cents by noon on the Toronto stock market. The online source for news sports entertainment finance and business news in Ca ada Copyright (C) 2000 The Canadian Press (CP), All rights reserved -0-