Northgate Minerals Corp. (TSX:NGX) has reported first-quarter earnings of US$20.4 million, or US$0.08 per diluted common share, compared with US$9.4 million, or US$0.04 per share, in 2007's first quarter.
The gold and copper mining company benefited from a 42% increase in the average price of gold between the first quarters, when the precious metal's per-ounce price jumped to US$927 from US$650. Northgate's quarter-to-quarter revenue increased to US$86.1 million from US$73.4 million, despite a drop in gold sales to 61,539 ounces in 2008's first quarter from 66,480 ounces in 2007's first quarter. The company's gold production increased 24% to 89,601 ounces during the same period.
Copper production and sales dropped 23% and 29%, respectively.
Northgate's share price range during the week: between $2.83 and $3; 52-week high: $4.22; 52-week low: $2.45.