Magma Copper reports a third quarter 1988 net income of $12.3 million (U.S.), or 32 per common share. This compares to a net loss of $5.1 million for the third quarter of 1987.
Total revenue for the third quarter of 1988 was $141.2 million compared to $103.6 million for the same period of 1987. Copper sales, including rod conversion premiums, contributed $121.2 million or 85.8% of total revenue for the third quarter of 1988, compared to $91.7 million or 88.5% of total revenue for the third quarter of 1987.
Net income for the first nine months of 1988 was $40.9 million (65 per common share after accounting for preferred annual dividends of $16 million). During the same period in 1987, net loss was $3.4 million. Total revenue for the first nine months of 1988 was $417.8 million compared to $300.7 million for the same period in 1987.
In other business, the commissioning period of the company’s flash smelter is nearing completion and is approaching its fully rated capacity of 3,000 tons per day of concentrates.
Work has started on the $20 million tailing leach project at the Miami Unit of the Pinto Valley Division. This plant will be in production by mid-1989 producing low cost copper.
Magma operates mines and solvent extraction/electrowinning plants in San Manuel and Miami, Arizona, a smelter, refinery, and rod plant in San Manuel and a rod plant in Chicago.
Be the first to comment on "Magma Copper third quarter earnings"