Operating income from Nerco’s (NYSE) mineral segment reached US$1.3 million in the 1991 first quarter, down from US$2.9 million for the same three months in 1990.
The company said the decrease in earnings came primarily as a result of a lower silver prices.
During the quarter Nerco sold 43,000 oz. gold, compared with 37,000 oz. in the 1990 first quarter. Silver sales of 1.1 million oz. were substantially higher than the 540,000 oz. produced in the 1990 period, but the average silver price was US$1.13 per oz. lower in the 1991 quarter than a year earlier.
Nerco also has a coal division and an oil and gas division.
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