Teck hurt by Cominco losses

Net earnings of $6.1 million or seven cents per share were reported by Teck (TSE) for its 1991 third quarter ended Sept. 30, down significantly from the $22.5 million or 27 cents per share reported in the comparable 1990 period. Nine-month earnings were $30.4 million, or 38 cents per share, compared with $67.8 million or 82 cents per share in 1990.

The company said this year’s reduced earnings reflect losses incurred by Cominco (TSE), a diversified base metal producer whose results are equity accounted by Teck.

Teck reported that gold production totalled 617,900 oz. from the David Bell and Williams mines at Hemlo, Ont., each owned 50% by the company. The average gold price realized in the first nine months was $416 per oz., compared with $453 per oz. last year.