A 14% jump in net earnings in the first nine months this year over the same period last year, has been attributed by Lornex Mining Corp. to reductions in operating costs and all other expenses.
Lornex reports earnings in the latest period of $20.1 million, or $2.43 a share, compared to earnings of $17.7 million or $2.14 a share last year.
Chairman George Albino says the cost reductions more than offset the effects of lower production of and prices for copper and molybdenum, adding that part of the reductions are attributable to the changed nature of copper-molybdenum operations in the third quarter of this year.
During that period, the copper- molybdenum operations have been conducted by Highland Valley Copper, a partnership with Cominco Ltd.
As a result, Mr Albino notes, the aforementioned financial results are not strictly comparable. The financial statements include Lornex’s copper-molybdenum operations prior to the formation of the partnership at the first of July, 1986.
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