As indicated by its recent financial results Mineral Resources International (TSE) is continuing to benefit from zinc prices which jumped recently to $1,350(US) per tonne from $820 a year ago.
MRI’s net income for the three months ended Sept 30 spiralled to $8.87 million or 45 per share from $1.08 million or 5 per share at the same time last year.
Net income for the first nine months of 1988 was up to $18.2 million or 93 per share from $3.6 million or 20 per share during the same period in 1987.
While zinc shipments from MRI’s wholly-owned Nanisivik Mines was down slightly to 104,000 tonnes in the first nine months of 1988 compared with 111,100 tonnes on Sept 30, 1987, revenues almost doubled.
MRI reported third quarter revenues of over $20 million compared to $9.4 million in the first three months of 1987. Consequently revenues for th e first nine months of 1988 increased to $46.7 million from $26.6 million last year.
After acquiring a 70% interest in Barons Oil in September, MRI has included the company’s results in its own revenue statements.
MRI had $34.9 million in cash and short term deposits on Sept 30, down slightly from $39.4 million at the same time last year.
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