LAST BUT NOT LEAST — Copper drives Arimetco into red

Lower copper prices drove Arimetco International (TSE) to a loss for the nine months ended Sept. 30.

A loss of US$2.7 million on sales of US$15.2 million was reported for the period. This compares to earnings of US$1.4 million on sales of US$15.5 million in the same period last year.

The loss for the third quarter totaled US$1.5 million on sales of US$4.9 million, compared to earnings of US$1.3 million on sales of US$7.6 in the comparable period in 1992.

The heavy losses were caused by both a decline in copper production in the third quarter and a drop in the price of the red metal to US87 cents per lb. from US$1.16 in the same quarter last year.

Lower production was partly due to a shortage of leaching space at the company’s Yerington mine in Arizona. The shortage arose from permitting delays for the construction of pads.

Chairman Roy Shipes said the company received permits for the pad construction in August and leaching on the first new pad started in late October.

Shipes is optimistic the price has bottomed.