Breakwater Resources aims to join zinc big-leagues

Having closed the acquisition of the Nanisivik mine in the Arctic, and with the Caribou and Restigouche mines slated for production, Breakwater Resources (BWR-T) expects to be the third-largest zinc producer in Canada by mid-1997.

In the third quarter, Breakwater completed the required financing to reopen Caribou (a past producer) and place Restigouche into production next year.

Both projects are in the Bathurst camp of New Brunswick.

The company currently produces zinc from the Mochito mine in Honduras and the Nanisivik operation on Baffin Island. The company’s zinc production in the third quarter (including Nanisivik) was 47.3 million lb., compared with 17.3 million lb. in the same period last year.

Breakwater reported a net profit of $450,000 for the recent 3-month period on revenue of $33.8 million, compared with a net profit of $146,000 on revenue of $6.7 million for same period in 1995.