With its recently acquired Similco copper mine (N.M., Oct 10/88) contributing $5.9 million to third quarter earnings, 1988 is shaping up to be a very profitable year for Cassiar Mining (TSE).
Net earnings for the 9-month period ended Sept 30 were $13.5 million or 80 per share, compared to restated earnings of $2.7 million or 22 a year ago. Earnings for the latest quarter, which included the company’s Cassiar asbestos mine in northern British Columbia, amounted to $8.1 million or 49 per share, compared to 3 in 1987.
Anthony Kana, vice-president of finance, noted that $2.8 million was applied to debt repayment in the third quarter, leaving an outstanding long-term debt of $18.1 million after the next payment in November.
“Commodity markets remained strong throughout the 9-month period and are expected to hold for the balance of the year,” he said.
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