Cominco (TSE) announced it will be operating its zinc refinery at Trail, B.C., at 90% of its 300,000-ton-per-year capacity.
The company also announced that further cutbacks would be considered, “if world zinc prices do not improve in the near future.”
Like many other base metal producers, Cominco has reported heavy losses this year compared to profits in 1990. Cominco reported a loss of $22.1 million in its most recent quarter ended Sept. 30, compared to earnings of $11.6 million in the comparable period in 1990.
The company said average zinc prices during this year’s third quarter were 35% lower than the previous year’s third quarter.
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