The earnings of Cominco (CLT-T) for the third quarter ended Sept. 30 are expected to be lower than those of the previous quarter.
The projected decrease is attributed to lower prices for copper, nickel and zinc.
Contributing factors include lower throughput and grade at the Highland Valley copper mine near Kamloops, B.C., and the scheduled shutdowns of the Sullivan mine near Kimberly, B.C., and the Trail smelter in southern British Columbia.
Cominco reported second-quarter earnings (including special items) of $106 million (or $1.24 per share) on revenue of $400.1 million.
Meanwhile, at the company’s Red Dog mine in Alaska, additional drilling has been completed on a mineralized zone immediately north of the Aqqaluk deposit, which was discovered in 1995.
Recently drilled hole 635 intersected 20% zinc, 4% lead and 3 oz. silver per ton over 110 ft. That hole was drilled 40 ft. from hole 483, which intersected 12% zinc, 4% lead and 2 oz. silver over 190 ft. More drilling is planned for the 1997 season.
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