Net earnings reached $83 million for the nine months, up from $71 million for the same period in 1988. The company’s third-quarter net earnings were $24 million, compared with $26 million for the 1988 third quarter.
Teck noted that its third-quarter earnings were adversely affected by a strike at Highland Valley Copper which began July 6, 1989. The strike was settled on October 20.
Revenues for the nine months were $316 million, compared with $260 million for the same period in 1988. Third-quarter revenues were $106 million, up from $92 million last year.
It should be noted that Teck’s earnings have been restated to include the company’s share of operating results at the Williams mine from January 1, 1986. The Supreme Court of Canada recently confirmed the 1986 trial judgment, awarding the Williams mine at Hemlo to Corona Corp., with Teck having a 50% interest.
The company’s share of gold production for the nine months totalled 330,000 oz, of which Teck’s share of Williams production accounted for 181,000 oz. Teck’s 1989 third-quarter gold production totalled 127,000, of which 53,000 came from the David Bell mine and 62,000 came from the Williams mine.
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