The Placer Dome (TSE) subsidiary reported earnings for common shareholders of $8.17 million or 25 cents per share on revenues of $50.17 million for the period. Earnings were $3.6 million or 11 cents per share on revenues of $43.23 million in the corresponding period of 1988.
President Anthony Petrina said silver production rose 12% and gold production rose 9% as a result of improved recoveries and from the mining of higher grades of ore.
Lower depreciation and operating costs also contributed to the improvement as did increased sales revenues resulting from higher copper prices and additional gains from forward sales. The company noted, however, that these gains were partially offset by lower silver and gold prices.
Equity Silver’s cash balance at June 30 was $46.43 million, about double that of its 1988 year-end. The company produces silver/ copper/gold in concentrate from mining operations near Houston, B.C.
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