The Maria copper mine in Mexico, 49% owned by Cominco Resources International (TSE), achieved during the third quarter, the highest level of operating profit since startup in 1990, the company reported.
During the 3-month period, the company’s share of copper in concentrate was 5.6 million lb., bringing the total for the first three quarters of 1992 to 15 million lb. copper. The mine’s strong performance helped offset a loss at the 50% owned Glenbrook nickel smelter in Oregon, resulting from adverse nickel market conditions.
Cominco Resources also has interests in several advanced copper projects in Latin America. These include a 10% interest in the Quebrada Blanca copper project in Chile, and a 100% interest in the Mariquita project in Mexico, where a feasibility study is continuing for a solvent extraction and electrowinning (SX-EW) operation.
The company reported net income of $1.7 million for its latest quarter, compared to a $76,000 loss in the 1992 third quarter. This year’s results include a gain of $4.5 million from a sale of a portion of the company’s interest in Quebrada Blanca.
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