An increase in 9-month net earnings reported by Hillsborough Resources (TSE) was recently attributed to the company’s long-term mine contracting projects. Net earnings for the nine months ended September, 1990, increased to $1.7 million or 33 cents per share from $754,000 or 16 cents per share during the same period last year.
However, 9-month revenues dropped slightly to $21.9 million from $22.4 million in the equivalent 1989 period.
Construction got under way recently at Hillsborough’s 20%- owned Mt. Hundere lead-zinc project in the Yukon Territories. Curragh Resources (TSE), which holds the remaining 80% interest, expects to complete construction of the 100,000-ton-per-year mine within 12 months. Hillsborough says it will report equity earnings from Mt. Hundere by 1992.
The company’s Canadian Mine Development division is currently driving two 4,000-ft. tunnels at the Westray Coal property near Stellarton, N.S. Under a $14- million contract, the project is scheduled to be completed within two years. Hillsborough Resources (TSE) 9 months ended Sept. 30 1990 1989 Revenue $21,927 $22,488 Net earnings 1,704 754
per share 0.33 0.16
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