A loss of $22.1 million is reported by Cominco (TSE) for its third quarter ended Sept. 30, which brings the company’s loss for the first nine months of this year to a total of $25 million. This compares with earnings of $11.6 million in the 1990 third quarter, and a profit of $51.9 million for the comparable nine months of 1990.
The mining and integrated metals business segment tallied an operating loss of $8.4 million for the third quarter, compared to an operating profit of $46.2 million in the comparable 1990 period.
Cominco says this year’s results reflect lower metal prices for zinc, lead and copper, and the continued strengthening of the Canadian dollar. But the company also notes that these declines were partially offset by higher sales volumes of refined zinc and lead, zinc and copper concentrates. At Trail, B.C., refined zinc and lead sales and production increased significantly over levels in the comparable 1990 quarter, but the improvement was not enough to offset the effects of lower metal prices. Compared with the same quarter last year, average zinc prices were 35% lower, lead 37% lower, and copper 22% lower.
On a brighter note, Cominco reports an improvement at the Red Dog mine in Alaska, where zinc concentrate production totalled 332,900 tons, lead concentrate 64,200 tons and ISF concentrate 18,100 tons to Sept. 30. The last shipment of concentrates for the 1991 season occurred on Oct. 8, bringing the total for the season to 539,000 tons, compared with 320,000 tons last year.
Cominco also reports a successful initial year of production at the Snip gold mine in northwestern British Columbia. The company’s 60% share of gold production is 44,000 oz. to date, substantially ahead of feasibility study levels.
Test work relating to the Trail QSL lead smelter is continuing, with results expected during the first quarter of 1992. These include tests involving the QSL process at Metallgesellschaft’s Stolberg plant in Germany, and test work on the Russian Kivcet process.
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