While first half earnings for common shareholders slipped this year from the comparative 1987 period, Equity Silver Mines (TSE) said revenues from silver, copper and gold improved over those of 1987 due to higher production, stronger copper and gold prices and lower smelter charges.
The Placer Dome (TSE) subsidiary announced earnings of $3.6 million or 11 cents per share on revenues of $43.2 million in the six- month period ended June 30 as compared to 1987 earnings of $5.5 million or 19 cents per share on revenues of $45.5 million. The 1987 results, however, include an after- tax gain of $7.3 million from the settlement of the Silver Sale Agreement with Placer Dome Inc.
The Equity Silver Mine located near Houston, B.C. produces silver/copper/gold in concentrate. President A. J. Petrina said the mining of higher grade ore resulted in a 12% increase in silver production and a 5.6% increase in copper production. Gold output improved 24%, primarily due to increased efficiencies and better recoveries in the gold scavenger plant.
Cash from operations for the first half of 1988 increased to $21.7 million from $5.1 million in the comparative period primarily because of higher copper and gold prices. During the second quarter, the company paid dividend No 4, of 5 cents per common share.
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