Net earnings of $14 million were reported by Teck (TSE) for its latest quarter ended Sept. 30, a sizable increase from the $6 million reported in last year’s third quarter.
The company’s mining operations operated profitably, but as a result of lower gold prices and production, cash flow slipped to $83 million from $98 million a year ago. Gold production for the nine-month period totalled 299,000 oz., compared with 340,000 oz. last year.
But Cominco (TSE) made a modest positive contribution to Teck’s earnings, compared with a $11-million loss in the first nine months a year ago. Teck has interests in two new mines scheduled to begin production in 1994, the Louvicourt copper-zinc mine in Quebec, and the Quebrada Blanca copper mine in Chile. Construction of both projects is reported to be progressing well.
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