Lower zinc prices in the first quarter of 1990 resulted in a 38% earnings drop for Pine Point Mines (TSE). Net earnings for the quarter totalled $14 million ($3.02 per share), compared with $22.5 million ($4.85 per share) in 1989. Revenues from sales totalled $38.9 million down from $50.1 million at the same time last year. Pine Point anticipates that the zinc concentrate remaining at the Pine Point mine site will be sold by the end of the third quarter. All of the lead concentrate remaining will be sold by the end of 1991.
The company’s interest in the Polaris lead-zinc mine in the Northwest Territories contributed a before-tax total of $6.4 million, up $0.2 million from the same time last year. The increase was largely the result of higher-than-expected ore grades, which boosted concentrate production at the mine.0508,0206,0304,0008 Pine Point Mines (TSE) $000s except per-share items Quarter ended Mar. 31 1990 1989 Revenue $43,624 $50,778 Net earnings 14,001 22,452
per share 3.02 4.85004
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