Earnings of US$250.1 million, or US$6.06 per share, were reported by Cyprus Minerals (NYSE) for the year ended Dec. 31.
The record earnings compare with 1988 earnings of $170 million, or $4.21 per share. Revenues for 1989 were $1.8 billion versus $1.3 billion in the previous year.
The company attributed the increase in earnings to higher commodity prices, particularly copper, and to an increase in output from mines acquired in recent years.
The bulk of the company’s earning can be attributed to its copper mining operations and associated molybdenum and gold production which accounted for $351 million in earnings before exploration, corporate and tax expenses. The average price realized for copper was $1.20 per lb. while average mine production costs, including depreciation, were 68 cents per lb.
Cyprus’s lithium-talc subsidiary earned $26.7 million for the year while the coal-iron ore division earned $6.5 million.
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