Rio Algom Inc. reports consolidated net earnings of $93.1 million or $2.12 per share for the year ended Dec 31. This compares with earnings of $70.2 million or $1.58 per share realized in 1986. An extraordinary charge of $19.7 million in 1985 was levied against the East Kemptville tin mine.
Revenues and earnings from uranium mining at Elliot Lake, Ont., declined due to a 19-day strike. Potash operations showed an improvement but profit was affected as a result of flooding at the company’s Saskatchewan mine.
Lornex Mining Corp., a 68.8%- owned affiliate, recorded a modest increase in revenue and a significant increase in operating profit due to stronger copper prices and lower unit costs.
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