Rising copper prices boost Gibraltar profits

For the first time since copper prices began to weaken in 198l, Gibraltar Mines has reported a 9-month profit. Earnings were $963,000 or 8 cents per share, compared to a loss of $3,470,000 or 30 cents per share in 1986. Revenue rose to $49,198,000 from $43,275,000 last year.

Results reflect rising copper prices, along with lower costs of production related to mining softer ore in the upper levels of Gibraltar’s Granite Lake pit. The recovery of $1,560,000 in advances made to Cuisson Lake Mines which had been charged to earnings in prior years, and the production of cathode copper which started in October, l986, also helped.

Earnings were reduced by higher smelter charges. Molybdenum revenues were at anticipated levels, but were below those of 1986 when normal sales were augmented by additional sales from inventory.