Strengthening dollar cuts Brunswick’s quarterly earnings

High metal prices and increased production contributed to a profitable first quarter for Brunswick Mining and Smelting Corp (TSE).

Net earnings for the quarter were $3.9 million or 11 cents per share compared to $355,000 or 1 cents per share in the same period last year. Satisf actory production rates were maintained at the Brunswick mine at Bathurst, N.B., where zinc production increased to 121.2 million tons from 115 million tons in the first quarter of 1987.

Copper production was also up to 9.5 million tonnes from 8.4 million tonnes at the same time last year.

The company said it is currently attempting to cut the decline in metal recoveries resulting from recycling waste water through the concentrator.

A strengthening of the Canadian dollar at the expense of the U.S. dollar reduced Brunswick’s earnings by $1.1 million, the company said.