Improved zinc prices and income from the Polaris mine in the Northwest Territories boosted net earnings for Pine Point Mines (TSE) to $43.9 million during the first nine months of 1988 from $21.4 million the year before. Earnings per share were $9.47 and $4.62 respectively.
Third quarter earnings amounted to $19.1 million or $4.12 per share versus $10.7 million or $2.30 last year. Revenue from the quarter included $2 million not previously recognized on sales from Pine Point operations whose prices were finalized during the period, the company notes.
Pine Point holds a 45% interest in the Polaris mine which contributed $8.5 million to net earnings for the recent quarter and $10.1 million for the nine months.
The townsite at the company’s now dormant open pit mine at Pine Point, N.W.T. was closed down during the quarter; and reclamation studies are being conducted for the revegetation of tailings areas and the final clean-up of mining areas. Efforts are being made to sell three remaining pieces of mining equipment, the company adds.
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