Teck celebrates anniversary with record earnings for 1988

In his address to the meeting, president and chief executive officer Norman Keevil attributed the performance to record gold production from the David Bell mine at Hemlo and higher base metal prices. Cominco Ltd. (TSE) contributed 37% of Teck’s earnings last year and Lornex Mining, which has since been wound up, about 18%.

The David Bell mine produced 218,333 oz gold last year and Teck’s share of operating profits for the 12-month period was $39 million, a 60% rise from the previous year.

With Lornex wound up, Teck’s interest in the Highland Valley Copper Partnership (HVC) has increased to 14%. HVC operates one of the largest and most profitable copper mines in the world in British Columbia’s Highland Valley. Keevil expected 1989 base metal prices to sustain the levels seen over the past few years which bodes well for the project.

He also predicted that 1989 will be a positive year for Teck in light of the current litigation under way over the Page-Williams gold mine at Hemlo. If an earlier judgment is upheld, Teck’s interest in the huge mine will be 50%.

Responding to a question on whether the company was planning to list on a “foreign exchange,” Keevil confirmed that Teck has been looking at listing in the United States and Europe. “It’s an issue that’s under review,” he stated.

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