Teck earnings up from last quarter

Teck Corp. has net earnings for the quarter ended Dec 31, of $17.2 million compared to $6.5 million a year earlier. After deducting preferred share dividends, net earnings were 42 cents per share, up from 12 cents the year before.

Greater gold production from the company’s David Bell mine at Hemlo and higher profits from copper were cited as reasons for the increased profits. The David Bell mine produced 43,000 during the quarter compared to 23,000 oz in 1986. The increase in copper revenues was due to greater production from Highland Valley Copper and higher prices. Results from the Williams mine at Hemlo are not included in Teck’s financial statements pending a final resolution of the litigation with Lac Minerals.