Teck reports lower output at Bell, Williams gold mines

The David Bell and Williams mines turned out 419,500 oz. gold to the account of Teck (TSE) in 1991, a 12% decrease from 477,100 oz. gold last year. Teck has a 50% interest in the two Ontario mines, with the remaining interest held by International Corona (TSE).

Despite the lower production level, Teck reported that its average production cost per oz. gold increased only marginally from US$139 to US$145. The Vancouver-based major reported a drop in net earnings to $37 million in 1991 from $91 million in 1990. The company attributed the decline to lower metal prices, lower gold production, and to an equity accounted loss of $17 million in Cominco (TSE) compared to a $3-million profit in 1990.