Fortunes changed during the first half of 1990 for Bunker Hill Mining (TSE) as earnings rebounded to US$1.36 million versus a loss of US$958,000 in the first six months of 1989. Jack Kendrick, president of Bunker Hill, attributed the turnaround to increased productivity as well as to improved ore grades and metallurgical recoveries. He indicated that mining and milling rates are in excess of 2,000 tons per day with the occasional spike to 2,500 tons per day.
The company planned to increase production rates to 3,000 tons per day in mid-year, but this has since been pushed forward to the fourth quarter while it arranges financing. Kendrick noted the expansion would require about US$2 million in development and equipment expenditures.
The company will also have to deal with a working capital deficit of more than US$3 million. Bunker Hill Mining1 (TSE) $000s except per-share items* 6 months ended June 30 1990 1989 Revenue $8,628 $3,498 Net earnings (loss) 1,360 (958 )
per share 0.09 (0.06 ) *US dollars
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