Westmin Resources boosts earnings

Net earnings for the first nine months of 1987 totalled $14.3 million compared with $5.4 million for the same period last year, Westmin Resources reports. Gross revenues during the same period amounted to $137.1 million compared with $144.2 million in 1986.

The figures, the company says, reflect a combination of higher crude oil and metals prices, which were partially offset by sharply lower natural gas prices and lower overall mine revenues. It says the lower mine revenues were largely the result of modifications in the mining plan and temporary dilution of grades associated with developing additional underground headings in the current expansion program.

In the third quarter, Westmin recorded earnings of $4.5 million on gross revenues of $47 million compared with $4.2 million on revenues of $45.5 million for the same period last year.