Hillsborough boosts production at Quinsam coal operation

Higher production and lower costs at the Quinsam coal mine enabled Hillsborough Resources (HLB-T) to report net income of $1.2 million for the first nine months of 1997.

The company reported net income of $10.2 million for the same period a year earlier, however, that number includes gains on the distribution of about 1.3 million shares of Canabrava Diamond (CNB-V).

Hillsborough reported net income of $129,400 for the 1997 third quarter ended Sept. 30, compared with $240,100 a year earlier.

Hillsborough notes that the Quinsam coal mine on Vancouver Island, B.C., reached some new milestones during the first nine months of 1997. For one, the mine turned out a record 819,000 tonnes of clean coal at a cash cost of sales of $36.74 per tonne. For the same period of 1996, volumes were 125,000 tonnes lower, while costs were $1.72 per tonne higher.