Zinc prices boost Pine Point earnings (December 04, 1989)

The company attributed its strong earnings to continued high zinc prices.

Pine Point’s 45% interest in the Polaris lead-zinc mine contributed $22.7 million to pre-tax earnings for the 9-month period and $12 million for the third quarter.

Net earnings for the third quarter were $23.6 million or $5.09 per share.

At the 100% owned Pine Point mine, where milling of stockpiled ore was completed in 1988, remaining concentrate waiting to be shipped amounted to 153,600 tonnes of zinc concentrate and 21,300 tonnes of lead concentrate.

The company indicated that it was continuing its search for appropriate investments in the mineral industry. Results of exploration activities near Polaris, N.W.T., and in the Republic of Ireland were sufficiently encouraging to warrant further work.

Pine Point has $135 million in working capital and no long-term debt. Cominco Ltd. (TSE) owns 50.1% of the company.

The corporation’s outlook for the fourth quarter is for continued strong earnings.

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