Strong zinc prices helped boost the second-quarter earnings of Brunswick Mining and Smelting (TSE) by about 20% during the 3-month period ended June 30. Brunswick’s second-quarter net earnings improved to $19.2 million (49 cents per share), compared with $15.9 million (42 cents per share) in the same period of 1989. The company attributes its higher earnings to a strong zinc price which averaged $1,726 per tonne during the quarter.
For the 6-month period ended June 30, net earnings totalled $26.5 million (68 cents per share), compared with $34.1 million (93 cents per share) in the year-earlier period. The difference reflects lower zinc prices in the first quarter of 1990.
Mine production and mill results at the Brunswick mine were generally satisfactory with lead concentrate grading 43% which contributed to improved performance at the lead smelter.
Recent negotiations for new collective agreements at the Brunswick mine and smelter were unsuccessful with unionized employees voting in favor of a strike on July 1 and 22 respectively. Brunswick Mining and Smelting (TSE) $000s except per-share items 3 months ended June 30 1990 1989 Revenue $121,210 $101,175 Net earnings 19,233 15,889
per share 0.49 0.42004
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