An improved operating performance has enabled Cominco Resources International (TSE) to reduce its losses this year over those reported a year earlier.
A modest loss of $76,000 was reported for the recent quarter ended Sept. 30, compared with a loss of $6.55 million in the same quarter of 1990. The year-to-date loss was $2.42 million, compared with a hefty loss of $22 million in the prior year.
The company said the combined operations at Glenbrook Nickel in Oregon, Maria in Mexico, and the Buckhorn mine in Nevada earned operating profits of $1.69 million during the recent quarter, after deducting depreciation and depletion. A number of highlights were also announced for the recent quarter, including the Glenbrook nickel smelter achieving its highest level of production (2.35 million lb.) since it was acquired and rebuilt.
The 45% owned Quebrada Blanca copper project in Chile is also reported to be progressing well. Details of negotiations with affiliated companies for project financing are expected shortly. That may result in the company receiving a cash payment and retaining a minority interest.
On the exploration front, the company said drilling at the Cerattepe property in Turkey defined a significant zone of high-grade copper mineralization. An underground exploration program is being considered for early next year. Cominco Resources is continuing exploration at other gold properties in Turkey, and plans to continue work on several gold and base metal targets identified in that country during a recent reconnaissance program. Exploration is also planned to advance promising early-stage gold and base metal projects in Honduras, Bolivia, Ireland and Spain. The company may seek joint venture participation on some of these projects.
Be the first to comment on "Better quarter for Cominco Res."