Asarco prepares to close Leadville mine

Lower prices for lead and zinc concentrate have prompted Asarco (AR-N) to close its Leadville mine in Colorado.

The operation will be shut down indefinitely at year-end. The Leadville mill was closed in August because of a structural failure, and 78 employees were laid off.

For the latest quarter, the company posted earnings of US$6 million (or US14 cents per share), down from US$58.3 million (US$1.38 per share) for the same period last year. Revenue for the quarter dropped to US$647.8 million from US$819.7 million a year ago. The decline in sales is partially due to lower copper prices.

For the first nine months of 1996, Asarco earned US$114 million (US$2.67 per share) on revenue of US$2 billion, compared with $180.4 million (US$4.27 per share) on US$2.4 billion for the same period last year.