High tonnage with good grades and recoveries and low operating costs helped Brenda Mines to fourth quarter 1986 earnings of $4.5 million, or 97 cents a share, compared to a loss of $1,005,000, or 22 cents a share, in the same period in the previous year.
For all of 1986, Brenda had earnings of $1.8 million, or 40 cents a share, compared with a loss of $6.6 million, or $1.54 a share, in 1985. It notes that results for 1985 are not directly comparable as the mine operated for only three months in that year.
The company had net revenue from production of $62,666,000 in 1986, against $2l1,977,000 in the previous year. Last year, it produced 16,999,100 kg copper in concentrate (4,692,900 kg in 1985), and 4,361,300 kg molybdenum (1,224,500).
In the fourth quarter last year, a strong sales performance by the oil and gas division was offset by a declining price for gas.
Short-term debt decreased by $6.3 million during the quarter as a result of the “excellent” operations at the mine, and the receipt of a $1.5-million sales tax refund related to prior years.
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