David Bell mine helps Teck boost annual earnings

Net earnings (unaudited) of $33.6 million (70 cents per share) on revenues of $203 million were recorded by Teck Corp. for the 1987 fiscal year ending Sept 30.

Teck’s fourth-quarter earnings during the 1987 year were $11 million (25 cents per share) on revenues of $57 million. These figures compare with ea rnings for the 1986 fiscal year of $23.3 million (42 cents per share) before extraordinary items and $23.97 million (44 cents per share) including extraordinary items, on revenues of $185 million.

In the fourth quarter during the 1986 fiscal year, earnings totalled $6.4 million (12 cents per share) before extraordinary items) and $7.1 million (14 cents per share) including extraordinary items, on revenues of $44 million.

The increase from 1986 was primarily the result of including earnings from the David Bell gold mine at Hemlo in northern Ontario at the start of fiscal 1987, Teck’s chief financial officer, David Thompson, said.

Total production during the year from the mine, owned 50/50 with International Corona Resources, was 130,122 oz (including 43,670 oz during the fourth quarter but excluding production from the quarter claim being mined by, and under an agreement with, Noranda Inc.’s Hemlo Gold Mines).

A gradual increase in production has occurred as development of the deeper levels of the mine proceeded, Thompson said.