With all mining divisions operating profitably, Teck (TSE) reported net earnings of $12 million for this year’s second quarter ended June 30, up from $9 million in the previous quarter and similar to earnings of $13 million for the 1991 second quarter.
Teck noted that Cominco (TSE) made a positive contribution to its earnings of $2 million for the latest quarter, compared to a $3-million loss in the 1992 first quarter.
The Cominco turnaround was attributed to higher metal prices for copper and zinc, as well as to improved results from its fertilizer operations. Teck’s cash on hand at the end of June amounted to $299 million, up from $133 million at the start of the year. The improved cash position reflects the proceeds of $150 million from a public debenture issue during the spring.
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