The Noranda affiliate recorded net earnings of $49,000 (no earnings per share) during the quarter, compared with $6.8 million (19 cents per share) for the same period in 1988. The quarterly value of mineral production totalled $63 million, compared with $78.5 million last year.
To the end of September, the company reported net earnings of $34.2 million (93 cents per share), compared with $16.2 million (46 cents per share) for the same period in 1988. Value of mineral production during the 9-month period was $270.1 million, compared with $232.3 million last year.
The company says that while zinc prices remained high during the third quarter, the changeover to the deepened No 3 shaft reduced ore hoisting capacity and concentrate supply to the smelter.
In addition, the lead refinery had a 3-week maintenance shutdown and the smelter/fertilizer plant operations were affected by lower concentrate from the mine. Also, fertilizer prices were weaker during the quarter.
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