Including for the first time its 50% share from the David Bell mine in Ontario’s famed Hemlo camp, Teck Corp. moved its profit ahead a healthy 20% to $6.5 million or 12 cents per share for the first quarter ended Dec 31 compared to $5.4 million or 9 cents per share in the year-earlier period.
This Hemlo mine, in which International Corona holds the remaining 50% interest, produced 23,100 oz of gold during the quarter, including 10,600 oz in December.
Teck’s cash flow from operations was up 13% this quarter to $16.8 million or 53 cents per share versus $14.9 million or 49 cents per share in the first quarter last year.
Revenue was $48 million compared with $51 million in the first quarter of 1985.
Teck intends to equity account its share of Cominco’s earnings, beginning Jan 1, 1987.
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