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METALL MINING REPORTS NINE-MONTH RESULTS

 METALL MINING REPORTS NINE-MONTH RESULTS
 TORONTO, Nov. 12 /PRNewswire/ -- Dr. Klaus M. Zeitler, President and


Chief Executive Officer of Metall Mining Corporation, announced today that earnings for the three and nine months ended Sept. 30, 1992 were $8,586,000 ($0.15 per share) and $12,459,000 ($0.23 per share), respectively. These results reflect an improvement in operating earnings of $13,111,000 for the three months and $19,310,000 for the nine months compared to last year reflecting higher metal prices and the acquisition of Minnova Inc. Earnings for the three and nine months ended September 30, 1991 were $16,626,000 ($0.39 per share) and $14,136,000 ($0.33 per share), respectively. Earnings in the third quarter of 1991 contained non-recurring gains totalling $23,249,000, including the gain on the sale of Metall's interest in Cominco Ltd.
 Metall recently acquired its 50.4 percent interest in Minnova for a purchase price of up to $136.6 million. This acquisition is another important step in expanding Metall's direct operating interests. Minnova operates the wholly-owned Winston Lake zinc-copper mine in Northern Ontario as well as the Lac Dufault operation in Quebec. Winston Lake produced 29.8 million pounds of zinc, 2.0 million pounds of copper and 1,931 ounces of gold in the quarter. Lac Dufault produced 13.2 million pounds of copper and 5,600 ounces of gold in the quarter. Minnova has an active exploration program throughout North America as well as Panama. At the Petaquilla project in Panama, a 10 hole drill program has confirmed significant copper values and indicated that gold values are associated with the mineralization. Reserves are currently calculated as 357 million tons grading 0.81 percent copper (0.6 percent cut-off) or 876 million tons grading 0.60 percent copper (0.30 percent cut-off). A feasibility study of Minnova's 46 percent owned Pend Oreille zinc-lead deposit in Washington State has begun and a production decision is expected in the fourth quarter of 1993.
 To assist in financing the cost of acquiring Minnova, Metall has sold, by way of a secondary public offering, five million Class B Subordinate Voting Shares of Teck Corporation. The offering will provide Metall with net proceeds of $90 million and will reduce Metall's direct and indirect voting interest in Teck from 29.5 percent to 28.5 percent. The sale includes 3,425,000 Class B shares acquired by Metall from MIM Holdings Ltd. as part of a reorganization of their respective interests in Teck and Cominco Ltd. in October, 1991. This sale by Metall returns it to its historic equity investment level in Teck which remains a key strategic investment. An accounting gain of $18.6 million before taxes will be recorded in the fourth quarter.
 The acquisition of Minnova increased Metall's effective interest in the Izok Lake project to 70.2 percent. At Izok Lake, pre-feasibility work is well underway. Studies in progress include block modelling, mine planning, metallurgical testing, plant site and port, environmental, transportation and shipping. Based on the latest drilling campaign, recalculated proven and probable ore reserves are 13.6 million tonnes grading 14.6 percent zinc and 2.5 percent copper. The pre-feasibility study is expected to be completed by March 1993.
 Copper Range reported operating profits of $2,829,000 and $5,905,000 for the three and nine months ended Sept. 30, 1992. Production for the nine months, including production from purchased concentrates, was 101.8 million pounds of copper cathode representing an increase of 36 percent over the comparable period in 1991. Cash operating costs, net of credits, were US$0.83 for the nine months.
 At the 49 percent owned Cayeli copper-zinc project in Turkey, preparation for the start-up of underground development is underway. Construction and site preparations for the surface facilities continued in the quarter. Production is expected to commence in late 1994. At the 45 percent owned Bougrine zinc-lead property in Tunisia, the contract for site preparation and tailings dam construction was awarded in September. Underground work is progressing satisfactorily and start up of production is expected in 1994. At the 33-1/3 percent owned Dikili gold project in Turkey, a commitment for project financing has been received and start up of operations is anticipated in 1993.
 Metall's consolidated cash position at Sept. 30, 1992 was $224.3 million and total assets increased to over $1.4 billion.
 METALL MINING CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME
 (unaudited -- thousands of dollars except share information)
 Periods ended Three months Nine months
 Sept. 30 1992(A) 1991 1992(A) 1991
 SALES $90,537 $45,519 $196,601 $129,934
 Cost of sales 68,471 44,568 162,837 123,512
 Depreciation, depletion
 and amortization 10,853 2,849 19,284 11,252
 OPERATING EARNINGS
 (LOSS) 11,213 (1,898) 14,480 (4,830)
 Investment and
 other income 5,395 30,467 11,835 40,041
 Interest expense (5,092) (4,113) (13,510) (13,104)
 General and admin. (1,100) (1,583) (4,170) (4,607)
 Exploration (4,852) (173) (6,269) (1,801)
 Earnings before taxes
 and other items 5,564 22,700 2,366 15,699
 Provision for income
 and resource taxes (2,385) (12,957) (1,920) (11,328)
 Equity in earnings
 (loss) of:
 Ok Tedi Mining Limited 3,396 10,610 5,898 13,093
 MIM Holdings
 Limited(B) 4,000 - 6,800 -
 Teck Corporation 880 249 1,749 1,978
 Cominco Ltd. - (3,354) - (5,164)
 Navachab Joint Venture 77 (14) 239 (22)
 Minority interests (2,946) (608) (2,673) (120)
 Net income $ 8,586 $ 16,626 $ 12,459 $ 14,136
 Earnings per common
 share $ 0.15 $ 0.39 $ 0.23 $ 0.33
 Wtd. average shares
 outstg. (000's) 57,554 44,415 53,238 43,243
 (A) Reflects the acquisition of Minnova effective July 1, 1992.
 (2) MIM equity accounted effective April 1, 1992.
 -0- 11/12/92
 /CONTACT: H. Douglas Scharf, vice president-finance and chief financial officer of Metall Mining Corporation, 416-361-6400/ CO: Metall Mining Corporation ST: Ontario IN: MNG SU: ERN


SH -- NY082 -- 0349 11/12/92 16:04 EST
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