There is Gold, there is Silver and then there is "Poor Man's Gold Zinc.................
Zinc miner Lundin reports rise in Q3 profit; expects strong prices for base metals in 2007
Source: RTTNews
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Early Thursday, Lundin mining corp. (LMC, LUN.TO), an explorer of minerals and producer of base metals, announced third quarter results, reporting a rise in profit on higher metal prices. The company's sales for the quarter surged from last year.
The Vancouver, Canada-based company's third quarter net income surged to US$30.7 million or US$0.75 per share from US$9.6 million or US$0.24 per share a year ago.
Lundin mining's sales for the quarter climbed to US$98.94 million from US$48.68 million in the prior year. The company said the increase in sales is due to significantly higher metal prices.
The company's gross margin for the quarter rose to US$48.79 million from US$6.03 million in the year ago period. EBITDA for the third quarter increased to US$59.18 million from US$16.38 million in the year ago period.
For the nine-month period, the company's earnings climbed to US$89.4 million or US$2.17 per share from US$15.7 million or US$0.41 per share in the previous year. The company's sales for the period surged to US$303.7 million from US$128.3 million a year-ago.
Further, the company said, the growth in demand, especially from Asia, is expected to continue and this is not expected to be met by a similar increase in production. Accordingly, the company expects that the price for zinc, copper and lead would remain very strong during the rest of 2006 and for 2007.
LMC closed Wednesday's regular trading session at $37.82, down $1.38, on a volume of 537K shares. |
