Asarco Earnings Exceed $58 Million

New York-based Asarco Inc. reported encouraging third-quarter earnings Wednesday after losing money for the same period in 1994.

The mining company reported a net income of $58.3 million, or $1.38 a share, compared with a net loss of $16.1 million, or 36 cents a share, for the same period last year.

The results were helped by Asarco’s 63 percent ownership of the Southern Peru Copper Corp. The company bought half the copper company last year and increased its stake this year.

Third quarter 1994 results included a $30.7 million charge for environmental cleanup. Without the charge, the earnings would have been $14.6 million, 35 cents a share.

For the first nine months of 1995, the company earned $180.4 million, or $4.27 a share, compared with $15.8 million, or 38 cents a share, for the same time in 1994.

Asarco owns interests in two silver mines in Idaho’s Silver Valley, along with two silver and copper projects near the Idaho-Montana border.