Asarco Profits Up, But Sales Decline

Asarco Inc., a New York-based company that has interests in two underground mines in Idaho’s Silver Valley, reported higher profits, but lower sales, for the first quarter ended March 31.

The producer of copper, lead, silver, zinc and other minerals posted a $40.6 million profit, or 95 cents per share, on sales of $715.6 million for the quarter.

Earnings were up from the $35.7 million, or 84 cents per share, on sales of $735 million for the same quarter in 1996.

Asarco owns half the Silver Valley Resources venture, with the Coeur d’Alene Mines Corp., that operates the Galena and Coeur mines near Wallace. Both mines were restarted last year after being idled since the early 1990s.

, DataTimes