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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Asarco Posts Mixed Financial Results

From Staff And Wire Reports

New York-based Asarco Inc. Thursday reported higher earnings in the last quarter of 1996 but lower profits for the entire year compared with the same periods of 1995.

Asarco earned $24.3 million in the last three months of 1996 compared with a net loss of $11.3 million for fourth quarter 1995. Those results for 1995 included an $80 million charge against earnings.

For the year, Asarco made $138.3 million, or $3.24 a share, compared with $169.2 million, or $4 a share, in 1995. Results for 1996 included a $39 million gain from the sale of assets for Asarco. The company blamed lower metals prices for its comparative drop in earnings.

The giant metals refining and mining company owns half the Silver Valley Resources venture that runs two mines in Idaho’s Silver Valley. Coeur d’Alene Mines Corp. owns the other half of the company.

Costs from the two mines, the Galena and the Coeur, have been extremely low compared to how the mines operated in previous years. Both mines were restarted last year after being idled since the early 1990s. , DataTimes