TORONTO Toronto-based BREAKWATER RESOURCES reported net earnings of $4.4 million in the second quarter of 2004, compared to net earnings of $10.8 million in the corresponding period of 2003 when it made a one-time gain of $10.3 million on the sale of its Lapa gold property in Quebec.
The contribution from mining activities increased in this latest quarter to $8.8 million compared to a loss of $3.4 million in second quarter 2003, thanks to higher metal prices and improved operating performances, the zinc-focused miner said in a statement. Breakwater realized an average zinc price of US$1,006/tonne in the second quarter compared to US$768/tonne a year earlier in the same quarter, while total cash costs dropped to US$0.30/lb from US$0.32/lb year on year, it said.
These improvements were offset by lower volumes of concentrate sales that dropped to 76,061 tonnes in the second quarter of 2003 from 116,366 tonnes in same quarter 2003 to produce gross sales of US$38.6 million compared to US$43.3 million over the same comparative periods, it said.
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