The world’s largest primary producer of zinc and lead said the result reflected improved performance from its existing operations, initial production from its new Century mine in Queensland, and a full year’s contribution from its Clarksville smelter and associated mines in the United States.
Zinc metal production in the fourth quarter fell to 156,633 tonnes from 169,084t in the previous corresponding period, while output for the year ended June 30 rose to 658,586t from 586,427t the previous year.
Lead metal production fell to 62,023t in the fourth quarter from 72,299t, while for the full year output rose to 277,856t from 240,251t.
Mine production of zinc rose to 183,435t in the final quarter from 101,266t, while for the year production was also up at 479,888t against 356,306t for the year ended June 30, 1999.
Final quarter mine production of lead fell to 40,747t from 43,266t a year ago, bringing full year output down to 165,884t from 172,756t.
The company said that total zinc and lead production from its mines and smelters in the June quarter was 15% higher than in the previous corresponding period.
Smelter production was up 13% over last year despite a fourth quarter maintenance shutdown of the Budel smelter in the Netherlands to ready it to receive zinc concentrate from the new Century mine, and lower output from Cockle Creek.
Smelters at Hobart in Tasmania, Port Pirie in South Australia and Clarksville all set annual production records.
But despite the production bonanza, the company said in June that its profit for fiscal 1999-2000 would be less than $24 million, nearly half the consensus forecast of $42 million at the time.
The company said that analysts have underestimated the impact of foreign exchange losses linked to its hedge book and its higher debt servicing cost when the Australian dollar dipped below US60c.
Takeover speculation has seen the stock pushed higher towards its resistance level of $1.08 – its May peak – and trading volume has been high.
Pasminco shares were 3c higher at 96c in morning trade.
