November 1, 2010 / 9:55 PM / 8 years ago

UPDATE 1-Breakwater Q3 results beat est on high metal prices

* Gross rev up 30 percent to C$93.3 mln

Nov 1 (Reuters) - Canadian miner Breakwater Resources Ltd’s BWR.TO quarterly profit beat estimates, helped by higher metal prices.

The Toronto-based mining company posted third-quarter earnings of C$19.6 million, or 28 Canadian cents a share, compared to C$6.5 million, or 10 Canadian cents, last year.

Gross revenue for the company, which has three mines in Chile, Honduras and Canada, rose 30 percent to C$93.3 million.

A 20 percent rise in the price of zinc — which contributes about 35 percent of the company’s sales — and a 41 percent rise in copper prices helped results.

Analysts on average were expecting the company to earn 17 Canadian cents a share, on revenue of C$87.8 million, according to Thomson Reuters I/B/E/S.

On Oct. 5, strikers halted operations at Breakwater’s zinc mine, Toqui, in Chile “indefinitely,” after wage talks broke off, but the parties reached a settlement in a week. [ID:nWNAB3485]

The company’s shares, which have gained about 5 percent since the it reached a settlement with its workers, closed at C$5.96 on Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed and Arnika Thakur in Bangalore; Editing by Don Sebastian) (; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

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