Breakwater Adds a Mine

Article Excerpt

BREAKWATER RESOURCES $2.67 (Toronto symbol BWR; SI Rating: Speculative) (416-363-4798; www.breakwater.ca; Shares outstanding: 418.4 million; Market cap: $1.1 billion) reported 3.2% higher revenues in the three months ended June 30, 2007, to $78.1 million from $75.7 million a year earlier. Earnings per share excluding one-time items were unchanged at $0.08. Breakwater’s Langlois mine, located in north-western Quebec, is now in commercial production. Breakwater already operates three producing base-metal mines: the Myra Falls mine in B.C.; the El Mochito mine in Honduras and El Toqui in Chile. Zinc concentrate sales supply around 82% of the company’s revenue. Zinc is mainly used for galvanizing steel. The rest of Breakwater’s revenue comes from sales of lead, copper, gold and silver. Breakwater is still a buy for aggressive investors investors…