News

Results from metallurgical tests indicate high recovery rates at Aquiline Resources‘ (AQI-V) Calcatreu gold-silver project in Argentina’s Rio Negro province.

Aluminum giant Alcan will slash 277 jobs at the Paris headquarters of Pechiney, with which it recently merged. The move is designed to ensure the Montreal-based company meets its target of saving US$350 million annually by the end of 2005.

Alcoa — Hronn Petursdottir appointed human resources and community relations manager at Fjardaal in Iceland.

Defiance Mining (DM-T) has completed a bankable feasibility study of its Tasiast gold project in Mauritania, West Africa.

Vancouver — Record first-quarter earnings posted by Teck Cominco (TEK-T) were overshadowed by the company’s decision to halt development of the Pogo gold project in Alaska.

Increased production of pricier copper and zinc enabled Inmet Mining (IMN-T) to more than triple its earnings to $22.9 million (or 49 per share) during the first quarter.

The firing of three senior executives at Nortel Networks at the end of April shows just how far large telecommunications companies have strayed from their history.

BASE METALS (London Metal Exchange — Midday official cash/3-month prices, US$ per tonne)…

In a development that marks the first successful Canadian foray into Mongolia, production is under way at the Boroo gold mine, northwest of Ulaanbaatar.