Strike hurts third quarter at Brunswick
An ongoing strike at the Brunswick lead-zinc mine near Bathurst, N.B., has led to another disappointing third quarter for Brunswick Mining and Smelting (TSE). Brunswick reported a net income of $181,0…
News
High interest rates take toll on Noranda’s profit
Stung by high interest rates, Noranda (TSE) saw its third- quarter net income plunge to $18 million (1 cents per share), down from $101 million (49 cents per share) in the year-earlier period. The 82%…
Producer Barrick is well hedged
Growing gold producer American Barrick Resources (TSE) has more than 3.4 million oz. hedged through gold loans, forward sales, options and spot deferreds. Greg Wilkins, chief financial officer, recent…
Hemlo mines’ profit improves but Teck’s earnings decline
Increased gold production from two Ontario gold mines enabled Teck (TSE) to report a new record in operating profit from mining activities during its third quarter ended Sept. 30. Operating profit fro…
Rochester deals South Mercur
Several months after acquiring the South Mercur gold property from Dominion Mining and Ennex International, Rochester Minerals (VSE) has negotiated an agreement with Kennecott Corp. The deal gives Ken…
Seven Mile High rejects Hamelin offer
Shareholders of Seven Mile High Group (VSE) rejected an unusual offer by former president Maurice Hamelin to drop his $1.3 million lawsuit against the company on the condition they elect a board of di…
Zone 97 drilling excites VSM, Serem
Two drills are working at zone 97 of the Grevet zinc project southeast of Matagami, Que., where VSM Exploration and its project partner, French-controlled Serem Quebec, are hoping to add significantly…
Internal responsibility
If you have been rubbing elbows recently with your counterparts in the mining industry, you may have heard the buzz term “IRS” being bandied about. No, they haven’t run afoul of the U.S. Internal Reve…
Automated Equipment
Automatic Lubricators A new system of single-point automatic lubricators may help mine operators save money. Perma Distributors describes its product as less costly than central automatic lubrication …
Metals in review
Metals prices have had a pretty good run since the end of the recession. Nickel, for example, touching the US$10.80 mark. Copper edging US$1.69 per lb. But what now? The 1982-83 recession isn’t distan…
Cross-cuts
DOOM AND GLOOM FOR MANY PRECIOUS METALS Apart from gold, not all is well with precious metals. And a good argument can be made that silver, platinum and palladium should continue to disappoint. The re…
Old mines never die…they become garbage dumps
Canadian mining communities have for years pondered, with considerable dread, what would happen when the motherlode runs dry. But the ascendancy of environmental protection as the political issue of t…