Cambior closes Sequoia acquisition (July 05, 2004)

Cambior (CBJ-T) has inked workers at the Niobec niobium mine in St-Honore, Que., to a new four-year collective agreement.

The deal includes wage increases of about 10% over its lifetime for hourly, clerical and technical employees. The new deal is retroactive to May 1, 2004, and also includes improvements to several benefits.

The new labour pact comes with the ink just drying on Cambior’s acquisition of Sequoia Minerals. That deal saw Cambior offer Sequoia shareholders the option of 60 for each of their shares or one of its own shares for every 6.3 Sequoia shares. In the end, Cambior paid $55.2 million in cash and issued some 2.2 million shares to make Sequoia it’s wholly owned subsidiary and consolidate ownership of Niobec, in which Sequoia owns a half-interest.

Niobec is North America’s sole niobium producer and the world’s third largest. In 2003 the operation turned out sales of US$44.4 million.


Be the first to comment on "Cambior closes Sequoia acquisition (July 05, 2004)"

Leave a comment

Your email address will not be published.


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.