Kam-Kotia capable of paying loan

Terms of the bank agreement called for the loan to be paid back over five years at a fixed interest rate of 11.65%.

The company purchased the business in 1988 from the Saskatchewan government for $12.1 million. The sodium sulphate operations comprise two plants producing two commercial grades of sodium sulphate, one used in the detergent industry and the other a saltcake product used mainly by pulp and paper makers.

For 1988, Kam-Kotia recorded net income of $2.5 million (20 cents per share) after an extraordinary gain, compared with net income of $2.23 million (25 cents per share) the previous year.

Other than the sodium sulphate business, Kam-Kotia’s major asset is a majority interest in Dickenson Mines (TSE). Kam-Kotia recently increased its interest in Dickenson to more than 50% following a successful takeover of both companies by Goldcorp Investments Ltd.

Toronto-based Goldcorp, a gold fund which is managed by CSA Management Ltd., has an approximate 96% interest in Kam-Kotia. Newly elected to serve on Kam- Kotia’s 8-member board of directors were Goldcorp president R. R. McEwen and Goldcorp director Donald Haldenby. Re-elected were Kachmar, R. P. Douglas (chairman), R. J. Hicks, D. J. Libby, D. A. Sloan and H. E. Neal.

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