Metal Snips (February 29, 1988)

World crude steel output rose to 734.7 million tonnes in 1987, 2.7% above the tonnage produced in 1986, according to preliminary figures issued by the International Iron and Steel Institute.

A production decision is expected later this year on the Escondida copper prospect in Chile. When developed would become the third largest copper mine in the world with an annual output of 300,000 tonnes copper in concentrate. Australian group bhp has a 60% interest in the open-pit project, along with rtz (30%) and a Japanese group headed by Mitsubishi (10%).

Not all copper producers were “in the black” last year. Magma Copper in the U.S., which became a public company in March, 1987, recorded a net loss of $40.9 million(us) on revenues of $405.9 million, compared with a net loss of $58.1 million for the previous year. The company sold 470 million lb of copper during 1987, up 11% compared with the previous year.

The Bank of Nova Scotia recently began selling the New Britannia gold bullion coin, which is being struck in 22 carat gold in four sizes.