Lower profits force Alcan to cut jobs
Alcan will lay off 5-7% of its 52,000 workers worldwide, including some staff at its head office in Montreal.The announcement follows a disappointing third quarter, in which the aluminum giant earned …
News
Monetary vs. fiscal policy
A three-quarter-point cut in the Bank of Canada’s overnight-rate target, while it came as no surprise to the capital markets, was a drastic measure. To those used to quarter-point adjustments, such a …
Normandy arranges funds
Normandy Mining’s (NDY-T) 62%-owned subsidiary, Australian Magnesium Corp. (AMC), has arranged a considerable portion of the $525 million needed to develop the proposed 90,000-tonne-per-year Stanwell …
Akrokeri expects quarterly loss
Lower production from the Bonte alluvial gold mine in Ghana will cut third-quarter revenue and earnings for Akrokeri-Ashanti Gold Mines (YAG-V), and the company is warning that year-end production, re…
DRC extends Afton at depth
Vancouver — Deeper drilling by DRC Resources (DRC-V) is attempting to boost tonnage at the past-producing Afton copper-gold mine, near Kamloops, B.C.Hole 42, drilled as part of an ongoing $2-million …
Workers never went on strike: Fording
I am writing to clarify information that appeared in your Oct. 8-14 issue. The story appeared under the headline “Fording, workers settle strike.”This headline is erroneous, as is the sentence in the …
Ivanhoe delineates Discovery zone
Ongoing drilling by Ivanhoe Mines (IVN-T) has expanded gold-copper-molybdenum porphyry mineralization at the Turquoise Hill project in southern Mongolia.Final gold and copper assay results from diamon…
PD slashes copper output
Vancouver — Sagging commodity prices have dented the bottom line of the world’s second-largest copper producer.Phoenix-based Phelps Dodge (PD-N) posted a net loss of US$100.6 million (or US$1.28 per …
TSE Short Positions (October 29, 2001)
Short positions outstanding at October 15, 2001Larger individual positions include:Anderson Exploration 435,920 down 670,775; Barrick Gold 11,319,663 down 448,477; Boliden 4,123,885 down…
Spot Prices Wed. October 24, 2001
Precious MetalsPrice (US$/oz.)ChangeGold$276.15-$5.50Silver$ 4.25-$0.13Platinum$420.00-$…
Exchange Rates (October 29, 2001)
CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate)DateOct. 23Oct. 22Oct. 19Oct. 18Oct. 17US$ in C$1.57201.57831.57…
Manhattan in talks over Tambo Grande
Vancouver — Manhattan Minerals (MAN-T) is meeting with Peruvian government officials in a move aimed at advancing the Tambo Grande massive sulphide project.The meetings, which include Mines Minister …