Group closes in on Antamina financing

Article Abstract:

The consortium building the $2.2-billion Antamina copper and zinc mine in Peru is expected to complete the financing for the project in spring 1999. The consortium is composed of Toronto, Ontario-based Rio Algom Ltd. and Noranda Inc. as well as Teck Corp. of Vancouver, British Columbia. The consortium's general manager, Augusto Baertl, said that a minimum of C$800 million will be provided by eight commercial banks and five export-import institutions, while the remainder of the financing package will be taken from smaller lending groups.

Comment:

Peru: Consortium building $2.2-bil Antamina copper & zinc mine is expected to complete financing for project in spring 1999

Peru

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Boliden sets aside $34-million for spill damages

Article Abstract:

Boliden Ltd., based in Toronto, Ontario, has set aside US$34 million in cash to help pay for damages caused by the failure of a tailings dam at the Los Frailes zinc mine in Spain. The spill, in which toxic sludge poured over farm land, will be cleaned by the firm and the Spanish government authorities. The clean-up, expected to be completed by the end of October 1998, contributed to Boliden's 1998 second-quarter loss of C$52.1 million or 49 cents a share, compared with a profit of C$19.7 million or 20 cents a year earlier.

Comment:

Sets aside US$34 mil in cash to help pay for damages caused by failure of a tailings dam at the Los Frailes zinc mine in Spain

Capital expenditures, Spain, Ontario

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Boliden seeks partners for mines in B.C., Chile

Article Abstract:

Boliden Ltd. announced that it is seeking interested partners for its copper mine in Chile and for its zinc mine on Vancouver island. The Lomas Bayas mine in Chile is valued at US$592 million, while the Myra Falls mine in British Columbia is valued at C$155 million.

Strategy & planning, Chile, Copper ores, British Columbia, Lead and zinc ores, Planning, Mining industry, Copper industry, Buildings and facilities, Natural resources, Zinc industry, Vancouver Island

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