Rio Algom slashes dividend, to triple copper production

Article Abstract:

Rio Algom Ltd., a Toronto, Ontario-based mining giant, is cutting its dividend by 60% to an indicated annual rate of 28 cents (Canadian) a share payable quarterly from 70 cents a share payable semi-annually to enhance its financial flexibility. The company saw its third quarter 1998 fell to C$6 million, or 2 cents a share, from 1997's C$18 million, or 25 cents, due to low copper prices. Rio Algom also plans to more than triple its copper production as negotiations continue to provide financing for US$2.2-billion Antamina copper and zinc project in Peru, where it holds a 37.5% stake.

Comment:

Plans to more than triple its copper prodn as talks continue to provide financing for Antamina copper & zinc project in Peru

Sales, profits & dividends, Ontario, Natural resources, Copper, Primary Smelting and Refining of Copper, Uranium-Radium-Vanadium Ore Mining, Uranium Mining, Copper products, Rio Algom Ltd., Article

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Battered gold price soars by $14

Article Abstract:

Gold price rallied to a five-month high of $281.80 per oz on Sep 28, 1999. The increase in price has been attributed to the decision of the European Central Bank to impose limitations on gold sales for five years and to restrict gold-lending activities. The central bankers were blamed for the decline in prices for steadily selling gold to raise cash and invest in interest-bearing securities. Canada's gold mining industry has suffered from massive layoffs, shutdowns, bankruptcies and suspended projects resulting from low gold prices.

Canada, Market information - general, Gold Mines, Gold Ore Mining, Gold, Gold mining, Precious metal products

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Belgian strike threatens sharp rise in zinc price

Article Abstract:

Industry analysts said that a shortage of zinc supplies on the London Metal Exchange and the threat of a strike at a Belgium zinc refinery could raise global zinc prices. Belgium's Union Miniere SA's workers are theatening to strike.

United Kingdom, Securities and Commodity Exchanges, Labor force information, Primary nonferrous metals, not elsewhere classified, Security and commodity exchanges, Belgium, Consumer prices, Commodity Exchanges, Prices and rates, Labor relations, Zinc industry, Commodities industry, London Metal Exchange, Union Miniere S.A.

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