Metal Snips (June 20, 1988)

Copper wire rod production in the U.S. reached an estimated 1.6 million tonnes in 1987, the highest level so far during the current decade, says Copper Studies, the monthly periodical for the copper industry prepared by Commodities Research Unit. Virtually all North American production in 1987 was continuous cast copper rod, and the last hot rolling mills in the U.S. and Canada closed in 1987.

Inspiration Resources of New York is selling the assets of subsidiary Consolidated Copper to Cyprus Minerals of Colorado for about $125 million(US). Inspiration says it will use the net proceeds to retire all of its current bank debt. In the process, the company will reduce its debt-to-capitalization ratio from 42% at year-end 1987 to less than 28% after the sale.

Membership in the reorganized Cadmium Council has increased and now represents most of North America’s primary cadmium metal and oxide producers, together with consumer members in the pigment, nickel-cadmium battery, stabilizer and electroplating sectors. Noranda’s Paul Warrington is chairman of the Cadmium Council.

Union Miniere Canada, part of the international metals giant Union Miniere of Belgium, is intensifying its exploration activity for precious metals in the Pickle Lake, Ont., area and northwestern Ontario, the parent company reports in its 1987 annual report.