EXPLORATION ’93 — Falco earnings up in 1992

Nickel-producer Falconbridge, which is half-owned by Noranda (TSE) and Trelleborg of Sweden, earned $29 million in 1992, compared with $21 million in 1991.

Revenues in 1992 fell to $1.65 billion from $2.59 billion a year earlier. Operating income for 1992 was also lower at $213 million. The decreases reflect lower prices for nickel, copper and ferronickel as well as lower sales, restructuring and shutdown costs of $35 million. The weaker Canadian dollar added to operating income, as did reductions in exploration. Falconbridge received an average of US$2.86 per lb. for nickel in the fourth quarter of 1992, and US$3.30 for the year, which was 57 cents lower than 1991.