Noranda chopping exploration funds

The mineral exploration arm of Noranda (TSE), Noranda Exploration, plans to reduce its exploration personnel and reduce spending by about one-quarter in 1992.

The total exploration budget of Noranda Exploration and a number of Noranda-associated companies, including Brunswick Mining and Smelting, Hemlo Gold Mines and Minnova Inc., will be cut to about $107 million. Placements for geologists and other workers will be slashed to about 250, down from about 500 during the peak period in 1990.

John Harvey, president of Noranda Exploration, attributed the cutbacks to the weakened economy. He said his company will continue to seek out exploration targets throughout North America and elsewhere in the world.