Mazarin sees revenue grow

The acquisition of a half-interest in the Niobic niobium mine in Quebec enabled Mazarin (MAZ-T) to generate greater revenue in the first quarter of 2002 than in the corresponding period of last year.

The Quebec City-based company chalked up a $296,000 loss (or 1 per share) during the recent quarter on revenue of $11 million, compared with a $560,000 loss on revenue of $2.3 million a year earlier.

Mazarin acquired its stake in Niobec from Teck (TEK-T) last spring. The other half is owned Cambior (CBJ-T), which acts as operator.

The higher revenue also reflects better productivity at Niobec and the opening of markets for Mazarin’s dolomite products.

The company describes its calcium aluminate sales as suffering from the financial difficulties of American steel mills.

As well, Mazarin’s asbestos business is being hit hard by a worldwide price war, including one being waged between Quebec’s producers.

Mazarin President Jacques Bonneau says his company is considering various options “aimed at dissociating the chrysotile segment from the industrial-minerals segment before the end of 2002.”