Inco completes TVX transaction

Nickel miner Inco (TSE) has sold its 61.9% interest in TVX Gold (TSE) to a group of Canadian underwriters led by Wood Gundy and Burns Fry.

Proceeds from the sale, after underwriting commissions, totaled US$289 million. Inco expects to realize an after-tax gain of about US$125 million, or US$1.14 per common share, on the sale. Proceeds will be used partly to reduce debt.