Metall announces major growth plan

By acquiring mining and smelting assets, Metall Mining (TSE) plans to establish itself further as a major, integrated copper producer.

President Klaus Zeitler says the company is considering acquiring the smelting and refining operations of its parent, Metallgesellschaft AG of Germany. It is also pursuing the acquisition of a large copper-mining project (the company already has a stake in the major Petaquilla project in Panama). Metall, in business since 1987, has a minority interest in the Ok Tedi gold-copper mine in Papua New Guinea.

At its 87%-owned Copper Range mine in northern Michigan, the company is proceeding with a feasibility study to expand and modify its smelter and refinery. It is also studying the possibility of leaching underground pillars, using solvent extraction-electrowinning.

European interests include a 49% stake in the Ceyeli Bakir copper-zinc project in Turkey, which is being developed.

The Toronto-based company produced 109,000 tonnes of copper in 1992. It foresees an increasing demand for the metal because of the development of housing, infrastructure and communications in Asia, South America and Eastern Europe.