By developing Izok Lake and three projects outside Canada, Metall Mining (TSE) is hoping its share of copper production from international operations will increase to about 135,000 tonnes from 85,000 tonnes last year.
President Klaus Zeitler estimates that zinc output, attributable to the 59.3% owned Metallgesellschaft AG subsidiary, will also rise to 160,000 tonnes from 65,000 tonnes in 1991 if all of those projects are successful. Metall currently holds a 96.1% interest in the Copper Range copper complex in Michigan which produces 43,000 tonnes of cathode copper. It also has an indirect interest in a number of other major mines including Highland Valley Copper in British Columbia, two Hemlo gold mines in Ontario and the Ok Tedi gold-copper mine in Papua New Guinea, via its 14.1% stake in Teck (TSE). As part of a recent restructuring that eliminated Metall’s 4% direct stake in Cominco (TSE), Metall upped its position in Australian mining concern MIM Holdings to 8.5% from 4%.
MIM’s major assets include the Mount Isa copper-lead-zinc mine and metallurgical complex in Queensland, and an interest in the Porgera gold project in Papua New Guinea. Metall and other Metallgesellschaft companies now own about 14% of MIM.
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