High-flying Inco Ltd. has started to come back to earth; the nickel giant recently announced lower third-quarter earnings. Falling world nickel prices were a contributing factor. Inco, which slipped $1.75 to $35.63 on 848,000 shares, is increasing its quarterly dividend to 25 cents and plans to purchase up to five million of its own shares on the open market.
Exploration Rogi says it is encouraged by the results of an IP survey at the Lourmet property situated two miles south of the major Aur/Louvem copper-zinc discovery, east of Val d’Or, Que. A 3,500-ft drilling program is planned by Rogi, which may earn up to a 45% interest in the property from Aur Resources. Trading 625,000 shares, Rogi climbed 6 cents to 33 cents , while Aur moved up 38 cents to $11.88 on a volume of 94,300.
Drilling at the Monique gold property east of Val d’Or has doubled (based on preliminary data) the tonnage of the G zone, Monique Exploration and its parent and project partner Societe Miniere Louvem report. Total property reserves (all classes) to date have reached one million tons averaging 0.18 oz gold per ton. Monique rose 35 cents to $1.05 on 127,100 shares while Louvem gained 38 cents to $7.25 with 191,600 shares changing hands.
Third-quarter earnings were down for Brunswick Mining and Smelting, but the Noranda affiliate was still ahead on the year after the first nine months of 1989. A changeover to the deepened No 3 shaft during the quarter affected smelter supply. Trading 3,500 shares, Brunswick slipped 38 cents to $10.75.
Signing an option to acquire a 100% interest in a graphite property near Mont-Laurier, Que., was Exploration Brex, which moved up 2 cents to 28 cents on 31,800 shares.
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