Noranda posts quarterly loss of $10m

The mining and metals division of Noranda (TSE) lost $10 million in the third quarter, compared with earnings of $48 million in 1992.

Nevertheless, exploration resulted in some encouragement, including the potential for increasing reserves at the Kidd Creek mine in Timmins, Ont. and at Falconbridge’s operations in Sudbury, Ont. Also, the Collahuasi copper deposit in Chile continues to be evaluated.

Despite these developments, weak metals markets forced temporary shutdowns at Central Canada Potash in Colonsay, Sask., Brunswick Mining and Smelting in Bathurst, N.B., and Noranda Minerals’ Matagami division in northwestern Quebec. Heath Steele in Newcastle, N.B., also experienced a closure. Noranda recorded a third-quarter loss of $8 million, compared with earnings of $26 million in the same period last year.