Rate cut propels market rally
Denver — The Dow Jones industrial average continued climbing after the U.S. Federal Reserve announced a surprise interest rate cut of 0.5%. The market finished the April 18-24 report period up 237.61…
News
Staff Investment Policy (April 30, 2001)
The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public off…
Algoma files for court protection
A huge first-quarter loss, overwhelming long-term debt and massive steel dumping into North America by foreign countries have forced Algoma Steel to file for court protection from its creditors.The Sa…
OGS expands database
The Ontario Geological Survey (OGS) has purchased airborne geophysical data from the private sector and is making the information available to the mining industry.The OGS will use the data to compleme…
Western Copper goes it alone
Vancouver — Western Copper Holding’s (WTC-T) joint-venture partner, Lima, Peru-based Mauricio Hochschild & Cia, has dropped its option to earn a 68% interest in the Penasquito silver-lead-zinc proper…
Caber drilling goes one-for-six
A 6-hole drill program mounted by Quebec government-owned Soquem has failed to intersect any significant sulphides on the Caber property, west of Matagami; however, the work did uncover significant mi…
Royal Standard seeks PGMs
Denver — Royal Standard Minerals (RSM-M) has signed a letter of intent to acquire a half-interest in a platinum-palladium project in far-eastern Russia.The company will pay Geoprospects International…
EXCHANGE RATES (April 30, 2001)
CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate)DateApril 24April 23 April 20April 19April 18US$ in C$1.54821.54641.5434…
Int’l Annax funds drilling at Dairi
Vancouver-based International Annax Ventures (IAX-V) has arranged a $500,000 brokered private placement with parent company Herald Resources of Australia for the purchase of up to 770,000 shares price…
Producer and Dealer Prices (April 30, 2001)
Antimony: Mid-mkt US$1,290/t.Bismuth: Mid-mkt US$3.85/lb.Cadmium: Mid-mkt US$0.22/lb.Chromium: Mid-mkt ores US$65.00/t.Cobalt: Recent trades US$10.80-13.50/lb.Copper: Comex May US$0.762/lb.Indium: Ind…
LME Warehouse Levels (April 30, 2001)
Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 24/01 (change from April 17 in brackets):MetalStock (tonnes)ChangeAluminium466700…
Higher gold grades a boon for Freeport
Denver — Despite lower-than-anticipated metal prices, Freeport-McMoRan Copper & Gold (FCX-N) pocketed a profit of US$38 million, or 26 per share, in the first quarter.The Louisiana-based major, whic…