Sumitomo Metal to buy stake in Teck

Article Abstract:

Sumitomo Metal Mining Co. of Japan has signed an agreement to buy a 1.8% equity stake or a 31.8% voting interest in Vancouver, BC-based Teck Corp. from Inmet Mining Corp. for around C$39 million. The stock being purchased by Sumitomo Metal includes a 734,500 class A shares of Teck and Inmet Mining's 49% interest in publicly owned Temagami Mining Co. Ltd., which controls 2,150,000 class A Teck shares. Teck, which is one of Sumitomo Metal's joint venture partners in the Pogo project in Alaska, which is estimated to hold 4.5 million ounces in gold deposit, said it will seek to arrange further joint venture deals with Sumitomo Metal.

Comment:

To sell 1.8% equity stake or 31.8% voting interest in Teck Corp to Sumitomo Metal Mining for around C$39 mil

Japan, Asset sales & divestitures, Acquisitions & mergers, British Columbia, Metal Ores, Metal Ore Mining, Mining industry, Teck Corp., Ores, Sumitomo Metal Mining Company Ltd., Article, Inmet Mining

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Rio Algom profit drops sharply in 1998 on low commodity prices

Article Abstract:

Rio Algom Ltd, based in Toronto, Canada, saw its profit fell to C$34 million or 31 cents a share in 1998 due to low commodity prices. The company, which earned C$81 million or $1.19 a share in 1997, increased its 1998 revenues to C$2 billion compared with C$1.8 billion a year earlier. Its copper production also jumped 50% during 1998 to 373 million pounds. The results mirror a 29% drop in copper prices as well as lower prices for stainless steel and aluminum products marketed by its metal distribution business.

Canada, Sales, profits & dividends, Copper Mines, Copper Ore and Nickel Ore Mining, Copper mining, Rio Algom Ltd.

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