Mining

The future of the Canmine refinery in Cobalt remains unclear as the parent company restructures its financial obligations under the Companies Creditors Arrangement Act. The corporation has retained the Beacon Group of Toronto to act as advisers.

Falconbridge Ltd. has been facing soaring electricity prices during the warm summer, while independent electricity market operators have been making pleas to the public to reduce hydro consumption.

By Ian Ross In what is being heralded as a revival of the mining industry in Kirkland Lake, Foxpoint Resources Ltd.

By Ian Ross The community that bills itself as ‘Ontario’s most historic town’ now has a national designation to prove it.

The potential development of Ontario’s first diamond mine was put on hold in July. In a surprise move, the Attawapiskat First Nations community told De Beers Canada Corp. it had decided to suspend its consultation process with De Beers.

Low gold prices have some mining companies aiming to lower costs per ounce of gold through mergers. A recent acquisition of Homestake Mining Co. by Barrick Gold Corp.

Falling metal prices caused Falconbridge Ltd. profits to drop in the second quarter. The mining giant reports it earned $55.8 million in July in the three-month period ending June 30. That compared with profits of $126.

Robert Milbourne, Algoma Steel's new company chairman, unexpectedly stepped down in late February. A company press release states that Milbourne's departure was a mutual agreement.

Falconbridge top executive Oyvind Hushovd was fired in late February in a dispute with the board of directors from parent company Noranda Inc. His replacement, Derek Pannell, Noranda's president and CEO, will retain his position at Noranda.

The Ontario government is providing $50,000 to the Canadian Association of Mining Equipment and Services for Export (CAMESE) to assist the organization in its export marketing initiatives.