QUEBEC – NORANDA and INCO have reached an agreement to refine Inco’s copper anodes. When Inco’s Copper Cliff refinery in Sudbury closes by the end of this year, the company’s anodes will be shipped to Noranda’s CANADIAN COPPER REFINERY (CCR) located in Montreal East.
The agreement is for a period of 10 years beginning Jan. 1, 2006, and may be extended. It calls for Noranda to pay Inco for the copper, gold and silver recovered. Further, Inco will receive back nickel and platinum-group metals (subject to treatment charges). Noranda anticipates recovering between 230 million and 270 million lb of copper annually from the Inco anodes.
Noranda announced today (June 29) that it will invest $18 million at CCR to raise capacity to 370,000 tonnes/year from the current level of 300,000 tonnes. Work is to be completed in the first quarter of 2006.
Note also that effective tomorrow (June 30) the amalgamation of Noranda and Falconbridge will be completed. Business will continue under the name FALCONBRIDGE LIMITED. Earlier press releases indicated the merged company would have a new name, NorandaFalconbridge Inc.
(Note from editor It will be a sad day if the Noranda name disappears from the Canadian mining scene.)