MONTREAL Montreal-based CAMBIOR and SEQUOIA MINERALS of Ste-Foy, Que., have agreed to a merger that will see Cambior gain 100% ownership of the NIOBEC mine near St-Honor, Que. The arrangement involves merging Sequoia with a wholly-owned subsidiary of Cambior.
The Niobec mine is the only niobium producer in North America and the third largest in the world. It has been a 50/50 joint venture of Sequoia (operator) and Cambior (marketer of the ferroniobium output). The mine has been in operation since 1976 with total proven and probable reserves sufficient to continue production for another 15 years.
The merger agreement is subject to various approvals and detailed negotiations.
See also www.cambior.com or www.SequoiaMinerals.com.