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Gold/Mining/Energy : Falconbridge Ltd.( T.FL )
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To: Condor who started this subject2/28/2001 4:33:08 PM
From: Condor   of 103
 
Boliden to sell properties to Noranda/Falconbridge

Falconbridge Ltd FL
Shares issued 177,041,400 Feb 27 close $17.55
Wed 28 Feb 2001
See Boliden Ltd (BOL) News Release
Mr. Thomas Cederborg reports
As a further step in its capital management program, Boliden has signed a
letter of intent to sell its interests in Compania Minera Lomas Bayas
(Lomas Bayas) and Compania Minera Boliden Westmin Chile Limitada (Westmin
Chile), the owners of the Lomas Bayas SX-EW copper project and adjacent
Fortuna de Cobre copper deposit located in Chile, to Noranda Inc. and
Falconbridge Limited (purchasers), as at Jan. 1, 2001, for a purchase price
of: a) $175-million plus cash balances ($2.1-million) less outstanding
third-party debt obligations ($112.7-million); plus b) $15-million if the
purchasers exercise their right to retain the Fortuna de Cobre copper
deposit before the fifth anniversary of closing.
The transaction is subject to completion of satisfactory due diligence,
negotiation and settlement of satisfactory definitive agreements, receipt
of all required regulatory and other third-party consents, and approval of
the boards of directors of the purchasers and boliden. If completed, the
transaction will result in a writedown of approximately $375-million in the
carrying value of Boliden's interests in Lomas Bayas and Fortuna de Cobre.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com
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