Falconbridge Ltd FL
Shares issued 177,041,400 Mar 26 close $16.00
Tue 27 Mar 2001 News Release
Mr. Craig Crosby reports
The Kidd mining division will be reducing its operating expenditures due to
the ground movement which occurred in late December, 2000, at the
division's No. 1 mine.
The work force at the division will be reduced by 121 employees. A
restructuring plan is in place to help those employees, whose positions
will be affected, find other work within the organization. The plan will
include replacing some of the contractors at the Kidd mining division, and
identifying potential positions at the company's Sudbury, Ont., and Raglan
operations. As a result little or no layoffs are expected. Plans are also
in place to reduce other operating costs.
For the first quarter of 2001, ore production at the Kidd mining division
fell to 404,000 tonnes from 557,000 tonnes for the same quarter last year.
For 2001, ore production is now expected to be two million tonnes with a
copper and zinc production in concentrate of 40,000 tonnes and 80,000
tonnes. These changes will result in a restructuring charge of $4-million
to the first quarter earnings of 2001.
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