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Gold/Mining/Energy : Copper - analysis -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (366)	11/30/2001 11:11:57 AM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Noranda reduces copper anode production due 2001-11-30 10:00 (New York) to weak copper market Gaspe Copper Smelter To Be Closed For At least Six Months TORONTO, Nov. 30 /CNW/ - Noranda Inc. announced today that it is closing its Gaspe copper smelter in Murdochville, Quebec at the end of April 2002 for a period of at least six months. The temporary closure is in response to a combination of economic factors that includes weak market conditions, high copper inventories, along with metal prices and concentrate treatment fees that are at their lowest levels in almost 14 years. As a result of the shutdown, Noranda's annual copper smelting capacity will be reduced by approximately 15%. The Company also anticipates that its annual copper cathode production at its CCR refinery in Montreal-East, Quebec, will be reduced by 45,000 tonnes from its design capacity of approximately 360,000 tonnes. The Gaspe smelter is a custom copper smelter that treats copper concentrate purchased from around the world, along with secondary copper materials. For the first nine months of 2001, the smelter produced about 83,000 tonnes of copper in anodes and 220,000 tonnes of sulphuric acid. The smelter employs about 300 active employees. Noranda Inc. is a leading international mining and metals company with more than 48 mining and metallurgical operations and projects under development in nine countries. Noranda is one of the world's largest producers of zinc and nickel and is a significant producer of copper, primary and fabricated aluminum, lead, silver, gold, sulphuric acid and cobalt. Noranda is also a major recycler of secondary copper, nickel and precious metals. It is listed on The Toronto Stock Exchange and the New York Stock Exchange (NRD). (Additional information and a fact sheet are available at www.noranda.com) -0- 11/30/2001 /For further information: Dale Coffin, Manager, Public Affairs & External Communications, Noranda Inc., (416) 982-7161, e-mail: coffind(at)noranda.com, www.noranda.com/ (NRD. NRD)