Noranda Inc. is studying several scenarios aimed at maximizing synergies between Noranda and Falconbridge Ltd. operations located in Quebec and Ontario and are part of its Canadian Copper and Recycling business unit.
The copper market remains weak and treatment charges, the Horne smelter's source of revenue, have fallen 13 percent since last year and 45 percent over the last four years. Noranda lost $70 million in the third quarter 2002.
Over the next three years, the Horne smelter will lose significant sources of concentrate from the Abitibi region due to the scheduled closure of several mines. This will impact the smelter's competitive position.
The announcement comes as the company and its union work force, on strike since the middle of last year, show no signs of an agreement.
In 2001, the Horne Smelter treated 766,000 metric tons of material containing copper, 74,000 metric tons of recycled precious metals, 188,145 metric tons of copper anodes and produces 590,000 metric tons of sulfuric acid. The smelter is currently operating at more than 70 percent of its production capacity with management and non- unionized personnel.Latest from Recycling Today
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