Page AS — Terrace Standard, Wednesday, February 5, 1992

_ BUSINESS REVIEW __

Placer, Corona do a deal

Gold mine owners firm up

poration for his’ idea.

TERRACE —A _ local
building contractor was
recognized here last week for
coming up with a safer and
faster construction method.

Joe Chisholm of Chisholm
Contracting was’‘presénted *
withya $1,000:cheque by the -
Canada Mortgage and Hous-
ing Corporation (CMHC) as
its 1991 Job Site Innovator
for B.C, and the Yukon.

Chisholm’s ‘method’ in-
volves a better way of install-:.
_ing gable. ends - and roof

" trusses.)

Instead of doing. ‘the ma-"
jority of the work on top of
the building,
thought it would be safer to
nail the ladders to the:truss .
on the ground and complete
the framing construction on
the ground.

SMALL SCALE model’ is used by Joe Chisholm to explain his
safer system of preparing roof trusses and gable ends on the’
ground before they are lifted in place. Chisholm was given a-
$1,000 cheque from the Central. Mortgage and Housing Cor-'

Safety prevails

Chisholm 7

The finished product is ©
then passed upward and nail-
ed by workers who then do
not have to lean out and
over,

‘Tt seemed to be a better
way. because of ‘the increasing
“number of” high- pitched
roofs in the Terrace area,’
said Chisholm at an ‘awards
luncheon last week. .

He also-receivéd $250 for:
having the idea accepted for
judging“and a further $250
for having accepted for judg-
_ing a better way of making
sure - there is a continuous
vapour barrier. ~

CMHC spokesman George
Fessenden said Chisholm’s
ideas show that contractors
are constantly looking for
better and safer construction
" methods.

TERRACE —The area's
Canada Mortgage and Housing
Corporation inspector was
given a plaque last week for 20
years of service with the federal
agency.

Bob Cammidge has spent
more thamhalf of that time bas-
ed in Terrace. =. ;

He was given the plaque dur-
ing a luncheon last week which
recognized local contractor Joe
Chisholm for developing a bet-
ter way to install trusses and
gables.

kaeekeek

It'll be awhile yet before the
fate of northwest Petrocan sta-
tions is known.

The federal crown corpora-
tion two weeks ago announced

it will close or sell 30 per cent of.

The Responsibility is YOU'S.

1-800-663-1441

Spm Sat to
8pm Sun.

Queen Elizabeth Theatre

TERRACE —The ownership.
structure of the Eskay Creek
gold depasit became clearer last
week with an agreement bet-
ween two companies.

Placer Dome-and- Interna-
tional Corona have struck. a
deal whereby the former gets a
22 per cent ownership stake in
the property.

That replaces replaces a 44
per cent interést: in  Stikine
Resources. This company is
controlled by International Cor-
ona and owns half of the pro-
perty. ,

“What this does is convert an
equity position in a company in-
to a direct ownership position in
the property,'’ said Interna-
tional Corona spokesman Glen
Phillips.

International Corona ‘con-
trols the property through
Stikine Resources and - Prime
Resources Group Inc.

Eskay Creek, south of the
precious-mineral .rich Iskut
Valley north of here, is con-
sidered one of the hottest gold
properties in B.C, A feasibility
study to outline the costs of
developing a 400 ton a day mine
is expected to be finished this
year,

The deal between Interna-
tional Corona and Placer Dome -
cancels a previous agreement
whereby the latter could have

. spent $100 million to buy

preferred shares in the former,
said Phillips.

Placer Dome will spend an
amount equal to its ownership
position in the Eskay Creek pro-
perty to bring it into produc-
tion. In return, it gets 22 per

cent of the mine's cash flow.

“International Corona now
has a partner to help finance the
mine,” said Phillips.

Late last year, Placer Dome
called off a proposed agreement
calling for it to invest up to 50
per cent — or $240 million — in
developing the mine.

This left International Cor-
ona, until last week’s deal, with
the prospect of coming up with
all of the money needed to open
a mine.

That first arrangement was ,

based on a mine size larger than
what International Corona had
contemplated. —

“Tt was simply too rich for
Placer Dome” in terms of what
would be invested for what
would be paid back, said
Phillips.

Placer Dome is also lending
Prime and Stikine $10 million to
help finance the feasibility
study.

The loan will be paid back
two years after the feasibility
study is done or when capital

- financing is secured, whichever

comes first.

And International Corona
wants to own all the shares in
Stikine by giving preferred
shares in its company.

That will translate into an
overall 53 per cent ownership of
the Eskay: property, said
Phillips. International Corona
how has a 48 per cent stake
through its existing shares in
Stikine and in Prime.

These arrangements are still
subject to approval by
regulatory agencies and affected
third parties.

Alcan has a loss

TERRACE —Alcan

Aluminiuin Ltd. will continue

to trim its operating costs to

buffer a $36 million loss in 1991

compared 4o a net, ncome..of .-
$543.3 million the. ‘year before,

says ‘chairman David Morton.

The loss per common share of
25 cents compares to earnings
of $2.33 in 1990.

Overall losses were cut by
after-tax restructuring and a $34
million tax.credit in Germany,
reported Morton.

. “Alcan’s results reflected the
inevitable impact of the severe
drop in. world aluminum prices
that occurred through 1991, due
primarily to large increases in
exports from the former Soviet
Union, on top of an existing
oversupply situation among
Western producers,’’ Morton

our AND ABOUT

its 3,200 retail
wholesale, outlets.

“We'll be evaluating and take
ing action over the next two to
three. years,'’. Petrocan
- spokesman Rocco Ciancio said.

Approximately 80 per cent of
Petrocan’s dealerships are
operated by independent
businesses.

The two to three year period

is sufficient to deal with leases.

and, 340

“said.

and contracts between those.
owners and Petrocan, Ciancio

kok kk
The chamber of commerce is
sponsoring a home-based.

’ business workshop Feb. 7-8.

It costs $35 and will give in-
formation on researching,
establishing and marketing. —

More information is available
from the chamber at 635-2063.

said.

The company exceeded its
1991 target of reducing costs by
$200 million and wants to, cul a
--further* ‘$275 million. this year,
he added.

Morton predicted continuing

low prices, oversupply and few
signs of increased demand this
year.

-Fourth quarter ingot product

shipments of . 231,000 tonnes
were 11,000 tonnes lower than
the same period in 1990.
. Prices of $1,308. per tonne
during the same period in 1991
were 25 per cent lower than they
were for the fourth quarter in
1990.

Overall, Alcan reported sales
of $7.748 billion in 1991 com-
pared to 1990 sales of $8.757
billion.

xkkkkkk

A ‘program that emphasizes
customer service takes place
here this month. ;

Superhost, first developed to
boost tourism..and which has
now expanded to all aspects of

‘the service industry, involves
two nights of three hours each.

It teaches various methods of
dealing with people with the
idea that a satisfied customer or
tourist will return again.

The program takes place Feb.
18-19. _More information is
available from the Terrace and
District Chamber of Commerce
at 635-2063,

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TERRACE
635-2976

TRAVEL TALK.

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All about the Island you can discover traces of the ancient RY :
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Hawailan clvilization. Go from sandy beaches to lava wasteland, + i
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635-2277