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.

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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.

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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.

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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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