African operations bolster Crew’s earnings

Vancouver — Reflecting strong growth at its South African operations, Crew Development (CRU-T) posted net earnings of $1.41 million (or 1 per share) for the six months ended Dec. 31, 2000.

The company benefited from the 11% additional stake it picked up last year in mid-tier producer Metorex. Crew now holds 52% of the African firm.

Powered by higher base metal prices and a depreciating rand, Crew’s share of profits from Metorex shot up 166% to $3.8 million (4 per share), compared with $1.45 million (also 4 per share) in the corresponding period of 1999.

In Africa, Metorex has interests the Chibuluma West copper-cobalt mine in Zambia and six projects in South Africa: the Consolidated Murchison antimony-gold mine; the Maranda zinc-copper mine; the O’okiep copper mine; Wakefield Investments’ coal interests; the Vergenoeg fluorite mine; and the Metmin manganese mine.

In March, Metorex began building its Chibuluma South mine in Zambia. The project is expected to crank out 18,000 tonnes of copper per year, with startup scheduled for April of this year.

In southern Greenland, Crew continues to advance the Nalunaq high-grade gold project. The company expects to have completed a bankable feasibility study before year-end. It also plans to have a bankable feasibility study in-hand for its Mindoro nickel laterite project in the Philippines.