In response to continuing weakness in the nickel market, Falconbridge said it is extending the shutdown of one of two electric furnaces at its Dominican Republic ferronickel operation until at least the end of February, 1992.
The company has also suspended mining at the Falconbridge mine crown pillar at Sudbury, Ont., and has scheduled a 2-week shutdown during the Christmas holiday period of the Sudbury operations.
Because of these actions, the company expects a total reduction of about 10,000 tonnes nickel during the last quarter of 1991 and the first quarter of 1992.
During the third quarter ended Sept. 30, Falconbridge, owned jointly by Noranda Inc. and Trelleborg AB of Sweden, sold 12,000 tonnes nickel at an average price of US$3.87 per lb. and 5,900 tonnes ferronickel at an average price of US$3.80 per lb.
Falconbridge reported net earnings for the first nine months of 1991 of $38 million compared with $60.3 million for the same period last year.
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