East Malarctic posts higher earnings

East Malartic Mines’ gold operation, 50 miles east of Rouyn-Noranda, Que., is completing its most profitable year since 1942.

Profits for the first 10 months of 1950 were $186,332, compared with earnings of $71,623 for all of 1949. The value of production will be $2.5 million, a 30% increase over 1949.

A full-scale development program is succeeding in returning the mine to solid ground following setbacks in the Second World War and a disastrous fire in 1947.

One phase of this program entails deepening the new 5-compartment incline shaft by another three levels and fully opening levels 11, 12 and 13.

INCO plans massive expansion

The Sudbury, Ont.-based International Nickel Co. (INCO) is about to undergo its largest expansion program to date.

Since the end of the Second World War, INCO has budgeted $40 million for capital improvements. These are making it more profitable to refine low-grade ores.

To increase the capacity of the nickel refinery at Port Colbourne, Ont., two units of electrolytic cells are being added. A flash smelter for copper will also be introduced.

INCO is scheduled to produce more than 225 million lbs. nickel in 1950, but that won’t be enough to meet the civilian demand, partly because military demand continues to rise.

At the beginning of the year, reserves stood at 251.8 million tons, sufficient to last 21 years at current rates.

Less copper being shipped to UK

The amount of Canadian electrolytic copper available to the U.K. in the first quarter of 1951 will be reduced to about 10,000 tons.

Britain had been buying about 15,000 tons of copper per quarter, but an increase in domestic and American demand will take priority for Canadian producers.

At one time, the U.K. was the primary market for copper, but it stopped buying the red metal when production from its Rhodesian copper mines came on-stream. By the time the U.K. realized that its Rhodesian operations could not meet the increased demand for copper, Canadian copper refiners had contracts with other buyers.

The amount of Canadian zinc and lead shipped to the British Isles will also be reduced.

Teck-Hughes to close gold mine

Next summer will mark the end for Teck-Hughes’ Kirkland Lake gold mine.

The mine will close once all the ore from below the 30th level is mined out. After a remarkable run of nearly 40 years, the mine is succumbing to rising labour and supply costs.

Part of the milling equipment will move to Teck-Hughes’ Lamaque gold mines, in Val d’Or, Que.

The mine, originally operated by Tough-Oakes-Burnside, has had a productive history. It began in 1917 and has poured bricks totalling more than $87 million, from 6.6 million tons of ore. Dividends total close to $44.5 million.

Teck-Hughes remains in good shape, with more than $1 million in current assets and an 80% interest in Lamaque.