Quebec City-based industrial-products miner Mazarin (MAZ-T) chalked up a $296,000 loss (1 per share) during the first quarter on revenues of $11 million.
This compares with a $560,000 loss on revenues of $2.3 million during the same period last year.
The large jump in revenues year-over year is due to the inclusion this year of a half interest in the Niobec niobium mine in Quebec, which Mazarin acquired from Teck (TEK-T) for $48 million last spring. The mine is equally owned by operator Cambior (CBJ-T).
Mazarin also attributes the revenue gain to better productivity at Niobec and the opening of new markets for its dolomite products.
The company describes its calcium aluminate sales as suffering from a difficult situation experienced by American steel mills. As well, Mazarin’s asbestos business is being hit hard by a worldwide price war, including one between Quebec’s producers.
Mazarin President Jacques Bonneau says his company is continuing to evaluate “various scenarios aimed at dissociating the chrysotile segment from the industrial minerals segment before the end of 2002.”
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