NEWS ROUNDUP — Gibraltar to cut production

Toronto-listed Gibraltar Mines is planning to cut production at its open pit near McLeese Lake, B.C., in response to consistently low copper prices.

It is also initiating a $500,000 feasibility study to evaluate a 50% expansion of milling capacity in an effort to reduce unit production costs. The study is to be completed in the fourth quarter. If results are positive and the company can arrange the financing, expansion will begin in the spring of 1994.

Gibraltar will proceed with a previously announced shutdown from July 23 to August 15 and will reduce copper concentrate production by half, starting Sept. 24.

The cutback will result in 94 layoffs.

In 1992, Gibraltar produced 71 million lb. copper in concentrate from 14 million tons grading 0.34% copper. Cathode copper production was seven million lb.

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