Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

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Re: Xstrata to shut Timmins Smelter

Noront Resources

almost 15 years ago

in response to Edgy's message

Xstrata cannot compete with the Chinese who can smelt at half the cost at $40/tonne vs Xstrata's $80/tonne. Xstrata is in cost cutting mode and have taken a large 2.4B writedown (1.9B Ni related and .475B Copper related) and effective may 1st lay off another 700 employees. The real question is can the Chinese get their cost lower say down to $30/tonne putting more pressure on North American smelting operations. We cannot afford many more losses and some kind of stimulus may be forthcomming to protect the North American markets. I guess we watch and see. For sure it is not specific to just Xstrata.