Noranda reports quarterly earnings of US$153 million - Highest
Quarterly Results in Over a Decade TORONTO, April 26
/PRNewswire-FirstCall/ --
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Investors, analysts and other interested parties can access
Noranda's Supplemental Information Package and its quarterly
teleconference on its website at http://www.noranda.com/ under the
For Investors and Presentations and Webcasts sections. The
teleconference will be held on Monday, April 26, 2004 at 4:30 p.m.
Eastern Standard Time. To participate by conference call, dial
(416) 641-6715 for local and overseas and 1-800-428-5596 toll free
in North America. All dollar amounts are in U.S. dollars unless
otherwise noted.
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First Quarter Highlights
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- Reported earnings of $153 million compared with a loss of $40
million in the first quarter of 2003. - Increased income generated
by operating assets by $299 million to $358 million. - Reduced net
debt to total capitalization ratio to 41% from 43% at year-end
2003, with cash and equivalents increasing to $619 million from
$501 million. - Achieved increased profitability in all four
business units, including zinc and aluminum. - Advanced new
production capacity at Collahuasi and Kidd Creek, due to reach
operational stage in 2004. - Began an underground definition
program at Nickel Rim South project with production targeted for
2008. - Achieved nickel production target following the return to
work at the Sudbury mines. - Secured additional long-term zinc
concentrate supply for the Kidd Creek refinery. - Signed a Letter
of Intent to acquire a 50% interest in the Kabanga project in
Tanzania, a 30,000-tonne-per-year nickel deposit. - Signed
agreement to acquire 50% interest in Lennard Shelf zinc mine in
Australia. - Continued ramp-up of aluminum foil production
according to plan.
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First Quarter Y-O-Y ------------- $ millions, except per share
information 2004 2003 Change
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Revenues 1,653 1,056 + $597
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Income generated by operating assets(x) 358 59 + $299
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Net income (loss) 153 (40) + $193
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Basic earnings (loss) per common share $0.50 $(0.18) + $0.68
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Diluted earnings (loss) per common share $0.49 $(0.18) + $0.67
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(x) Defined as earnings before interest, corporate and general
administration, research, development, exploration, minority
interest, taxes, restructuring costs and other income Commentary
"We are very pleased with this quarter's strong results," said Mr.
Derek Pannell, Noranda's President and CEO. "Operating earnings
have improved consistently, quarter over quarter, for the last
eighteen months. Improved metal prices and operational leverage in
all of our businesses have added further momentum to the underlying
progress that our employees have achieved through continued cost
saving and revenue-generating initiatives." "We are experiencing
the best fundamentals the base metals industry has seen for more
than a decade; nevertheless, we will remain disciplined in
controlling costs while increasing production and margins to
maximize profitability." FINANCIAL RESULTS Net income was $153
million or $0.50 per common share ($0.49 per common share diluted)
for the quarter. This compares to a net loss of $40 million or
$0.18 per common share in the first quarter of 2003, which included
an after- tax restructuring charge of $19 million and the effects
of the strike at the Horne smelter. The year-over-year improved
results are attributed mainly to higher metal prices, increased
production and improved operating efficiencies. These were offset
slightly by the impact of a stronger Canadian dollar and a
three-week labour strike at the Sudbury nickel operations.
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Realized metal prices First Quarter Y-O-Y ------------- 2004 2003
Change ---- ---- ------
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(US$ per pound)
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Copper 1.17 0.76 + 54%
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Nickel 6.88 3.83 + 80%
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Zinc 0.53 0.41 + 29%
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Aluminum 0.79 0.68 + 16%
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Lead 0.41 0.24 + 71%
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Revenues were 57% higher compared to the first quarter of 2003. The
increase is attributed to higher prices for all of the metals that
Noranda produces, higher sales volumes and the continuing ramp-up
of the aluminum foil plant. This was slightly offset by the labour
disruption at the Sudbury nickel operations. The cost of operations
was relatively unchanged from a year ago despite higher production
levels and the impact of the stronger Canadian dollar on domestic
operations. REVIEW OF OPERATIONS Copper The Copper business
generated income from operating assets of $139 million in the
quarter, exceeding last year's first quarter result of $24 million.
This was partly because last year's results included a strike at
the Horne smelter, but also because the average LME price for
copper, excluding premiums, was $1.24 per pound for the quarter,
65% higher than the first quarter of 2003. Noranda's integrated
cost to produce a pound of copper in its Copper business was $0.25
per pound in the first quarter of this year. - In 2004, copper
production is expected to increase over the 2003 level by
approximately 20% to 440,000 tonnes. The forecast increase is a
result of the completion of the expansion of the Collahuasi
facility, increased production at the Antamina mine following the
removal of the lake sediments and production from the first phase
of the Kidd Mine D project. All of these projects are on schedule
to be in operation in the second half of 2004 and, as a result,
copper operating earnings and net income will increase
substantially from the first quarter should realized prices stay at
these levels. - Mined production of 85,950 tonnes was below the
93,958 tonnes recorded in the first quarter of 2003 as higher
output at the Antamina and Lomas Bayas mines were offset by
expected lower grades and output at Collahuasi and a planned
eight-day shutdown to complete the transition and expansion of the
mine. At the Antamina mine, the removal of the lake sediment
continued on plan enabling access to higher grade copper ore. Full
removal is expected to be complete by the end of the second
quarter, with metal output increasing at that time along with the
adjusted mine plan. - Copper anode production from the Altonorte
smelter surpassed the comparable quarter's level by over 55% to
total 63,850 tonnes on account of the recently-completed expansion.
Sulphuric acid continues to generate significant by-product revenue
with prices in South America up $10 per tonne compared with 2003. -
Copper cathode production from the Canadian metallurgical
facilities of 111,882 tonnes was 40% higher than a year ago, as a
result of productivity increases and because the comparative period
included a strike at the Horne smelter. - During the quarter, the
Company secured additional supplies of long-term zinc concentrate
for the Kidd Creek refinery. The agreement will provide the
refinery with an additional supply of over 100,000 tonnes annually
of precious metal-bearing zinc concentrate, which will enable it to
run at full capacity with improved margins. Nickel The Nickel
business increased income from operating assets by 274% to $187
million over the $50 million generated in the first quarter of
2003. The average LME nickel price of $6.68 per pound was more than
75% above the first quarter average for 2003. The impact of the
higher prices was partially offset by the effects of the Sudbury
strike on production and costs of approximately $13 million. The
cash operating cost to produce a pound of nickel at the INO and
Falcondo facilities was $2.60 and $2.95, respectively. - Mined
nickel production totaled 19,071 tonnes during the quarter compared
to 19,848 tonnes in the first quarter of 2003. At the Sudbury
operations, all operating targets were achieved ahead of schedule
following the return to work. - Nickel in matte production at the
Sudbury smelter was 11,404 tonnes in the first three months of 2004
compared with 14,851 tonnes in the same period of 2003. The smelter
will begin an eight-week maintenance shutdown starting June 14. -
The Nikkelverk refinery produced 18,859 tonnes of refined nickel
compared to 20,563 in the first quarter of 2003. - The 2004
forecasts are for 47,000 tonnes of mined nickel production from
INO, 28,000 tonnes of ferronickel from Falcondo and 72,000 tonnes
of refined nickel production from Nikkelverk. Zinc The Zinc
business generated income from operating assets of $2 million in
the quarter compared to a loss of $21 million in 2003. The average
LME zinc price was $0.49 per pound in the quarter, up over 35% from
the average in 2003. The cash cost to produce a pound of zinc was
$0.33 per pound. - Mined production of 100,254 tonnes of zinc metal
exceeded the first quarter 2003 level of 96,082 tonnes as both the
Brunswick and Matagami mines recorded higher production. - The
Brunswick Smelter produced 25,148 tonnes of lead and set a new
monthly silver production record during the period with total
production of 3.1 million ounces. - The Company recently signed an
agreement with Teck Cominco Limited that will enable it to earn a
50 percent interest in the Lennard Shelf zinc property in Australia
by investing approximately Australian $26 million in exploration
and other expenditures. The property consists of a number of
lead/zinc deposits and a mill with an annual capacity of 3.1
million tonnes of ore. The mine is currently on care and
maintenance but has the potential to significantly increase
Noranda's zinc exposure. - Mine production for 2004 is estimated at
370,000 tonnes of zinc metal. Aluminum The Aluminum business
generated income from operating assets of $16 million in the
quarter up from $10 million reported in the first quarter of 2003.
The average LME aluminum price improved 19% year-over-year to
average $0.75 for the quarter. Noranda's cash cost to produce a
pound of aluminum was $0.57 per pound. - The primary smelter
increased shipments to 60,745 tonnes from 59,852 tonnes in the
first quarter of 2003. Value-added product sales were 8% higher in
the period and accounted for 77% of total shipments. - Shipments of
foil products were up 15% over last year to total 42,388 tonnes.
Most of the increase was in heavy-gauge products and resulted from
the continuing ramp-up at the Huntingdon West plant. - In 2004,
shipments of primary aluminum and foil products are expected to
total 250,000 tonnes and 175,000 tonnes, respectively. New
Production Capacity Under Development At Collahuasi, the move from
the Ujina to Rosario deposit and the expansion of the concentrator
to 110,000 tonnes per day of ore are on schedule and budget. At the
end of March, the project was over 90% complete. The commissioning
of the new crusher and the conveyor belt began at the end of March.
The Kidd Creek Mine D project is advancing as planned with first
ore production expected by the end of 2004 with ramp-up during the
first half of 2005. Mine D will improve operational reliability and
production predictability and maintain the mining rate at 2.4
million tonnes per year. Construction on the Montcalm nickel
project in Ontario continued in the quarter, with completion
expected in the first quarter of 2005. The mine's annual production
of 8,000 to 9,000 tonnes will be processed at the Kidd Creek mill
and INO smelter and refinery. During the quarter, the Company
updated the estimate of the inferred resources at the Nickel Rim
South deposit to 13.2 million tonnes grading 1.7% nickel, 3.5%
copper, 0.04% cobalt and significant platinum group metals.
Additional surface drilling continues to define the resource, which
remains open in the up-dip direction. An underground definition
program was approved and site preparation for the five-year,
$368-million development program was started with production
expected in 2008. Once completed, a further $185 million will be
required to bring the mine to full production. After taking into
account pre-production revenues of $141 million, the overall net
capital cost will be $413 million. Including by-product credits,
the mine is expected to have operating cash costs of negative $0.60
to $0.70 per pound of nickel. Exploration is continuing at the
Fraser Morgan nickel deposit, which now has an indicated resource
of 3.8 million tonnes grading 1.71% nickel, 0.52% copper and 0.06%
cobalt, plus inferred resources of 2.5 million tonnes grading 1.4%
nickel, 0.4% copper and 0.05% cobalt. A major advantage of this
deposit is that it is accessible from the existing Fraser Mine
infrastructure. Work on the Kabanga nickel joint venture continues
to advance, with efforts focused on completing the due diligence,
closing documents and off-take agreements. At the Koniambo project
in New Caledonia, the bankable feasibility study was advanced. The
Company and its partners intend to be in a position to make a
development decision on the project by the end of 2004. Capital
Initiatives Cash, cash equivalents and short-term investments
increased $107 million from year-end 2003 to $737 million. Total
debt was relatively unchanged at $3.3 billion. The net debt to
equity ratio was reduced to 41% from 43% at year-end 2003. In the
second quarter, Noranda will be retiring $300 million of maturing
debt. The Company has almost $1 billion of consolidated undrawn
committed bank lines. Cash generated from operations, before the
net change in accounts receivables, payables and inventories was
$350 million during the quarter, approximately $250 million higher
than in 2003. During the quarter, the Company deployed $78 million
in high-return investment projects. The expanded capacities at both
the Kidd Mine D and Collahuasi copper mines are on schedule to
begin production before the end of the year. For 2004, the
Company's total projected capital investment is $675 million,
including $400 million in new production capacity. Market Review
Copper: LME copper prices averaged $1.24 per pound in the first
quarter compared to the prior year's first quarter average of $0.75
per pound. While higher than in 2003, current prices are
approximately $1.30 per pound and reached as high as $1.41 in March
2004. Market sentiment remains strong as all industry participants
continue to feel the impact of restricted copper supply and strong
demand. The effects of mine disruptions and output restrictions
from some major producers continue to limit mine supply. Several
smelters are operating well below capacity with a number of Asian
operations announcing cutbacks in output for 2004. While China
remains a key driver behind global metal demand, positive changes
are also occurring in the U.S. and Japan. Total exchange
inventories declined further at the end of the quarter. A
200,000-tonne producer stockpile, which was built in the latter
half of 2003, has now been largely sold with physical deliveries
spread throughout the first half of the year. Overall inventories
are now less than three weeks of consumption, below the critical
four-week threshold. Nickel: LME nickel prices averaged $6.68 per
pound in the first quarter. The first quarter saw evidence of
increased scrap availability and destocking by traders and
consumers in response to the elevated nickel price, but the
underlying nickel consumption fundamentals continue to be robust.
Global industrial production growth is expected to be very strong
during 2004 and well into 2005, with the peak occurring at the end
of 2004/early 2005. Nickel's fortunes are closely linked to
stainless steel growth, which is strongly correlated to industrial
production. The nickel market is expected to continue to benefit
from constrained short-term supply of both primary nickel and
stainless steel scrap, strong demand emanating from Chinese
stainless steel expansions, and limited major greenfield nickel
projects on the horizon. Zinc: The zinc price recovery, which began
at the end of 2003, continued into the first quarter of 2004. LME
cash settlement prices climbed to a high of $0.51 per pound in
February while the average for the quarter increased $0.06 to $0.49
per pound compared to the previous quarter. Improved demand and the
positive investment outlook for base metals continue to underpin
the market. LME stocks decreased during the quarter by 24,700
tonnes. Developments in China are the main features of the market.
According to official statistics, Chinese imports of zinc
concentrate increased 9% last year while net metal exports fell 16%
since China imported a large quantity of zinc alloys to satisfy
strong domestic demand. Consumption in China is estimated to have
grown 11% last year, a trend that has continued into the first
quarter. U.S. consumption has rebounded sharply while the growth in
Asia is broadening throughout the region. New metal supply is
expected to be constrained by mine output again this year and most
industry experts agree that the global zinc market will be in
deficit during 2004. Aluminum: The LME aluminum price traded as
high as $0.80 per pound during the quarter as the weaker U.S.
dollar continues to provide support and fuel for the U.S.
production of goods and services. Currently, the U.S. Midwest
delivery premium is at its highest level in almost a decade at
$0.07 per pound. Fundamentals for aluminum continue to improve as
the U.S. order levels strengthened during the quarter and the
Japanese economy is showing signs of sustained improvement. On the
supply side, an estimated 350,000 tonnes of annual Chinese capacity
has been taken out of production as a result of rising alumina
costs and regional power constraints. Dividends The following
dividends have been declared: Security Dividend Amount Record Date
Payable Date -------- --------------- ----------- ------------
Common shares Cdn$0.12 per share May 31, 2004 June 15, 2004
Preferred Series F shares Floating rate May 31, 2004 June 12, 2004
Preferred Series F shares Floating rate June 30, 2004 July 12, 2004
Preferred Series F shares Floating rate July 30, 2004 August 12,
2004 Preferred Series G shares Cdn$0.38125 per share July 15, 2004
August 1, 2004 Preferred Series H shares Cdn$0.40625 per share May
15, 2004 June 30, 2004 Outlook "The fundamentals and outlook for
all the markets in which Noranda participates are very positive.
Improved operational leverage to metal prices combined with a
portfolio of low-risk growth projects set the stage for an extended
period of strong performance by Noranda," concluded Mr. Pannell.
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This news release contains forward-looking statements concerning
the Company's business and operations. The Company cautions that,
by their nature, forward-looking statements involve risk and
uncertainty and the Company's actual results could differ
materially from those expressed or implied in such statements.
Reference should be made to the most recent Annual Information Form
for a description of the major risk factors. Noranda is a leading
copper and nickel company with investments in fully-integrated zinc
and aluminum assets. The Company's primary focus is the
identification and development of world-class copper and nickel
mining deposits. It employs 15,000 people at its operations and
offices in 18 countries and is listed on The New York Stock
Exchange and The Toronto Stock Exchange (NRD). Note: This press
release is also available at http://www.noranda.com/. All dollar
amounts are in U.S. dollars unless otherwise noted. NORANDA INC.
CONSOLIDATED RESULTS (US$ millions) First Quarter
--------------------- 2004 2003 --------- --------- Revenues $
1,653 $ 1,056 --------- --------- Operating expenses Cost of
operations 467 469 Purchased raw materials 711 414 Depreciation,
amortization and reclamation 117 114 --------- --------- 1,295 997
--------- --------- Income generated by operating assets 358 59
Interest expense, net 25 38 Corporate and general administration 13
13 Research, development and exploration 7 8 Minority interest in
earnings of subsidiaries 79 16 --------- --------- Income (loss)
before undernoted 234 (16) Tax expense (recovery) 86 (6)
Restructuring costs - 30 Other income (5) - --------- --------- Net
income (loss) $ 153 $ (40) Dividends on preferred shares 5 3
Interest on convertible debentures 1 1 --------- --------- Income
(loss) attributable to common shares $ 147 $ (44) ---------
--------- Basic earnings (loss) per common share - $ $ 0.50 $
(0.18) --------- --------- Diluted earnings (loss) per common share
- $ $ 0.49 $ (0.18) --------- --------- Basic weighted average
shares outstanding - 000s 295,070 241,560 Diluted weighted average
shares outstanding - 000s 297,438 241,560 Note: Effective July 1,
2003, Noranda adopted the US dollar as its reporting and functional
currency. This change has been reflected on a retroactive basis.
NORANDA INC. CONSOLIDATED BALANCE SHEETS (US$ millions) Actual
---------------------- Mar. 31 Dec. 31 2004 2003 ----------
--------- Assets Current assets Cash and cash equivalents $ 619 $
501 Short-term investments 118 129 Accounts receivable 759 576
Metal and other inventories 1,245 1,179 ---------- --------- 2,741
2,385 Operating capital assets 4,698 4,765 Development projects
1,047 973 Investments and other assets 283 205 ---------- ---------
$ 8,769 $ 8,328 ---------- --------- Liabilities and Equity Current
liabilities Accounts and taxes payable $ 1,061 $ 903 Debt due
within one year 465 431 ---------- --------- 1,526 1,334 Long-term
debt 2,839 2,893 Future income taxes 91 46 Reclamation, pension and
other provisions 589 539 Stockholders' interest: Interests of other
shareholders 1,000 919 Shareholders' equity 2,724 2,597 ----------
--------- $ 8,769 $ 8,328 ---------- --------- NORANDA INC.
CONSOLIDATED STATEMENTS OF CASHFLOWS (US$ millions) First Quarter
--------------------- 2004 2003 --------- --------- Cash realized
from (used for): Operations Net income (loss) $ 153 $ (40) Charges
(credits) not affecting cash: Depreciation, amortization and
reclamation 106 105 Future taxes 43 (16) Minority interests in
earnings of subsidiaries 79 16 Foreign exchange, restructuring and
other (31) 44 --------- --------- 350 109 Net change in accounts
receivable, inventory and payables (88) (103) --------- ---------
Cash from operations 262 6 --------- --------- Investment
activities Capital investments (124) (101) Investments and advances
10 - Proceeds on dispositions 2 1 --------- --------- Cash used in
investment activities (112) (100) --------- --------- Financing
activities Long-term debt, including current portion Issued 28 59
Repaid (44) (54) Issue of shares - common 13 - Issue of preferred
shares - 98 Dividends paid (40) (29) Issue of shares - minority
shareholders, net 11 - --------- --------- (32) 74 ---------
--------- Increase (decrease) in cash and cash equivalents 118 (20)
Cash and cash equivalents, beginning of period 501 293 ---------
--------- Cash and cash equivalents, end of period $ 619 $ 273
NORANDA INC. PRODUCTION VOLUMES First Quarter --------------------
2004 2003 --------- --------- Mine Production (tonnes, except as
noted) ----------------------------------------- 100% basis, Copper
except as noted --------------- Kidd Creek 9,296 10,718 Matagami
1,856 2,003 Brunswick 1,842 2,386 INO 5,536 9,061 Antamina (33.75%)
25,557 24,457 Collahuasi (44%) 35,369 44,211 Lomas Bayas 15,728
14,572 Other 4,430 6,489 --------- --------- 99,614 113,897
--------- --------- Zinc Kidd Creek 20,792 21,172 Brunswick 73,580
70,798 Matagami 26,674 25,284 Antamina (33.75%) 22,469 24,168 Other
1,544 1,972 --------- --------- 145,059 143,394 --------- ---------
Nickel 11,072 12,961 Ferronickel 7,999 6,887 Lead 20,287 18,425
Silver - 000 ounces Kidd Creek 1,194 739 Brunswick 1,602 1,482
Matagami 114 97 Antamina (33.75%) 653 685 Other 50 69 ---------
--------- 3,613 3,072 --------- --------- Metal Production (tonnes,
except as noted) ------------------------------------------ Refined
copper CCR 78,160 43,026 Kidd Creek 33,722 36,959 Nikkelverk 9,746
8,535 Collahuasi (44%) 6,152 6,862 Lomas Bayas 15,728 14,572
--------- --------- 143,508 109,954 --------- --------- Copper
anodes Horne 43,234 28,267 Kidd Creek 33,597 36,768 Altonorte
63,850 41,093 --------- --------- 140,681 106,128 ---------
--------- Refined zinc Kidd Creek 28,458 37,935 Refined nickel
Nikkelverk 18,859 20,563 Falcondo 7,999 6,887 --------- ---------
26,858 27,450 --------- --------- Primary aluminum 61,220 61,126
Fabricated aluminum 42,388 36,925 Refined lead 25,148 24,466
Refined gold - 000 ounces 269 270 Refined silver - 000 ounces
10,123 8,668 NORANDA INC. SALES VOLUMES & REALIZED PRICES First
Quarter -------------------- 2004 2003 --------- --------- Metal
Sales (tonnes, except as noted)
------------------------------------- 100% basis, Copper except as
noted --------------- CCR 84,986 47,154 Kidd Creek 10,272 28,773
Nikkelverk 13,197 14,470 Home - (concentrates) 17,605 9,711
Antamina - (concentrates) (33.75%) 11,609 22,414 Collahuasi -
(concentrates) (44%) 11,957 35,914 Collahuasi (44%) 5,914 8,515
Lomas Bayas 15,935 14,578 Altonorte - (anodes) 55,097 29,661
--------- --------- 226,572 211,190 --------- --------- Zinc Kidd
Creek 26,525 35,517 Antamina - (concentrates) (33.75%) 14,219
15,400 Brunswick/Matagami - (concentrates) 74,134 78,027 ---------
--------- 114,878 128,944 --------- --------- Nickel 18,118 20,390
Ferronickel 6,777 6,536 Aluminum Primary aluminum - shipments
60,745 59,852 Norandal - shipments 42,388 36,925 Lead 21,211 18,469
Gold - 000 ounces 236 236 Silver - 000 ounces CCR 9,326 9,082 Kidd
Creek 1,004 1,204 Antamina (33.75%) 423 575 --------- ---------
10,753 10,861 --------- --------- Average Realized Prices - ($U.S.
per pound, except as noted)
------------------------------------------------------------ Copper
1.17 0.76 Nickel 6.88 3.83 Ferronickel 6.80 3.65 Zinc 0.53 0.41
Aluminum 0.79 0.68 Lead 0.41 0.24 Gold - (US$ per ounce) 403.55
354.63 Silver - (US$ per ounce) 6.33 4.72 Exchange Rate (US$ (equal
sign) Cdn$) 0.76 0.66 ------------------------------------- NORANDA
INC. SEGMENTED INFORMATION (US$ millions) Three Months ended March
31, 2004 ------------------------------------------- Alum- Copper
Nickel Zinc inum Other Total
------------------------------------------- Revenues $ 844 481 85
204 39 $ 1,653 -------------------------------------------
Operating expenses Cost of operations 195 140 34 103 (5) 467
Purchase of raw materials 462 122 31 76 20 711 Depreciation,
amortization and reclamation 48 32 18 9 10 117
------------------------------------------- $ 705 294 83 188 25 $
1,295 ------------------------------------------- Income generated
by operating assets $ 139 187 2 16 14 $ 358
------------------------------------------- Interest expense, net
(25) Corporate and general administration (13) Research,
development and exploration (7) Minority interest in earnings of
subsidiaries (79) --------- Income before undernoted 234 Tax
expense (86) Other income 5 --------- Net income $ 153 ---------
Three Months ended March 31, 2003
------------------------------------------- Alum- Copper Nickel
Zinc inum Other Total -------------------------------------------
Revenues $ 471 284 87 171 43 $ 1,056 Operating expenses Cost of
operations 166 143 52 90 18 469 Purchase of raw materials 229 62 43
60 20 414 Depreciation, amortization and reclamation 52 29 13 11 9
114 ------------------------------------------- $ 447 234 108 161
47 $ 997 ------------------------------------------- Income (loss)
generated by operating assets $ 24 50 (21) 10 (4) $ 59
------------------------------------------- Interest expense, net
(38) Corporate and general administration (13) Research,
development and exploration (8) Minority interest in earnings of
subsidiaries (16) ---------- Loss before undernoted $ (16) Tax
recovery 6 Restructuring costs (30) ---------- Net loss $ (40)
---------- DATASOURCE: Noranda Inc. CONTACT: Denis Couture,
Vice-President, Investor Relations, Public Affairs &
Communications, (416) 982-7020; Steve Douglas, Executive
Vice-President and Chief Financial Officer, (416) 982-3554
Copyright