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[October 2001]
Fording Inc Q3 Results
Operating income for Fording Inc - parent company of NYCO Minerals and Minera NYCO - for the third quarter of 2001 was $47 million, an increase of 133% over the same period in 2000. Net income was $22 million, an increase of 175% to 42 cents per share.
Wollastonite sale for the quarter were 25,000 tonnes compared with 30,100 tonnes in the same quarter 2000. Wollastonite sales for the first nine months in 2001 totalled 76,100 tonnes, compared to 94,900 tonnes in the first nine months of 2000. The average selling price for the Q3 2001 was $280 per tonne (Q3 2000 = $270 per tonne. Taken over the first nine months 2001, the average selling price was $293 (2000 = $275 per tonne).
Net income generated by Fording's Industrial Minerals Operations for Q3 2001 was $1.1 million, compared with $900,000 for Q3 2000. However, for the first nine months of 2001, Industrial Minerals Operations' net income was $2.8 million which compares with $5.1 million for the same period in 2000.
ENDS