Cc

UP AT UCTION

Cominco has increased the production of its wart? arsenide wafers by 50 per cent with the month of new production facilities in its Trait ieee electronic materials division.

However, Cominco declines to report what levelthat production is, due to the highly competitive nature of the micro chip field.

A Cominco prepared release said that the new equipment is for Czochralski-grown product — the method to cultivate the wafer.

Dr. Eb Hirsch, general manager of Comined electronic materials, says, “With‘production and market penetration achieved to date, we now. have a strong base in per and equi in gallium and other compound ‘semi-conductors.”

Hirsch and Cominco can now establish satellite plants at strategically-positioned centres to addfess the international market place.

Hirsch said, “Although most of our output will continue to be marketed in the U.S., our offshore sales have been increasing and we see further growth potential in this market.”

Wafer production started at Trail in June, 1981. The chips are an essential element in the computer industry.

Cominco has increased them from three-to four-inch wafers since commencing production.

Crestbrook reports loss

For the second consecutive year, Crestbrook Forest In. dustries Ltd. had suffered an annual loss — although re- sults in 1983 did improve substantially over 1982.

In their interim report to shareholders for the year and fourth quarter ending Dec. 31, 1983 Akira Shibanuma, chairman of the board and chief executive officer, and Stuart A. Lang, president and chief operating officer, said: “The loss for the year amounted to $1.2 million on sales of $126.3 million, com- pared to a 1982 loss of $6.2 million on sales of $93.8 mil- lion.”

The fourth quarter of 1983 resulted in a loss of $17,000, compared to a loss of $754,000 in the correspond- ing period of 1982.

The loss per common share for the Kootenay-based in tegrated forest products company, after providing for dividends on preferred shares, was $1.90 per share for the year and 27 cents per share for the quarter.

B.C. MINING

“Although our results im- proved substantially over the comparable period for 1982, we remained in a loss posi- tion,” continued Shibanuma and Lang.

“Pulp prices began to strengthen during the quar- ter, but lumber prices re- mained flat with a slight weakening toward the end of the period.

“Despite strict cost con- trol,” added Shibanuma and Lang, “selling prices during the quarter didnot generate sufficient margins to provide an adequate rate of return.

“We expect, however, to see a strengthening in the market prices for our prod. ucts in 1984.”

During the quarter, lum- ber and plywood facilities operated at capacity, the two sais

“Some downtime was ex- perienced at the Skookum- chuck Pulp Division as a res- ult of labor activities, but otherwise operated at cap- acity,” concluded Shibanuma and Lang.

Meeting a success

The Canadian Association of Industrial, Mechanical and Allied Workers (CAIMAW) announced that it held a suc- cessful meeting with the Mining Association of B.C. on Feb. 22.

The purpose of the meet- ing was to see if some com- mon ground could be reached on the issues of the Workers’ Compensation Board, the ap- peals system, and occupa- tional health and safety in the mining industry.

Both the union and the Mining Association agreed that the current 16-month delays for hearings before the boards of review are unacceptable for both com. panies and workers. They agreed that the primary problem lies with the system of claims adjudication at the WCB itself.

“Without major changes at the WCB itself,” explained CAIMAW regional vice-pres- ident Roger Crowther in a prepared release, “there is little hope for a long term solution to delays in the appeals system.”

CAIMAW put forward an argument that occupational health and safety should be

transferred from the Min- istry of Energy, Mines and Petroleum Resources to the Workers’ Compensation Board.

One of the major bones of contention is that there is no guarantee under the Mines Act for a worker to ac- company a mines inspector. The Workers’ Compensation Act, however, has such a guarantee.

Cominco dividends

VANCOUVER — Cominco Ltd. has declared a quarterly dividend of 10 cents per share on the paid-up common stock of the corporation pay- able on March 30, 1984 to shareholders of record at the close of business on March 9, 1984,

A dividend of $0.8125 per share was declared on the $3.25 cumulative redeemable preferred shares series D payable on April 1, 1984 to shareholders of record at the close of business on March 12, 1964.

presents Kitchen Cabinets and Vanities by

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However, banking sources in New.York confirmed to The Associated Press that Chase WM Bank was

gontrols 21.7 million shares of Gulf stock, is seeking another 18.5 million shares for a 21-per-cent holding in the fifth-largest U.S. oil

polling the banking to see if there was interest in a syndicated ina 6 Alsoin the teabe ates billion to $12 billion,

A Chase spokesman, who did not wish to be identified, said it was not the bank's policy to “talk about our proprietary relationships.”

A $13-billion offer would correspond to nearly $79 per share. Gulf common stock, most active in trading Monday on

He said the group plans to propose a slate of directors to oust Gulf's present board. If successful, the Pickens group has said it might liquidate the company at a large profit to shareholders.

Gulf's directors, in urging shareholders not to tender stock under the Pickens offer, Friday said they were also considering a merger, a takeover of another company, or the sale of assets and securities.

Gulf filed suit on Feb. 10, charging the Pickens group was ¢irculating a complex plan to acqyire an additional 61.3 million shares for 51 per cent ownership.

Anderson said Gulf's lawyers on Monday informed U.S. District Judge Walter K: es aptnee in Wilmington, Del., that the motion for a pi ion would be A decision on whether to proceed with the suit has not been made, he said.

Stapleton denied Gulfs request for a temporary restraining offer Feb. 14.

Gulf Corp. controls 60 per cent of Gulf Canada Ltd.

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