Printer Friendly

NORD RESOURCES CORPORATION ANNOUNCES SALE OF 50 PERCENT INTEREST IN RUTILE DIVISION TO CONSOLIDATED RUTILE LIMITED

 DAYTON, Ohio, Nov. 18 /PRNewswire/ -- Nord Resources Corporation (NYSE: NRD) is pleased to announce the sale today of a 50 percent interest in Sierra Rutile Limited (SRL) to Consolidated Rutile Limited (CRL) of Australia for approximately US$55 million. A new company has been established to be known as Sierra Rutile Holdings Limited in which CRL and Nord will each hold a 50 percent interest and which in turn holds 100 percent of the equity of SRL.
 A portion of the proceeds from this sale will be used to redeem Nord's existing $20 million Debenture with Consolidated Rutile and to repay substantially all of the company's domestic bank debt.
 Dr. Edgar F. Cruft, chairman and CEO of Nord Resources stated:
 "With substantial cash balances and significantly reduced debt on our balance sheet, Nord will have the opportunity to put its efforts into acquiring and developing mineral properties, expanding the rutile operation with our new partner and to focus on the kaolin operation and the Norplex(R) line of products. All in all, this sale is a good, strategic move for both Nord and for CRL."
 Sierra Rutile Limited is located in Sierra Leone, West Africa and is the world's largest producer of rutile (a premium titanium dioxide mineral). Nord Resources Corporation is also a major producer of kaolin as well as natural rutile, and holds a 47 percent interest in Nord Pacific Limited (NASDAQ: NORPF), a company engaged in the exploration for and development of precious, strategic and base metals, particularly copper.
 -0- 11/18/93
 /CONTACT: Terence H. Lang, senior vice president-finance, or Susan Shahan, director of investor relations, both of Nord Resources Corporation, 513-433-6307/
 (NRD)


CO: Nord Resources Corporation; Consolidated Rutile Limited ST: OHI IN: MNG SU:

BM-KL -- CL015 -- 6095 11/18/93 14:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1993
Words:298
Previous Article:GENEMEDICINE INC. LICENSES FACTOR IX GENE FROM BRITISH TECHNOLOGY GROUP TO DEVELOP THERAPEUTICS FOR HEMOPHILIA B
Next Article:TERYL RESOURCES CORP./AMAX GOLD INC. JOINT-VENTURE PROSPECT STRIKES GOLD ON ALASKAN PROPERTY
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters