"""Somewhere in Eastern Canada ... "" a history of Canadian Copper Refiners"

"One of the most important phases in Canada's relatively rapid development of its metal mining and refining industries was launched in 1928 when the directors of Noranda Mines Limited decided to establish an electrolytic copper refinery ""somewhere in Eastern Canada”. Noranda's president, J.Y. Murdoch, had already evolved the company's ""mine to market"" policy and was determined to prove the economic feasibility of refining Noranda copper in Canada. The time appeared to be ripe as buoyant business conditions continued into 1929. In addition, proven ore reserves at the Horne Mine in northwest Quebec had virtually tripled and the price of copper had reached a healthy 15 cents per pound. Letters Patent incorporating the company bearing the date February 6, 1929 had been granted by the Secretary of State in accordance with an application that specified a capital structure of $2 million divided into 20 000 shares with a value of $100 each. Noranda assumed 70% of the original investment in the proposed refinery, while the Nicholas Copper Company of New York (which later became Phelps Dodge Corporation) and British Metal Corporation Ltd. of London, England, each were responsible for 15%. Nicholas Copper Company agreed to supply the design and to supervise the construction of the refinery and British Metal Corporation would act as sales agent and market the refinery's products."