The Major Producers Get For The Future - Inco - Falcon Bridge - Le Nickel - Sherritt Gordon - Inco In Expansion

Long range expansion plans begun in 1966 by The International Nickel Co. of Canada, producer of over 50% of the free world supply of the white metal, are so mammoth as to give rise to the speculation that something might have to burst at the seams. From an annual level of capital expenditure of $35 to $70 million, the company jumped in 1967 to $145 million in new capital investment and will come close to $200 million in 1968. Inco expects to spend $700 million in the next five years, beginning in 1968, for new mines and surface facilities in Canada. The program involves the opening of nine new mines within the next 3 1/2 years, expansion of producing mines, and construction of new plants and modernization and expansion of established ones to process the increased ore production. Beyond this, the company is committed deeply in developing new sources of nickel abroad. Any one of these new projects, if proven economic, would necessitate expenditures of about $100 million or more. For Inco, the economic strain was relieved without a rupture this spring when Henry S. Wingate, company chairman, reported' at the stockholders annual meeting that $150 million had been raised by the sale of bonds. This marked the first time in 32 years that the company had gone into debt.