November 6, 2007 in City

Canadians buy mine firm stake

The Spokesman-Review
 

A Canadian company has purchased a $10 million stake in Mines Management Inc., a Spokane firm that wants to open a large silver-copper mine in northwestern Montana.

Silver Wheaton Corp. bought 2.5 million shares of Mines Management’s common stock for $4 each. As a result of the transaction, Silver Wheaton owns 11 percent of Mines Management’s shares.

Mines Management’s proposed Montana mine was a motivator for Silver Wheaton to acquire the stock, according to Peter Barnes, president and CEO of the Vancouver, B.C.-based firm.

The Montanore project is still in the permitting phase. According to Mines Management, the project has 166 million ounces of silver mineral resources and 1.2 billion ounces of copper.

NEW YORK

Average gas price tops $3

Gasoline prices jumped back above $3 a gallon at the pump nationwide Monday even as concerns about the economy and increases in crude supplies sent oil prices lower.

Retail gas prices have been slow to catch up with soaring crude prices, which have gained nearly 39 percent since late August to a trading high of $96.24 on Thursday. Gas prices only started rising steadily in mid-October.

The national average price of a gallon of gas has jumped almost 25 cents in three weeks, according to AAA and the Oil Price Information Service. In Spokane, the average price for a gallon of unleaded is $3.20; it’s $3.07 in Coeur d’Alene.

WASHINGTON

On-time rate up for September

Travelers were less likely to be stuck on a delayed flight in September, but the airline industry’s on-time performance so far in 2007 remained the worst in 13 years, according to government data released Monday.

The nation’s 20 largest carriers reported an on-time arrival rate of 81.7 percent in September, up from 76.2 percent in the same month a year ago and 71.7 percent in August, the Department of Transportation’s Bureau of Transportation Statistics said.

More than 24 percent of flights arrived late in the first nine months of the year. The industry’s on-time performance this year remained the worst since comparable data began being collected in 1995.

NEW YORK

House & Garden closing its doors

House & Garden, a glossy high-end magazine focused on home design, will shut down at the end of the year, more than a century after it originally launched, the publication’s parent company said Monday.

Charles Townsend, CEO of Conde Nast Publications, said the company determined the magazine wasn’t a viable business any more.

The last issue will be published in December.


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