The Free Press, November 01, 2012

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Th urs da y , N o vem b er 1 , 2012

BUSINESS PROFILE

Serving the South Country, Fernie, Sparwood, Elkford since 1898

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Sparwood couple win half a million in lotto By Angela Treharne Free Press Staff

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Sneaky’s Pub Page 31 FERNIE

Fire Chief awarded service medal - Page 3 BUSINESS

Excellence Awards Pages 20 and 21 Diana and Lee Anderson with the ticket that won them $500,000.

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First Place

Submitted photo

Sparwood couple are celebrating after winning half a million dollars in the Lotto Max MaxMillions Friday night. Diana and Lee Anderson, from Sparwood, found out about their win on Saturday morning when Diana checked the ticket online. “I decided to pick up a ticket at the last minute,” said Diana. “The next morning, when I was checking the numbers (online), I noticed that there were two draws for the MaxMillion that had been won in the Kootenays. “I checked my ticket and then I think I was in shock and nobody would believe me!” said Diana, calling The Free Press from Lotto Max headquarters in

Kamloops where the couple travelled on Sunday to pick up the money. “I was with my daughter when I checked the numbers, then I called my husband at work.” The couple buy a ticket every week, but bought extra for Friday’s draw, because the jackpot was $50 million. But Lee, who is a serviceman at Greenhills mine, and Diana, a waitress, have no plans for the money yet. “Well, it’s not enough to retire on,” said Diana. “I think we’re still in shock because we have no ideas at all yet what to spend the money on.” The couple have three daughters and two grandsons. The winning ticket was purchased at the Express Mart in Sparwood.

Teck dealing with falling coal prices By Nicole Liebermann Free Press Staff

Roots folk duo play Royal - Page 19

RCMP

Crime reports Page 23

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ith the price of coal continuing to drop, Teck is doing its best to adjust following a sharp drop in quarterly profits. The mining company’s Vancouver based head office reported on October 24 that Teck Resources posted a third quarter profit of $349 million, in comparison to $742 million during the same period in 2011. “Uncertainty in global economic conditions has led to overall results in lower commodity prices, and steel making coal is part of that,” said Nic Milligan, Manager of

Community and Public Affairs for Teck Coal. “During the quarter we reduced our productions to align with the declining market demand.” The company said that gross profit from sales of premium grade steelmaking coal fell $649 million compared to third quarter profits in 2011, as a result of significantly lower coal prices, reduced sales volumes, and higher total unit costs. Those factors offset a six per cent increase in coal production compared to the same period a year earlier. With five active mining sites in and around the Elk Valley, Milligan was unable to provide any infor-

mation as to how labour and local employees would be affected. He remarked, “Right now we’re just focused on adjusting our costs based on our current model.” Milligan explained cost reduction programs have been designed to reduce Teck Coal’s costs to a minimum of $200 million from the company’s annual operating costs. “We’re addressing efficiencies throughout our business to bring our costs in line. One of those is an increase in the number of train cars per set, so that reduces our transportation costs,” stated Milligan. “At each operation we’re looking for cost saving measures, like man-

aging consumables such as explosives and power.” He added, “We remain optimistic, but it’s very difficult to predict the future, so our current thinking is to contain our costs and do our best to weather this slump in demand.” In addition to steelmaking coal, Teck Resources also produces copper, lead, zinc, and molybdenum, and has several operations throughout Canada and South America. The company stated it has cut its capital expenditure target by roughly $1.2 billion for the rest of 2012 and 2013, with about $300 million of new cuts coming this year.

A Refreshing Perspective TODD FYFE Toll Free: 1-877-423-2001 www.fernierealestate.com

PERSONAL REAL ESTATE CORPORATION

(250)423-8989

todd@fernierealestate.com


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