Noranda was incorporated in 1922 as
Noranda Mines under the leadership of
James Y. Murdoch to exploit the Horne deposit, discovered by
Edmond Henry Horne on mineral claims he staked in 1920 near
Rouyn-Noranda, Quebec. Extraction of copper began on 17 December 1927. Although extraction was originally predicted to last for only three years, additional reserves (the gigantic "Giant H Orebody") were quickly discovered; the mine would form the backbone of Noranda's operations until reserves were exhausted in 1976. Beginning in 1930, Noranda diversified by acquiring holdings in the forestry, oil, manufacturing, and automotive industries. In 1931, the company opened the CCR refinery in
Montréal-Est, which processes all the copper produced by the
Horne Smelter. Noranda gained its first international property in 1938 with the purchase of the Empresa Minera de Nicaragua gold mine in
Nicaragua. The company gained a large interest in
Kerr Addison Gold Mines in 1945. In 1955 it opened the
Gaspé Copper Mines, and in 1963 Canadian Electrolytic Zinc (CEZ), in which Noranda held a large stake, began production., Horne mine, Noranda, Quebec circa 1926.In 1967, Noranda divested itself at $80 per share of its holdings in
Denison Mines, which it had purchased in 1964 for $12 to $18 per share. A sum of $80mn was devoted to Potash mines in Saskatchewan, while $50mn purchased a 51% stake in the
Brunswick Mining and Smelting Corporation earlier that year, as well as an investment in
Pacific Coast Company, an aluminum products manufacturer based in
Cleveland, Ohio. The year 1973 also saw the company expand into aluminum with the opening of an aluminum smelter in
New Madrid, Missouri, and the oil business with the formation of Canadian Hunter. Asset management companies
Brascan and Caisse de Dépôt gained effective control of Noranda with a $1 billion
CAD investment in 1981. In 1984 Noranda Mines changed its name to Noranda Inc., as a reflection of its wide diversification. Also in 1984, the company became a large player in the electronics
scrap and
recycling business by purchasing Micro Metallics Corp. In 1995 Noranda gained full control of
Brunswick Mining and Smelting, a zinc mine and smelting company in
New Brunswick; they opened a battery recycling facility one year later. Also in 1995 Noranda entered Latin America with the purchase of a 25% stake in the
Refimet smelter outside of Antofagasta, Chile. Noranda obtained 100% control in 1998 and ownership of that site aided later expansion into Latin America. Noranda announced that it would divest itself from all industries unrelated to mining and metals in 1997, and completed the transition the following year, removing itself from the forestry and oil and gas industries. In August 2000, Noranda was the top miner in Canada. The company gained a 34% stake in the huge
Antamina copper-zinc mine in Peru, which opened in 2001. In 2002 Noranda opened a large
aluminum foil plant in
Tennessee. It expanded its recycling business with the opening of an electronic hardware recycling facility in
Brampton, Ontario in 2003. Also in 2003 Noranda shelved its
Alumysa project which sought to build an
aluminium smelter and three
hydroelectric power plants next to
Aisén Fjord in
Patagonia. Noranda expanded its aluminum business in 2004 by gaining a 50% interest in the Gramercy alumina refinery in
Louisiana and associated
Jamaican
bauxite deposits. By 2005, the company had operations in 18 countries.
Two mergers Noranda had bought 19.9% of rival mining company Falconbridge in 1988, which was raised to a 58.4% stake in 2002. In 2004
China Minmetals was interested in buying Noranda, and completed negotiations with the Noranda board in October 2004 with a sale price of $6.7 billion, which caused the Canadian federal government to review its foreign investment policy.
Bruce Flatt and
Brascan favoured the Chinese offer. However, the combined company continued under the name Falconbridge Limited, ending the Noranda name as a large mining company.
Brascan saw its stake in the new company reduced to 20%, and in August 2005 they sold their share to
Xstrata. Less than a year after completing its merger with Falconbridge, the new company was fully acquired by
Xstrata. The Noranda name continues for companies with
Noranda Aluminum, which was the spun off by Xstrata, and the
Noranda Income Fund which is a large zinc refinery in
Salaberry-de-Valleyfield,
Quebec. ==Scotland and Wales==