Falling metal prices caused Falconbridge Ltd. profits to drop in the second quarter. The mining giant reports it earned $55.8 million in July in the three-month period ending June 30. That compared with profits of $126.3 million in the same period last year. Revenues fell to $569.9 million from $753.6 million. The company's Kidd mining division in Timmins incurred a $14.6-million loss for the period compared to a profit of $17.8 million for the same period of 2000. Lower metal prices and higher operating costs after a ground movement earlier this year resulted in some production problems. While production had picked up from the previous quarter, it was still below the same period a year ago. During the same quarter, Falconbridge also acquired the Montcalm nickel-copper property near Timmins, from Outokumpu for $14 million. The asset has the potential to yield about five million tonnes of ore at a rate of 750,000 tonnes annually.
