Document k6G6B5zekonJm4YYQJO01Q4on

FILE NAME: Asbestos Corp Ltd (ACL) DATE: 1990 DOC#: ACL018 DOCUMENT DESCRIPTION: Annual Report Excerpt - History History Although 1hero K toclav some dispute as to who discovered Chrvsotile Asbestos in what is now known a s the That lord Mines area of Quebec's East ern Townships, it is generally agreed that it was first found in the year 1875. And it is here that the history of Asbes tos Corporation Limited really starts. In that year Andrew Johnson, a timber merchant from a village near Thetford Mines, determined the exact nature of this peculiar rock which could be fluffed up like thistledown. Perhaps some use could be made of it. As a result of his pioneering efforts, the first commercial extraction of asbestos in Canada took place in 1876 and the first shipment of hand-cobbed chunks of crude asbestos was made by ox-cart to the nearest railroad, 30 miles away. From this modest beginning came the Johnson's Company, incorporated in 1885. whose mining properties were even tually acquired by Asbestos Corporation Limited in 1964. In 1878 King Brothers, timber merchants of Quebec City, began to mine the asbestos deposits on their land. King Brothers Asbestos Company operated until 1909. At that time it became part of Amal gamated A'-bestos Corpora tion. a firm created to develop the King Mine and the prop erties of the Beaver. British Canadian, and Fraser Com panies. as well. To this day the original King Mine, the Beaver and the British Cana dian mines are still operating. In 1912 the Amalgamated Asbestos Corporation became Asbestos Corporation of Canada Limited, which in turn became the present Asbestos Corporation Limited in 1925. At the time of its founding. Asbestos Corporation Limited included seven other asbestos mining companies, many of which were, themselves, the results of earlier mergers. The new Asbestos Corpora tion Limited consolidated its mining properties. Unprofit able mines were shut down and the operations confined to four main ore bodies--the King, the Beaver, the British Canadian and the Vimy Ridge Mines, until 1955. In that year the Normandie Mine was brought into production and the Vimy Ridge shut down. In 1958 the King and the Beaver Mines were consoli dated and a new mill built to handle ore from both prop erties. The Company there fore had three plants in pro duction. the King-Beaver, the British Canadi an and the Normandie. Then, in 1964. Asbestos Cor poration Limited made two important new acquisitions-- the two mines and mills of the Johnson's Companies and the Asbestos Hill property in Ungava. The first of these brought together the two pioneering Canadian asbestos producers, both of whom had been min ing side by side on the same asbestos orebodies for almost 90 years. At the same time it substantially increased the Company's ore reserves. The Asbestos Hill property, a high grade ore body located 1130 miles due north of Mont real in the Ungava peninsula of Quebec, is scheduled for production in 1970. The Com pany is, as a result, in a strong position to supply the market for a high quality asbestos fibre for years to come. But all this is history. . . a record of growth that makes Asbestos Corporation Limited a world leader. Common shares are listed on both the ` Montreal and Toronto stock exchanges and 9 3 % of the shareholders are registered in Canada. The Company em ployed 2,162 people at a cost of $13,129,647 during the year 1965.