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Gold/Mining/Energy : Global Platinum & Gold (GPGI)
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To: Zeev Hed who wrote (4281)11/23/1997 12:53:00 AM
From: GlobalMarine  Read Replies (1) of 14226
 
Zeev:

I'd like to ask you about GPGI, as it's about the only DD I haven't diversified into. You were on mark when you questioned the economics of IPM's recovery process -you even provided your own back-of-the-napkin cost calculations. I know you prefer GPGI because the grades seem to be in the multi-ounce range, making economic recovery possible even with a costly recovery process. However, I understand that:

1) The multi-ounce/ton screened stockpile of some 500,000 tones at Hassayampa is just that, screened. What happens when all that concentrated ore is gone?

2) The ore at Weaver Creek and Oro Grande is in the ground, not screened, and the grades seem to be far more modest. Won't GPGI get into trouble here on recovery economics?

Finally, if memory serves, you were rather bearish on Maxam Gold's recovery process in that you thought the ion exchange part of the recovery process may be uneconomic. Could you please comment on the economics of the company's recovery process for its Peoria 7 mine? The company has targeted April, 1998 for mine startup.

Thanks, Zeev.

Rand
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