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Gold/Mining/Energy : MIRANDOR-MIQ ON MONTREAL
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To: joseph schevenels who wrote (1999)6/14/1998 8:53:00 AM
From: David Rowe  Read Replies (1) of 2635
 
I heard Bob Buchan on a Cable program (out of Hamilton, Ont., I think) being interviewed about the Amax merger. There was an opportunity to call in to ask him questions. Someone from BC asked him to comment on the JV with Mirandor, whether drilling had started and when would results be out. Mr. Buchan paused and didn't seem to know what he was talking about at first and then asked the caller if he meant the Railroad project in Nevada. That sort of alarmed me, considering it is according to their annual report a major exploration focus for this year! You would think the name Mirandor would be top of mind, but I guess he has much more to worry about?!

At any rate, he said thought that it was still snowing (?) in the area and that they would be hoping to start drilling next week.

He also stated that Kinross hopes to almost double production before the year 2000 and this would be accomplished through productivity improvements but largely through acquistions. He also stated that mines with marginal production and effiecency may be sold. I was left with the distinct impression that he is interested in running a very efficient and effective company and also that suspect or marginal projects did fit their plans. It was obvious to me, that even though little was said about MIQ, Kinross would not be involved unless they expected Railroad to contribute significantly to their production target of 2,000,000 by 2000.

If anyone else heard the interview and has anything to add or had a different interpretation, please post.

Dave Rowe
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