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Gold/Mining/Energy : SOUTH AFRICAN MINING

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To: sea_urchin who wrote (417)	2/26/1999 2:52:00 PM
From: Ptaskmaster	Read Replies (2) of 472

Impala's strengths in operating and productivity performances seem now to be reflected in the recent price appreciation. Particularly so in the context of the Bafokeng share dilution and royalties. As Johnson Matthey has previously noted, Impala (and Northam) do not have shallow reserves through which to increase output. Future vertical shafts will require major capital investment. The global long term outlook is for reduced Noril'sk and alluvial output for years to come: fm.co.za Would this not give Amplats more opportunity than Impala to increase market share?

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