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Gold/Mining/Energy : DIAMET/(BHP) TSE.DMM.B

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To: Terence Mitchell who wrote (40)	10/20/1998 5:05:00 PM
From: Famularo	of 123

Canadian Business ponders diamond price war Dia Met Minerals Ltd DMM.B Shares issued 21,973,496 Oct 19 close $21.10 Tue 20 Oct 98 In the News Canadian Business magazine says in its Oct. 30 issue that while diamond mine buffs were whooping it up in the Northwest Territories this month when Canada's first diamond mine officially opened, a global recession has already caused a severe slump in diamond sales. Writer Peter Verburg asks if this could be the beginning of the world's first diamond price war. Mr. Verburg says that with a worldwide recession looming, this could be the worst time in more than half a century to launch a diamond mine. De Beers would like to market Ekati's diamonds so it can control the flow from the mine. The Central Selling Organization of De Beers, however, is likely to get first crack at no more than 35 per cent of Canada's production, according to Chuck Fipke. Mr. Fipke says that Ekati has no plans to stockpile its diamonds in a market downturn. To negate the impact of Canadian production, De Beers may have to buy the stones on the open market, at a premium, and stockpile them, or slow down production at its own mines in South Africa.

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