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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.34

+5.2%

4:00 PM EST

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To: goldsnow who wrote (38822)	8/12/1999 12:10:00 PM
From: long-gone	Read Replies (2) of 116768

Less supply of gold? Thursday August 12, 7:26 am Eastern Time Mine closure threatens Papua economy rescue plans By James Regan SYDNEY, Aug 12 (Reuters) - One of the first acts of Papua New Guinea's reformist government, installed a month ago to fix an economy teetering on bankruptcy, may be to oversee the dismantling of one of the nation's biggest export earners. A damning environmental report on the Ok Tedi copper and gold mine in the Pacific nation's rugged Star Mountains has raised the possibility that the mine, accounting for 10 percent of PNG's annual gross domestic product, will have to shut down. Closing of Ok Tedi would devastate the local economy of PNG's remote Western Province, where efforts to diversify into agriculture had made little economic impact, and jeopardise the new government's national economic rescue plans. The mine's operator and majority shareholder, The Broken Hill Pty Co Ltd of Australia, has assured the government it will hold talks before making any decision on the mine's future.(cont) biz.yahoo.com

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