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Gold/Mining/Energy : Canmine resources

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To: Marshhawk who wrote (1749)	8/22/1999 9:55:00 AM
From: Marshhawk	Read Replies (1) of 2769

More news from down under. [this was actually on Reuters yesterday] commods.reuters.com Just one major problem at Bulong [and this to me, is most instructive in seeing how they define "one" problem] Moody's downgraded Preston from B2 (junk) to B3 (worse junk). In response Preston released a statement including the following: During the course of commissioning the Company has experienced only one significant commissioning problem, that being the failure of agitator assemblies in the pressure leach circuit at the very commencement of the commissioning period. Since that time there have been no significant delays and although "Moodys is concerned that further unforeseen commissioning problems cannot be ruled out,", the Company has taken all reasonable precautions to ensure that adequate backup exists within the system to counter unforeseen problems. In particular down time recently experienced as a consequence of interruptions to steam supply due to boiler malfunctions [not a 'significant' problem right?] will be further insured against by installing a back up boiler system [for free?] which will remain in place until such time as the permanent boiler achieves design availability. [again, not a significant problem and redoing the whole boiler system essentially twice won't cost a lot of money, I guess]. Major mechanical components of the leach circuit now show good reliability and high availabilities in line with design specifications. Flow restrictions in the leach circuit, as a consequence on inappropriate choke valve sizes on flash vessels (a fundamental design defect) are being rectified by insertion of larger valve inserts. One of the four valve inserts requiring change out has been replaced and the remaining two will be available by 21 August 1999. [I guess this was not a significant problem] Gypsum precipitation in the nickel solvent extraction circuit has caused some practical operating difficulties however not restricted throughput of that circuit. The company identified both mechanical and metallurgical means of resolving this situation. The location of gypsum precipitation has now been severely restricted and bypasses will be installed to enable isolation and cleaning of gypsum from the circuit. So boys, if you like this story, Preston is going for 71c Australian. Load up, if you so choose. One remaining question: Do they run out of money before they make money? Moody's seems to think so.

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