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Gold/Mining/Energy : Canmine resources

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To: Marshhawk who wrote (1801)	8/29/1999 1:50:00 PM
From: Marshhawk	of 2769

Dave, thanks again. There was one more thing I wanted to emphasize about the ZCCM piece. They seem to be able to lift ore, only down 4% or so, but the smelter is only running at 40% of target. Geoff or somebody will have to help me out, but I assume smelting is more complicated, and requires certain feedstocks to be able to get the Cu and Co out. Roan, which supplies the feedstocks is essentially shut down. ZCCM has used up all it's credit and probably does not have an alternate system of supply. If I'm correct, coupled with the Codelco news this week, would imply that output from ZCCM is headed towards zero. The Russians were able to produce under the Czar and under Communists. It appears that they now have a political/economic state run by Russian organized crime. The closest model might be the African states like the DRC. If so, even the Russians won't be able to produce for long.

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