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Gold/Mining/Energy : Canmine resources
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To: Marshhawk who wrote (1811)8/30/1999 9:32:00 PM
From: Marshhawk  Read Replies (1) of 2769
 
And now, a small dose of evening news for all you bulls and bears on CMR [including the management group who presumably are bulls since they hold 10 mil shares].

#1 Zambian court has seized 140 tonnes of Cu from Roan Antelope to pay an unpaid oil bill. Guess no Co to seize.

#2 Followed one of Aurum's Links to an outfit called CMI Capital in Australia. Check out their site at cmi-capital.com. Nice chaps. I emailed them asking their opinion of VB. Their response in brief:

1) we do not have a view on INCO-except that they paid a high price for VB-but it was the deposit they simply had to have!
2) Ni market will drive development of project-all other matters being resolved
3) Stainless steel pdt up 8% year on year and 2nd qtr up 3.7% [1st quarterly rise since Q1 98?]
4)Laterites likely to add large amount of supply, but:
a) costs of operation per tonne to be markedly higher than forecast, may eventually be lower than sulfides, but only marginally so.
5) Funding for new laterite projects (phase II) will become harder to obtain due to the real project economics which will only become evident in the coming 12-24 months,
6) VB will be developed but INCO is looking for additional reserves and has become wary of making any firm development schedule committments]
7) VB is not going to get the green light soon-for certain they are keeping an eye on laterites but the delay in development probably has more to do with permitting, legal and borrowing considerations.
8)VB is an awesome deposit with exploration potential and will form the mainstay of the company in coming decades-the delay in development must be causing concern to investors.

So seems pretty balanced and neutral. Interesting that the Ozzies think that borrowing considerations are part of the problem in development. It seems to me that rates are about as low as they can go. Dave says VB paid for by issuing stock, does INCO have significant long term debt that affects their ability to borrow [didn't they just do a stock issue in the spring? Was any of that preferred?]
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