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Gold/Mining/Energy : Canmine resources

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To: dave brown who wrote (1849)	9/8/1999 8:51:00 AM
From: Marshhawk	Read Replies (1) of 2769

Wracked by teething problems in 1999 the [laterite] projects are felt to be buying metal in the markets to cover delivery obligations. commods.reuters.com Comment: Cawse shipped 239 tonnes in August, above target but pdt rate will have to double for them to meet new pdt. targets. Assume Cawse sold forward at 4200 and has to cover at 7200 to the tune of 500 tonnes a month for one year. That's another 18 mil a year, US, in costs, or at target production, something like 2 months production will have to go to cover poorly designed hedge program. Looks like Ted, Ralph and I were right about the laterite disaster. Hopefully we will soon be right about CMR's prospects.

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