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Gold/Mining/Energy : REX DIAMOND MINING TSE:RXD
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To: Bob Fairchild who wrote (2254)1/14/2000 8:47:00 AM
From: Mr. Oil  Read Replies (1) of 2522
 
Thank you Bob for an excellent summary. You have the point exactly and if Tobin or any other premier of the province in the future does another 'give it away' deal for a few jobs then it would spell certain 'political' death.

Now the oil from Hibernia? I don't know for certain where it is going but I would say it is being sold in the US for the going price of oil and is being refined elsewhere. I will find out in a few days. Newfoundland has a refinery but it cannot handle the type of oil from Hibernia without major retrofiting or the construction of a new refinery. I don't expect that will happen. The construction of the gravity based structure which cost $5 billion in the province and the development of expertise which is now servicing the construction of the Tera Nova infastructure was the compensation Newfoundlanders got for Hibernia. With the oil industry and exploration picking up in the province there is the projection that Newfoundland's economy will grow about 5% this year which is very good by standards. The truth is that we need to grow by 5% for at least 10 years to come anywhere close to other major cities in Canada. We have suffered from a net out migration for the last 10 years and this needs to reverse if the economy is to recover. Hopefully the development of Voisey Bay will be an integral part ot that in the years to come.

Ray
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