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Gold/Mining/Energy : TITANIUM CORPORATION INC.- The Next Major Mining Play
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To: Winzer who wrote (222)1/21/2000 7:42:00 AM
From: Winzer  Read Replies (1) of 343
 
I guess Titanium & NAR will have to look to the Scandanavian smelters that Chevy alluded to. Note that Rail associates says that they have not given up. Apparently things were going along fine until the government insisted on a last minute request for 1 mln that was non-refundable. Did this do it? Wait and see I guess. The main thing to remember here is when Myles Paisley says that "This decision also doesn't diminish their interest in acquiring the plant."

Sysco sale collapses; liquidators called in
By Wes Stewart
The tentative sale of Sydney Steel collapsed late Thursday
afternoon amid accusations of bumbling negotiations from
both sides.
Rail Associates president Myles Paisley told the Cape
Breton Post a last minute clause inserted by the province in
the letter of intent that demanded a non-refundable $1
million ($1.5 million Canadian) delayed the negotiations
and doomed the deal.
This decision also doesn't diminish their interest in
acquiring the plant.
Economic Development Minister Gordon Balser said a
leak prevented him from telling the steelworkers first, a job
he was going to do today. He still plans to meet with the
workforce weather permitting.
“If we don't get there Friday, we will be there Monday to
meet the workers.”
Balser said liquidators Ernst & Young will be called in to
sell the plant. They will look at companies which were not
considered by ABN Amro, the Dutch bank hired to find a
buyer. They include Global Steel of Toronto and Stavand
Transmet, a Russian company. Both had previously
expressed interest, but failed on the financial commitment
required by the province at the time.
If another sale fails the province will have to look at other
options, Balser said.
Winzer
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