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Gold/Mining/Energy : MIRAMAR MINING (MNG)
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To: aknahow who wrote (28)5/1/1997 2:46:00 AM
From: Bear of 457
 
Could you please amplify you response regarding "noncontrolling
interest." Miramar owns 54% of Northern Orion. So exactly what is
the noncontrolling interest here?

The drop in Miramar's stock price had little to do with Indonesia or
Cuba. It had to do with Miramar's writeoff of Talapoosa and the
temporary decrease in output at the Con Mine due to cost reduction
measures necessitated by the low gold price. Actually the news from
Cuba was good: Miramar said it found more ore--at Delita, I think.
The discovery of the new ore zone at the Con Mine could make up for the loss of Talapoosa; and the cost reduction measures at the Con
Mine are a postive in the long run. Therefore I think the market
overreacted to the negative events and doesn't seem to fully understand what's going on with this company. With six proven
mineable deposits and plenty of exploratin potential for Northern Orion, lots of cash, and the Con Mine, Miramar has a bright long-term
future. Over the near term, the market is concentrating on the
negatives, and there probably won't be any sensational good news, just
significant incremental advances. I believe patience will be rewarded. I might also add that a lot of the company's reserves are
copper, mainly because of Agua Rica, and the copper price has been
strong. (Whether it will continure to be when Agua Rica starts producing is anybody's guess.)

Bear
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