BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Haq0r who wrote (20762)	5/1/1997 4:13:00 PM
From: Jesse	of 28369

To all, Still think this is an interesting article (was link-posted this am): ---------------- Freeport told to quit Busang JAKARTA (Bisnis): Freeport McMoRan Copper & Gold Inc. has been asked to resign from the consortium of companies planning to work Busang, as these companies go through with the plan to work the mine if the gold level at the location is mineable. A mining observer said that it was highly unethical of Freeport to continue its plan to mine at Busang though the Strathcona tests may prove that the project is highly economically feasible. "The carelessness of Freeport despite the fact that the due diligence period was not over, resulted in a leak which caused shares of Bre-X Minerals Ltd. to drop and resulted in a loss to share holders," the observer said. According to the observer, the demand for Freeport to withdraw, will hold whether the gold mine is proven to be productive or not. This, said the observer, is because share holders in the US mining company are not in agreement regarding the terms of Freeport's contract to work the Busang project. The company must contribute 25% of the total cost of the gold mining project, about US$ 400 million. In addition, they added, the withdrawal would be the best way for Freeport to maintain its reputation. A Freeport executive said that their company would participate in the mining enterprise if the latest tests reveal that it is economically feasible to do so. "We will go ahead only if we determine that there is an economically feasible deposit," said Freeport CEO Jim Bob Moffet at a recent General Stockholders Meeting. Meanwhile, Bre-X spokesperson, Richard Wool, told Reuters that his company would announce the final results of the Strathcona tests on Monday May 5.(07/xuf/abr) -------- Find story here: bisnis.com -- Or if that doesn't work go here (then clik on 'English' and then 'Yesterday' and then 'Production and Investment'): bisnis.com

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