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Gold/Mining/Energy : Canmine resources

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To: Marshhawk who wrote (2650)	7/8/2000 11:02:43 AM
From: Marshhawk	of 2769

UK: COBALT SLIPS, MAGNESIUM AWAITS EU DUMPING DUTY. By Camila Reed - 8 Jul 2000 07:02GMT LONDON, July 7 (Reuters) - Cobalt prices dropped this week, but resistance by sellers provided a floor for the market, traders said on Friday. Demand remained strong, but extra supply was now hitting the market as the Democratic Republic of the Congo's Gecamines ramped up output. The state-owned miner was concluding long-term sales agreements for the second half of 2000, a source involved in the talks said. Consumers reported buying cobalt at between $11 and $12 a lb for Russian and lower grade African material. Traders in Asia said Russian grade metal had been sold there at $11.50 this week. Australian nickel/cobalt producer WMC Ltd was offering 10 tonnes of high grade 99.8 percent cobalt for July delivery at $13.95 a lb. Its last sale was on June 22 for five tonnes at $14.95, the company reported on its website at www.wmc-cobalt.com.

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