first quantum minerals FM on TSE Message Board

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Gold/Mining/Energy : first quantum minerals FM on TSE

FM 27.19

0.0%

Jan 8 3:00 PM EDT

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To: Dan P who wrote (299)	11/24/2000 9:58:29 AM
From: Stephen O	Read Replies (1) of 385

Zambia's Roan Antelope Mining Closed Due to Debts, Paper Says 11/24/0 3:34 (New York) Luanshya, Zambia, Nov. 24 (Bloomberg) -- Roan Antelope Mining Corp., a Zambian copper and cobalt-mining unit of India's Binani Industries Ltd., has been closed because of its debts, said Reuters, in an article in internet publication The Daily Mail & Guardian, citing the company. The company, which has the capacity to produce 34,000 metric tons of copper from its two mines, owes an unspecified amount of money to the state-owned Zambia National Commercial Bank. Roan has already had its power supply reduced to six megawatts from 27 megawatts because of its $20 million debt with Copperbelt Energy Corp. Binani bought the mines from the Zambian government as part of the state's program to sell the assets of its Zambia Consolidated Copper Mines Ltd., which was at one time losing over $1 million a day. (The Daily Mail & Guardian 11/24) --Antony Sguazzin in the Johannesburg bureau (27 11) 784 9944 or asguazzin@bloomberg.net /pns PS This was the original mine that FM went after in 1997 I think it was. The 6 megawatts of power being used now are to stop the mine from flooding. PPS Note to Dan I think that the price of FM is holding very well at $3.20.

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