Banff Resources (V.BFF) Message Board

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Gold/Mining/Energy : Banff Resources (V.BFF)

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To: Steve Brown who wrote (15)	6/2/1997 12:37:00 PM
From: Neil Irwin	of 25

>It will cost BANFF $4 to bring the Cobalt to market .... current market price for Cobalt $24-$28! Steve, there are a couple of things to factor in here. First, Banff would have to repay the $80M capital cost of the project. This would increase the costs well above your estimated $4 operating cost. Second, the current market price of cobalt is about $U25 per pound, but this is expected to drop to about $U15 once Inco's Voisey's Bay project starts to produce over 3000 tonnes per year of the metal. Banff has used this latter figure in their calculations, and I think that this is why they are having difficulty raising the money for the project. On the positive side, at least the civil war in the former Zaire is over! (Kasese is only about 40 km from the border) Neil.

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