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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)
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To: Tony MacLeod who started this subject3/23/2001 4:18:42 PM
From: Pied Piper  Read Replies (2) of 5053
 
Message from Jim Graham

I just received an e-mail from Jim Graham re. Loma de Niquel. I had forgotten all about this pre-ITE investment. I would appreciate comments from anyone on possible repercussions of this for ITech.
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CARACAS (Dow Jones)--Anglo American PLC's (AAUK) 90.5%-owned Loma de Niquel mine in Venezuela should export 17,535 tons of nickel per year, local daily El Nacional reported Friday. The nickel mine, Venezuela's first, is a $600 million project and was inaugurated Thursday. The mine should produce about 64,000 tons of Ferro-nickel per year within four years and will export roughly 25% to the U.S. and the remainder to Europe, the government said last year. Loma de Niquel has a 20-year concession expiring in 2012 and has the right to extend it for 20 years more to continue mining the property, which is thought to have a 30-year life-span. The project will supply stainless steel manufacturers from a smelter with two furnaces. Venezuela-based Federal Group, the World Bank's International Finance Corporation and Canada-based iTech Capital Corp. (T.ITE) own the remainder of the project with 6%, 2.7% and 0.8% respectively.

-By Jehan Senaratna, Dow Jones Newswires; 58212-564-1339;
jehan.senaratna@dowjones.com
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