Commodities - The Coming Bull Market Message Board

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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: craig crawford who wrote (750)	8/30/2001 5:32:37 AM
From: craig crawford	Read Replies (1) of 1643

MIM to Exit From Loss-Making Zinc Assets stockhouse.com.au Asia Pulse via Comtex Monday, August 27, 2001 BRISBANE - Diversified mining group MIM Holdings [X.MIM] has flagged an exit from its loss-making European zinc smelting assets as it looks to build on the strong gains in its coal division. However, despite the strategic realignment the company expects current earnings for 2001/02 to be "broadly similar" to last year with metal prices continuing to come under pressure and offsetting operational improvements and surging coal prices. ............................................................................................................................... Earnings before interest and tax (EBIT) for the company's coal division more than doubled to $249.6 million with production at record levels, coking coal prices jumping 23 per cent and thermal coal prices up 20 per cent. Mr Gauci said recent high levels of coal production were expected to continue with some further upside depending on access to Queensland's rail network. He added that the company would continue to focus on growing the coal business through possible acquisitions and a $25 million exploration program. "We have large undeveloped resources and we also believe there will be further rationalisation within the coal industry and we will look to participate in that," he said. ............................................................................................................................... Mr Gauci said he expected the zinc market to continue to be weak for possibly another two years due to oversupply. "But that will depend a fair bit on the supply side, and at the current prices there would be very few producers actually making any money and that could force some closures," he said.

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