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Gold/Mining/Energy : Precious and Base Metal Investing
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To: chris714 who wrote (28669)3/18/2004 12:08:10 PM
From: Stephen O  Read Replies (1) of 39344
 
From Nesbitt Burns re Cumberland
Cumberland has indicated that the recent dramatic increase in steel prices has negatively impacted the economics of its Meadowbank project, and is likely to cause at least a one-year delay in development. The company indicated that steel prices have more than doubled their initial estimates, and steel intensive components had previously constituted approximately 30% of the capital estimate of the project. Additionally, energy costs are putting added pressure on economics. This is clearly very negative for the company and our rating is under review. As an aside, this has implications for all growth projects in the industry.
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