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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (11582)	4/9/2004 11:06:29 AM
From: philv	Read Replies (1) of 110194

Just to support your statements about the cost of mine development, PDG with its partners just released an update regarding their copper/gold project in Chile. The new figure is 1.65 billion, up from 1.43 billion. Financing this is a challenge, and Placer is considering a seperate entity just for this project. This is a huge project, over 20 million ounces of gold (inferred) and 5 billion pounds of copper. Even with these numbers, it is a long term challenge to bring this to production. "Once Placer Dome determines that the project is financeable on the terms contemplated by the shareholders agreement, Placer Dome is required to arrange $1.3-billion in financing, including contributing $200-million in equity on behalf of all shareholders, and provide a precompletion guarantee for an amount not greater than $1.1-billion in senior loans. The senior loans are required to be an amount that is not less than 50 per cent of the initial project capital requirements. Any capital requirements exceeding $1.3-billion of the financing provided or arranged by Placer Dome are financed pro rata by the joint venture participants."

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