Globe says challenges abound:
Kazakstan Goldfields Corp
KGFC
Shares issued 34883134
1997-09-25 close $0.14
Friday Sep 26 1997
The Globe and Mail reports in its Friday edition that Canadian mining
entrepreneur Thomas Griffis thought he had found a quick route to riches for his
fledging company in Kazakhstan, but it has not worked out that way. Reporters
Karen Howlett and Allan Robinson note that Mr Griffis told shareholders of
Kazakstan Goldfields that it is difficult but possible to do business in Kazakhstan,
but the pioneers are the ones who get arrows in their back. The big attraction for
foreign investors is Kazakhstan's mineral wealth, but it is among the most
frustrating countries in Eastern Europe. Efforts to jump-start a free-market
economy have been held back by the country's image as a place where it is
extremely difficult to do business and enforce a deal. That is why many Canadian
miners are doing grassroots exploration rather than taking over existing mining
operations and inheriting the infrastructure problems that go along with them.
Nonetheless, they are being affected by the two companies' problems, making it
more difficult for them to raise money.
(c) Copyright 1997 Canjex Publishing Ltd.
---------------------------------------------
Steppe Gold Resources Ltd -
Globe says country stigma emerges as a factor
Steppe Gold Resources Ltd
SPE
Shares issued 23288177
1997-09-25 close $0.36
Friday Sep 26 1997
The Globe and Mail reports in its Friday edition that the problems of doing
business in Kazakhstan are hurting Steppe Gold Resources, according to
president John Menzies. Reporters Karen Howlett and Allan Robinson note that
Mr Menzies says he gets new investors asking about the troubles of World Wide
Minerals and Kazakstan Goldfields. The big attraction for foreign investors is
Kazakhstan's mineral wealth, but it is among the most frustrating countries in
Eastern Europe. Efforts to jump-start a free-market economy have been held
back by the country's image as a place where it is extremely difficult to do
business and enforce a deal. That is why many Canadian miners are doing
grassroots exploration rather than taking over existing mining operations and
inheriting the infrastructure problems that go along with them. Nonetheless, they
are being affected by the two companies' problems, making it more difficult for
them to raise money.
(c) Copyright 1997 Canjex Publishing Ltd.
--------------------------------------------
Kazakhstan Minerals Corp -
Globe says grassroots exploration favoured
Kazakhstan Minerals Corp
KMC.U
Shares issued 24401981
1997-09-25 close $0.99
Friday Sep 26 1997
The Globe and Mail reports in its Friday edition that Kazakhstan Minerals has
spent $25 million on grassroots exploration to substantiate drilling previously done
by Russia. Reporters Karen Howlett and Allan Robinson say that company
officials decided from the outset not to take on an existing mining operation,
although that might have been the quickest route to production, according to
president William "Bert" Kennedy. The big attraction for foreign investors is
Kazakhstan's mineral wealth, but it is among the most frustrating countries in
Eastern Europe. Efforts to jump-start a free-market economy have been held
back by the country's image as a place where it is extremely difficult to do
business and enforce a deal. That is why many Canadian miners are doing
grassroots exploration rather than taking over existing mining operations and
inheriting the infrastructure problems that go along with them. Nonetheless, they
are being affected by the two companies' problems, making it more difficult for
them to raise money.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
-------------------------------------
World Wide Minerals Ltd -
Globe says outlook bleak for Stepnogorsk project
World Wide Minerals Ltd
WWS
Shares issued 53154225
1997-09-25 close $0.41
Friday Sep 26 1997
The Globe and Mail reports in its Friday edition that World Wide Minerals has
tried without success to renegotiate its contract in Kazakhstan. Reporters Karen
Howlett and Allan Robinson say that World Wide's prospects became bleaker a
few weeks after the government cancelled its contract, when the government
brought in a state-owned company to control the plant. The big attraction for
foreign investors is Kazakhstan's mineral wealth, but it is among the most
frustrating countries in Eastern Europe. Efforts to jump-start a free-market
economy have been held back by the country's image as a place where it is
extremely difficult to do business and enforce a deal. That is why many Canadian
miners are doing grassroots exploration rather than taking over existing mining
operations and inheriting the infrastructure problems that go along with them.
Nonetheless, they are being affected by the two companies' problems, making it
more difficult for them to raise money.
(c) Copyright 1997 Canjex Publishing Ltd.
---------------------------------------
Indochina Goldfields Ltd -
Globe says social amenities part of package
Indochina Goldfields Ltd
ING
Shares issued 62944618
1997-09-25 close $6.2
Friday Sep 26 1997
The Globe and Mail reports in its Friday edition that Kazakhstan poses special
challenges for junior mining companies. Reporters Karen Howlett and Allan
Robinson note that Indochina Goldfields president Edward Flood says that on top
of his company's initial $130 million investment in the Bakyrchik gold complex, it
must spend $2 million a year on power, sewage treatment and schools in the area,
according to a deal with the government. The big attraction for foreign investors is
Kazakhstan's mineral wealth, but it is among the most frustrating countries in
Eastern Europe. Efforts to jump-start a free-market economy have been held
back by the country's image as a place where it is extremely difficult to do
business and enforce a deal. That is why many Canadian miners are doing
grassroots exploration rather than taking over existing mining operations and
inheriting the infrastructure problems that go along with them. Nonetheless, they
are being affected by the two companies' problems, making it more difficult for
them to raise money.
(c) Copyright 1997 Canjex Publishing Ltd. |
