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Gold/Mining/Energy : Canadian Rocket Red's Picks

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From: calgarylady	12/12/2006 9:52:04 AM
	Read Replies (2) of 19697

Globe says Cameco, others hungry for rival's reserves Cameco Corp (C:CCO) Shares Issued 352,116,692 Last Close 12/11/2006 $44.50 Tuesday December 12 2006 - In the News Also Barrick Gold Corp (C:ABX) In the News Also Teck Cominco Ltd (C:TCK) In the News Also Kinross Gold Corp (2) (C:K) In the News Also Bema Gold Corp (C:BGO) In the News The Globe and Mail reports in its Tuesday, Dec. 12, edition that Canadian mining companies are aggressively boosting their mineral reserves through acquisitions. The Globe's Andy Hoffman writes the information is according to a KPMG industry survey. According to this survey, Canadian companies are behind other mining nations when it comes to disclosure on social and environmental issues. KPMG polled the accounting and disclosure practices of 44 international mining companies. Among the participants were 123 Canadian companies, including Cameco, Barrick Gold and Teck Cominco. Seventy-five per cent of Canadian mining companies surveyed acquired assets to add to their reserves during the most recent fiscal year. For example, Kinross Gold tabled a $2.9-billion takeover bid for Bema Gold last month, a purchase that will double the Toronto firm's bullion reserves to more than 50 million ounces. The survey's global director hails the higher-than-average acquisition activity in the Canadian industry as good news for the health of the sector. Former mining giants, Inco and Falconbridge, also participated in the survey.

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