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Gold/Mining/Energy : kazakstan goldfields symbol kgfc

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To: Jesse who wrote (300)	10/9/1997 12:33:00 PM
From: Jesse	of 367

Post says Kazakhstan finally honours deposit -- Placer Dome Inc PDG Shares issued 239227695 1997-10-08 close $26.75 Thursday Oct 9 1997 The Financial Post reports in its Thursday edition that Placer Dome, one of Canada's largest gold mining companies, has received US$25 million from the government of Kazakhstan, ending a nasty, two-year dispute over a huge gold mine in the former Soviet republic. Reporter Philip Demont says that on Wednesday, Kazakhstan refunded more than half the US$35 million that Placer Dome paid to the government in 1995 for the right to take over the country's Vasilkouskoye mine. The Vancouver-based company later decided the mine would be too expensive to develop and asked for its refundable deposit back. Instead, the government demanded that the company pay it US$270 million, the amount that Placer Dome initially said it would spend on the mine. Placer Dome refused and applied for international arbitration to get its deposit back. Wednesday's settlement ends the dispute and the company says it wants to look at other potential projects in the country. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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