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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU
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To: Dan Modi who wrote (1563)11/28/1997 10:31:00 AM
From: Brian Warner  Read Replies (1) of 4718
 
I spoke to IR this morning. I asked when they expect to announce results. He said to expect results within the next few days. I asked about the impact of pog. He said it is affecting them in that it is affecting all junior golds [my note- and Barrick as well]; however, the costs in Indonesia are low. As well, he referred to the Oct. 6 press release and said there is a "huge silver component" in two zones. He said that Tembang is "more of a silver situation" and referred to silver being relatively stronger than gold at present. He said costs in South Africa (Rappa) are quite low and they are just waiting for the new roaster. He implied that the only marginal operation at present is the Lady Lina (due to pog). He said the large volume is due to tax-loss selling, and advised me to watch my fax machine for an "update" within the next few days and that the company is optimistic about the "new year"- i.e. 1998. Of possible significance, while I used the word "results" in my first question, he used the word "update" in his final comments. This short-term investment continues to look like a longer-term investment, due to a wide variety of factors, some of which are completely beyond the control of ANZ.

FWIW,
Brian
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