first quantum minerals FM on TSE Message Board

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Gold/Mining/Energy : first quantum minerals FM on TSE

FM 27.19

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Jan 8 4:00 PM EST

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To: Ross who wrote (216)	1/26/1998 7:48:00 AM
From: DRT	Read Replies (1) of 385

The Mining Journal, January 23, 1998 Ivanhoe Capital Corp. of Canada has withdrawn from its purchase of the Chambishi copper mine, according to the Zambian Minister of Mines, Syamukayumbu Syamujaye. A spokesman for Ivanhoe confirmed the withdrawal, citing the current low copper price and the poor outlook for the metal in the wake of the Asian economic crisis as the reason. Comment: At the time, I even questioned FM's decision not to proceed with this higher capital cost Chambishi project ... full credit goes to FM's management. Low-cost projects such as Bwana Mkuba should add significantly to FM's bottom line. More important, it demonstrates the company can bring projects through to production on time and within budget (this should leverage new projects in the Congo and elsewhere)! DRT

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