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Gold/Mining/Energy : Inco-Voisey Bay Nickel [ T.N.V]
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To: Winer who wrote (155)2/5/1998 1:28:00 PM
From: Cumbrian  Read Replies (5) of 1615
 
The delay in bringing Voisey's Bay on line and Brian Tobins stance has I believed already put this project in jeopardy. It has allowed at least three start ups in Australia to go ahead that would not have come on stream at all and perhaps another half dozen to now come in ahead of the Voisey's bay project.

Mr Tobin and yourself seem to take Voisey's bay as a given, I myself do not believe this is so, at least not in its' current form. A dose of reality I believe is in order for critics of INCO, take a look at the metals markets?

In the past couple of years INCO has had to purchase between 250 and 280 million Lbs of nickel each year in order to meet its customer demmand. There is no doubt that the smelter in Newfoundland is required. However the logical approach is to refine the output from the Voisey's Bay open pit else where and use the cash flow generated to build the smelter. This made sense two years ago and makes sense today.

I live in Sudbury so I understand your feelings, don't forget Falconbridge has been mining here and refining overseas for years. The bottom line is INCO at this time can not afford to lay out the money for the building of a Newfoundland smelter and no amount of rhetoric from Brian Tobin can change this.

One last question, word is that Newfoundland can not supply enough power for the operation of a smelter, any truth in this?

I live in Sudbury and actually work for INCO but these thoughts are entirely my own, I have no inside knowledge or information.

Geoff.
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