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Gold/Mining/Energy : Inco-Voisey Bay Nickel [ T.N.V]
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To: Terry J. Crebs who wrote (166)2/10/1998 11:05:00 AM
From: 1king  Read Replies (1) of 1615
 
Hey Mr. Crebs,

INCO shareholders including you and your many many stock-options have only INCO to blame. INCO over extended itself on unproved tonnage and costly stock arrangements. It is kind of funny that Freidland screwed INCO hard for the deal and now his stock is worth about half the original value. You must be down a million or so by now as well.

We insiders believed the tonnage was there but internal INCO sources confirmed that at the time of the deal the value was based on proven resources of 150-175 mT starting to come out of the ground in two years. They still do not have this tonnage proven and the first ore will not be shipped before 2002. INCO continues to screw itself by thinking they can buy the locals with INCO t-shirts and bowl through industrial legislation by economic threats.

The biggest economic threat is reality! INCO has been living a fragile protected life in Sudbury. It is a high cost nickel operation that cannot withstand international competition. Modest research of the Norilsk situation should put more than enough fear in INCO shareholders. As the Russians ramp up on nickel economics and technology the nickel world will become a different place.

INCO and INCO shareholders have NO ONE to blame but INCO and its naive, egotistical, over-promoting management.

They will trim themselves (as they should) into a more lean organization because of the world nickel industry not some pathetic little provincial government.

ttfn
1king
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