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Gold/Mining/Energy : Int'l Pursuit (T.IPJ)

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To: Ron Everest who wrote (628)	3/11/1998 2:21:00 AM
From: Abner Hosmer	Read Replies (1) of 835

biz.yahoo.com >>...In metals, analysts did not foresee any Indonesian economic meltdown affecting the country's copper mines. Indonesia has two copper mines, the giant Freeport Indonesia Grasberg/Erstberg mine which produced around 500,000 tonnes of copper in 1997 and the $1.9 billion Batu Hijau copper and gold mine being developed by Newmont Gold (NGC - news) and Sumitomo Corp (8053.T). The ore deposits are low-cost but equity investors have assigned a large discount to the shares because of the remote location and perceived economic and political risk, Salomon Smith Barney said in its latest Weekly Prospector report. Billiton Metals Ltd analyst Angus MacMillan said in previous cases of economic collapse base metal industries were usually unaffected and mines continued to operate. ''As we saw in Russia...the base metals industry is usually the last to go. I would think the mining sector would be fairly stand-alone,'' MacMillan said.<<

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