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Gold/Mining/Energy : Steppe Gold (SPE:V)

SPE 15.19

-0.1%

Nov 6 4:00 PM EST

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To: Robert Dydo who wrote (896)	4/27/1998 3:08:00 PM
From: John Menzies	Read Replies (1) of 1248

Ther is an error in the previous post - I could have fixed it prior to the post but it worth the comment. I stated that the US Environmental were tougher than the Kazakh ones - Bob Bell informs me that on the whole they are considerably tougher - I recall seeing the emission specs and they were sometimes so low as to be very challenging to achieve. Is probably - while I am at it - worth commenting on the state of play on the governement attitude to foreign investment. This has changed quite dramatically of late - helped along by the impact of a couple of deals including WWW and Kazakhstan Goldfields etc. The governemnet has now placed all the responsibility for forieng investment in the hands of an autonomous body " State Committee on Investments" which is now solely responsible for dealing with investment in the country. This organisation iis headed by the very capable ex head of the Kazakh Central Bank. ( most impressive - did a great job and kept to the economic plan during his stay at the Central Bank) We are hearing from informed sources in Almaty that WWW are likely to receive a considerable payment in regard to the cancelling of their contract to manage a state asset ( as against a mining licence) and negotiations are advanced with resolution inthe short term (hey no promises - consider this as no more than a rumour albeit we believe well informed) Same applies for Kazakhstan Goldfields but we believe that they are not as far down the track. This shows , together with the payment to Placer some time ago, a change in the governemnet attitude to foreign investment ( they are beginning now to understand the needs of the foreign investor more and this is to the advantage of Steppe Gold. This is coming about due to the determination of President Nazaerbaev and also to the replacement of some of the older heads of department and ministry heads with younger people - educated in western economics - for exqmple the new head of the State Committee on Investment" is only mid thirties. Not to say some of the older people are not more than capable - the head of the Ministry is Ecology and Natural Resources is most capable.

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