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Gold/Mining/Energy : Tenke Mining Corp (TNK)
TNK 53.43+0.4%3:59 PM EST
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To: Gunnar who wrote (179)7/5/1998 9:16:00 AM
From: Gunnar  Read Replies (1) of 486
 
The accurate figures concerning the payments to Gecamine:
"The concession holder is a partially owned subsidiary of TMC with TMC holding a 55% controlling interest and Gecamines the remaining 45%. TMC is responsible for arranging all the financing and will receive 100% of cash flow until an amount equal to the financing and interest thereon is repaid. Thereafter, profits are split 55%/45% with Gecamines. An initial property payment of US$50 million has been paid to Gecamines. A further US$50 million is due four months after finalization of the final feasibility study and a final US$150 million in May 2003".

Qouted from the press release 09 03 98. That is to say that the reporter on "Dagens Industri" was wrong:(1)not three month after...(2) not one year later (the 150)
But the reporter has one important point in his article: The feasibility study is stated as "almost" ready by the company.

The proved 60 million copper deposit at Etoile would be a nice bargain for SCQ (up to CAD 5 - 10?) - Boliden - and Tenke. The net dilution in two Lundin companies would be less. Anglo or some other company is of course welcome as well. I still prefer a creative solution encompassing several companies.
This is a big project that needs special solutions: Will Gecamine remain at 45%?

Regards,
Gunnar
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