Breakwater Resources (T.BWR) Message Board

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Gold/Mining/Energy : Breakwater Resources (T.BWR)

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To: Stephen O who wrote (488)	7/24/1998 5:41:00 PM
From: jack marshall	Read Replies (2) of 962

The smelter/refiner takes in the order of 30% of gross silver revenue to cover treatment charges depending on the amount in the concentrate. Some smelters will not pay for silver in zinc concentrate at all. Silver in lead concentrate is paid well. The smelter usually deducts 3 ounces/tonne concentrate and then pays in the order of 85% of gross value. Five weeks inventory level works out to be about 600,000 to 650,000 tonnes of metal. The LME has 370,000. The smelters have 300,000 and consumers/traders are sitting on about 125,000. Total-->795,000 tonnes. Need to work off another 150,00 tonnes or so. Funds are starting to cover their short position. May they rot in hell for screwing up the market in the first place. Asian smelters are INCREASING production and exporting since in their terms the price is good! The US is taking up most of the slack but this cannot continue forever. Anyone know when second quarter results are out??

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