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Gold/Mining/Energy : Donner Minerals (DML.V)
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To: Ed Pakstas who wrote (6380)7/30/1998 2:24:00 AM
From: Elizabeth Andrews  Read Replies (1) of 11676
 
Eddie, you are not displaying any of the savvy that a person who says he was born in a commie country. You should know what graft is? Let me take you through the legal argument one more time. If you don't get it this time, well I'm not sure what the prescription may be.

1) The government owns all the resources on behalf of the people. Sound familiar so far?
2)Companies are allowed to spend money on developing resources but never have an (fee simple) interest in the resource. In some cases the gov't will sell the surface rights to the minco who claims the deposit but that's all they get. Access.
3)The gov't permits companies to extract the resource and pay a fee for so doing to the Crown. Still with me, Ed? The
4)Nfld wrinkle is that they are going to have a surplus of power and they already have, due to their socialist policies (read Liberal), a surplus of labor. A smelter complex partially solves that and if Tobin can pull it off, votes for him. This could be called blackmailing and extortion by milder people than me. The shareholders of Inco are being extorted. (read ??????politics) (you put your word in here)

The tax grants are the short term hook for the long term power contract. If the smelter is built it will be the most strike ridden and most inefficient operation just like the ones in the countries emerging from the iron curtain. The borders go but the mentality sticks. Such is Canada or at least Nfld.

And yes, in law, Inco's financial interest is in the ownership of another company and it means dick with respect to the ownership or ownership rights to the nickle in the ground.

I'll say it one more time. If Inco had the legal right to mine the deposit without a gov't permit they would be mining it today. THe deposit makes Inco the lowest cost producer of nickle in the world. The gov't will give Inco the permit if it commits to a long term power and labor agreement. Ed, do you get it?

I'll buy the round but you owe it to yourself to understand the issues here. As a former person from a country with these policies you must not confuse Liberal with the right thing to do.
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