Here You go,
Aber Resources Ltd -
Forbes says timing of production may be good
Aber Resources Ltd
ABZ
Shares issued 45,502,883
1998-11-30 close $6.95
Tuesday Dec 1 1998
See Dia Met Minerals Ltd (DMM.B) In the News
Forbes magazine says in its Dec. 14, 1998 issue that Dia Met Minerals and
Aber Resources should have no trouble selling their diamonds once their
respective mines in the Northwest Territories are in full production and
revenues begin. Reporter Benjamin Fulford says Dia Met's newly opened
Ekati mine and Aber's nearby Diavik mine, due to begin operations in 2002,
may meet dwindling production from competitors. Mr. Fulford quotes a De
Beers spokesman as saying some of Australia's and South Africa's mines are
closing, Russia's require new investment, while production from Angola and
the Congo have been disrupted by war. Asian demand is down, however. In
the generally upbeat report, Forbes quotes a Merrill Lynch analyst Michael
Curran as saying Aber shares are cheap. At $5.30 a share, buying Aber is the
equivalent of buying rough diamonds for $21 a carat; the average value of the
mines proven reserves is double that. As for Dia Met, Forbes seems more
interested in promoter Chuck Fipke's storied tale of his 1990-91 discovery than
in the economics of his mine. Forbes pegs his wealth at $240-million (U.S.).
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