ZINC The base metal. News and Views. Symbol Zn Message Board

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Gold/Mining/Energy : ZINC The base metal. News and Views. Symbol Zn

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To: Claude Cormier who wrote (123)	2/24/1999 9:41:00 AM
From: jack hampton	Read Replies (1) of 3270

Pasminco cautious on prices MELBOURNE, Australia, Feb. 24 (Reuters) -- The world's largest zinc producer, Pasminco Ltd., said Wednesday it was cautiously optimistic about zinc prices. David Stewart, Pasminco's managing director and chief executive, said the U.S. and European markets remained strong and there were signs that Asia had bottomed. "While we certaintly aren't bullish about the remainder of this year, we are cautiously optimistic," he said at a briefing on the company's half-year profits to Dec. 31. "We are north of $1,000 at the moment, and we would be hopeful that would be maintained," Stewart said. Pasminco said the company's break-even zinc price had fallen to $958 per metric tonne, down from $998 per tonne a year ago. The company is aiming for a break-even level of $850 a tonne in the next two to three years. "We set ourselves a target below what zinc has ever averaged to make sure we are profitable throughout the zinc price cycle," Stewart said.

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