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Gold/Mining/Energy : Canmine resources -- Ignore unavailable to you. Want to Upgrade?

To: dave brown who wrote (1864)	9/12/1999 8:16:00 AM
From: Ralph Kern	Read Replies (1) \| Respond to of 2769

Dave could you post the bid-ask information for Canmine? Thanks.

To: dave brown who wrote (1864)	9/12/1999 8:55:00 AM
From: Marshhawk	Read Replies (1) \| Respond to of 2769

Dave, maybe we can agree that Bettman is a jerk. Anyhow, INCO up 246% this year, and at 52 week high. CMR as we speak up 196% and not at 52 week high. Inco is old, and some feel that their deposits are old, worn out and deep and that is the reason they paid 4.3 bil for VB. INCO for whatever reason, sat on the likely extension of the Thompson Belt for 35 years. Currently they are heading into a strike to squeeze the last little bit out of their unionized work force, a strategy which may work and which may backfire. It is interesting that when Ni was at 1.75 per lb, INCO would not close operations as they were afraid of losing customers to WMC, Falco. However, now that Ni is 3.20, approx., they have no fear of losing customers. Thus their calculus is obviously that they have more Ni in warehouse than miners have ability to hold out. They may have miscalculated. If my assumption is correct about Thompson going dry, maybe they want a strike to preserve what little ore they have until they can get VB off the ground. Of course, as noted, this appears to be Inco's time as a financial instrument, if not as a mining instrument. Ni prices are up, and as the mutual funds look to get base metal exposure they will go into Inco. The question of course, is not what has happened but what will happen. What if the miners stay out longer than anyone could foretell? What if INCO can squeeze no more out of labor costs? What if VB is fantastic, but is found to contain 50 mil tonnes of economically recoverable ore, rather than the 100 mil they will need to cover 4.3 bil expense? What if BINCO pans out, is an elephant, and makes VB unfeasible to mine? What are the odds of any of the above options? Anyone's guess, but just as INCO seems to be the slam dunk investment choice today, I doubt it will seem that way in 6 months. Will post more later on INCO long term debt structure.