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

To: Amit Ghate who wrote (1895)	9/15/1999 9:28:00 AM
From: Marshhawk	Read Replies (1) \| Respond to of 2769

The morning post: Preston Bulong has had $185 million in senior debt due 2008, downgraded by Moody's, affirmed as B by S&P, but outlook by S&P changed from stable to negative. "The project has experienced start up delays and problems which are not unexpected in a mining operation using new technologies, however these have weakened its flexibility to deal with future delays or unexpected costs." Cawse looking for a partner to raise $1 bil Oz to fund expansion. Billiton/QNI looking for ni ore for it's Queensland smelter, so apparently South Pacific (Phillipines, New Caledonia) supply iffy (not to mention Queensland). Ni inventories below 49 kt in London. I am suffering from such a case of cognitive dissonance that I think I should give up, have some electroconvulsant therapy and get a lifetime supply of paxil. All 3 Oz projects are overdue and overcost and as a result have ratings downgrades, eg, increased cost of capital [as if 12.5% wasn't bad enough]. The solution? Borrow 3-4 times as much for phase II projects, finance by selling your power plant. Even the big Canadian banks starting to decrease VB projections. Ni shortage seems to be worsening, Billiton/QNI looking for ore and CMR seems to be sitting on a modest North American Ni body (if not 1 modest and 1 big) and modest financing requirements hung up. [Dave, while I realize you would like to hold the ECT paddles for me, my guess is that they announce partial funding and complete refinery deal this fall] These are the times that try men's [bulls] souls.