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Non-Tech : Le coin des francophones -- Ignore unavailable to you. Want to Upgrade?

To: faro who wrote (5066)	10/8/1999 9:32:00 AM
From: AriKirA	Respond to of 77509

Globe says Cambior slide continues Cambior Inc CBJ Shares issued 72,890,161 Oct 7 close $2.53 Fri 8 Oct 99 In the News The Globe and Mail reports in its Friday, Oct. 8, edition that Cambior's suffering shares fell for a third day as frustrated analysts advised investors to either dump the stock or at least avoid buying it until the gold miner discloses more details of its ill-timed hedging strategy. The Globe's Andrew Bell writes that Deutsche Bank Securities is advising investors to "steer clear" of Cambior. Merrill Lynch Securities changed Cambior's rating to "reduce" from "neutral." RBC Dominion did a complete turnaround changing its rating from "strong buy" to "sell." Cambior said Wednesday it had sold call options giving holders the right to buy 921,000 ounces of gold from it at an average of only $287 (U.S.) an ounce during 1999. That amount of gold represents about 18 months of production for Cambior. Gold closed yesterday in New York down $1.70 to $322.80. If Cambior were obliged to go into the market and buy 921,000 ounces at that price and then sell the bullion for only $287 to holders of call options, it would be looking at a loss of $35.80 an ounce or about $33-million. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com