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To: Tommaso who wrote (133708)	11/9/2001 12:22:40 PM
From: Lucretius	Respond to of 436258

swc is palladium not plat... i wouldn't touch it. too gdp sensitive... depends on auto manuf. impay is south african

To: Tommaso who wrote (133708)	11/9/2001 12:36:51 PM
From: Mark Adams	Read Replies (1) \| Respond to of 436258

T, I took some notes when I listened to the last SWC conf call. These were just macro impressions- your mileage may vary.... A structural shift may have occurred in electronics permanently depressing that soruce of PGMs demand (typically used in capacitors by the likes of KEM/VSH/AVX if memory serves)- perfected using silver nickel and copper now. Capitalized Development costs require a profitable forward operating environment to recover. 200M of a 250M credit facility drawn down, with some restrictions on the remaining balance. Floor pricing- production is hedged with floor pricing going forward- see 10K for full details. 100% of Palladium avg 363 but realized will be higher as long as spot exceeds 225. 96% of Platinum avg 404, higher if spot exceeds 363. May not be cash flow positive at floor pricing. FWIW