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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (11582)	4/9/2004 9:42:55 AM
From: Wyätt Gwyön	Read Replies (2) \| Respond to of 110194

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To: russwinter who wrote (11582)	4/9/2004 10:09:20 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 110194

thanks russ, I would not argue that the price of copper will fall substantially but level of for a while as I think that more supply will come to the market. There are many small mines that above certain price levels start to be profitable and they add up. Further keep in mind that EZ is not in a recovery mode yet and I suspect that the US consumer will slow down. Both events will lower the economic expansion in Asia the main consumer of pent up demand of commodities. I do believe that food related commodities will continue to rise due to the improved standard of living in Asia and world wide population growth

To: russwinter who wrote (11582)	4/9/2004 11:06:29 AM
From: philv	Read Replies (1) \| Respond to of 110194

Just to support your statements about the cost of mine development, PDG with its partners just released an update regarding their copper/gold project in Chile. The new figure is 1.65 billion, up from 1.43 billion. Financing this is a challenge, and Placer is considering a seperate entity just for this project. This is a huge project, over 20 million ounces of gold (inferred) and 5 billion pounds of copper. Even with these numbers, it is a long term challenge to bring this to production. "Once Placer Dome determines that the project is financeable on the terms contemplated by the shareholders agreement, Placer Dome is required to arrange $1.3-billion in financing, including contributing $200-million in equity on behalf of all shareholders, and provide a precompletion guarantee for an amount not greater than $1.1-billion in senior loans. The senior loans are required to be an amount that is not less than 50 per cent of the initial project capital requirements. Any capital requirements exceeding $1.3-billion of the financing provided or arranged by Placer Dome are financed pro rata by the joint venture participants."