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To: Golconda who wrote (59196)	1/21/2005 2:35:36 AM
From: Taikun	Respond to of 74559

Golconda, Thanks for that. In the most recent report I could find on the Angle Pacific website I see a NAV of 50m pounds, across 88m FD shares, 57 pence per share. This may be stale (they do not post NAV as some do), and often organizations like these trade at a discount to NAV. I shall tell you why owning GCE.TO, PVM.V or WTN.V offers the prospect for outsized gains. If you look at the PE for FDG, the only CDN coal royalty trust at present, you'll see the high PE afforded these. Similar companies in a non-trust format will maybe get a PE of 8-15 vs 57 for FDG. (It is therefore due to the expectation of this gain that I elect to invest directly, since upon conversion to a trust one would need to own the units. GCE, PVM and WTN have all discussed the possibility of converting to a trust. That means the upside performance range is much higher, and instead of a target PE of 8-15, you can start to project 8-57 as a trust. (Trusts are typically valued on CFPS and yield) You can see how owning a portfolio of these could afford outsized gains if even just one trusted and the other three offered only gains up to a PE of 8. Anglo would give upside on WTN if it trusted, though. David

To: Golconda who wrote (59196)	1/21/2005 4:55:31 AM
From: elmatador	Respond to of 74559

Out of the grey area: Heineken in talks to take over China’s Kingway By Financial Times reporters Published: January 21 2005 07:33 \| Last updated: January 21 2005 07:33 Heineken, the Dutch brewer, is in talks to buy a controlling stake in China’s Kingway Brewery, as it seeks to catch up with Anheuser-Busch and other international competitors to expand in the world’s biggest beer market. news.ft.com

To: Golconda who wrote (59196)	1/22/2005 6:54:36 PM
From: Taikun	Respond to of 74559

Re: Cambrian Mining/Western Canadian Western Canadian Gets Funding as Key Wolverine Permit Granted By Stephen Clayson 20 Jan 2005 at 10:34 AM EST LONDON (ResourceInvestor.com) -- A brace of developments have put the spotlight on Toronto venture and London alternative listed coal miner Western Canadian [WTN]. Critically, the company has confirmed that its environmental study has been approved for its Wolverine group of properties in British Columbia. The environmental permit allows the production of 1.6mt/yr of metallurgical coal from the Perry Creek and EB open pit properties at Wolverine over eleven years of operation, and its granting is ‘the major hurdle’ on the way toward production, according to Western Canadian CFO, Fausto Taddei. Perry Creek open pit is scheduled to enter production in the first quarter of 2007, subject to the award of a mining permit, which is likely to be during the first quarter and is usually granted pro forma. Following the granting of the mining permit eighteen months will be required for the construction of a coal preparation plant and rail terminus at Perry Creek with a capacity of 2.4mt/yr. The plant’s capacity will be increasable to 3mt/yr and Western Canadian estimates construction capital requirement at around C$180m. Western Canadian intends to gradually ramp up the production of the Wolverine group to around from Perry Creek’s open pit output of 1.6mt/yr to 3mt/yr by utilising additional reserves; the EB, Hermann, and Perry Creek underground deposits. The company has around 250mt of coal reserves under development, divided into three property groups; Wolverine, Brazion, and Belcourt, each of which encompass a number of separate but geographically proximate deposits. Western Canadian hopes to have 5mt/yr coal in production from its entire portfolio of British Columbian properties by the end of 2009. In order to partially fund the development of Perry Creek, Western Canadian is undertaking a private placement at $6.10 per unit, which constitutes one common share and one half common share purchase warrant, to gross a sum of around C$100m. The exercise price of one whole warrant is to be C$7, and will allow the bearer to purchase one common share for a period of one year following the date of issue. Western Canadian expects the placement to close by the ninth of next month. Once arranged the funding will give the company extra gravitas when negotiating with potential customers as well as facilitating development. Western Canadian’s only currently producing asset is the Dillon mine at Burnt River, part of the Brazion property group. Dillon is permitted to produce only around 500,000t/yr, and this, according Taddei, is the company’s ‘major constraint’ at present, as it would like to sell more coal this year and the next than the output of Dillon allows. Taddei says that the company is applying to get the mining permit’s quantity expanded, possibly to 7-800,000t/yr, but that will be the limit. The next major producing asset is likely to be the Perry Creek open pit at Wolverine in 2007. Wolverine and Brazion are Western Canadian’s most advanced asset groups, having passed the feasibility stage and awaiting permitting and construction by the company. Concerning the Belcourt group, Western Canadian signed in November of last year a letter of intent to form an equal joint venture with Northern Energy & Mining to develop Belcourt in conjunction with Northern’s Saxon property. The joint venture will spend C$20m updating feasibilities across both property groups before establishing a 6-10mt/yr operation. Western Canadian is engaged in a six year 3mt purchase agreement with steel company POSCO of South Korea, which has yet to begin in earnest but will do so later in the year. The shipments will eventually constitute output from Perry Creek and Burnt River, but in the near term will be fulfilled with output from Dillon. In the meantime, trial shipments continue to POSCO, as well as to a ‘major European steel producer’, Baosteel of China, and to a number of Japanese mills that may yet turn into long term contracts, according to Taddei. The Wolverine plant will of course cost around C$180m to construct, versus C$100m from the private placing with a modicum more likely to be realised from the exercise of associated warrants, so to make up the deficit Taddei says that the company has instructed BNP Paribas out of New York to raise project finance, which is expected to be in place by Q3 of this year. Western Canadian’s CFO says that the company is unlikely to undertake a public listing in the imminent future, given that the fundraising in progress should see it through to production at Perry Creek in 2007 and the revenues that this event will bring. London’s Cambrian Mining [CBM] is Western Canadian’s largest shareholder at a current holding of 48%, and Cambrian will subscribe for a tranche of up to C$20m of the placing, though this will still dilute its holding to a maximum of 41.9%. To fund its purchase of Western Canadian units, Cambrian will undertake a £12m placing of its own, at a per unit price of 200p. These units will similarly consist of one ordinary share and one half ordinary share purchase warrant, and are being issued at a discount to Cambrian’s current AIM trading price. < Back Respond to this story >