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Gold/Mining/Energy : International Precious Metals (IPMCF) -- Ignore unavailable to you. Want to Upgrade?

To: Dave Bissett who wrote (29474)	12/24/1997 8:30:00 AM
From: Walt Holberg	Read Replies (3) \| Respond to of 35569

All: Dec 21 front page NY Times, with color photos yet, First Move Made to Mine Riches of Seabed. The story covers how Australians have claimed 2000 sq miles in territorial waters off Papua New Guinea containing the richest volcanic deposits ever found at sea. 26% zinc, 15% copper, several oz/t of silver and about 1 oz/t of gold. Nautilus Minerals Corp. of Papua New Guinea was given title. It is run by Australian business men working with Australian Gov't scientists. They intend to take several 10,000 ton hauls within two years and mine commercially within 5 yrs. The advent of new technology makes this possible: robots, sonars and giant claws. The company's chairman, Geoff Louden, who lives in London, said "This is an industry that's going to turn conventional on-shore mining into a dinosaur." Mr. Louden is the one who developed the Lihir open pit mine in Papua New Guinea, which is "rapidly becoming one of the world's top gold producers." Dr. Charles Morgan of the Underwater Mining Institute, based at the U. of Hawai, said that the New Guinea lode "appeared very rich and large. . . . if the deposits are there, I think it's going to be very competitive with land mines." There are MAJOR environmental concerns here, the article points out, and permit hurdles to be overcome, but the metals are there in high conentration. I suggest IPM/Bateman get their new tech butts in gear. The world isn't sitting around waiting only for desert dirts to replace conventional mines. Best of the Holiday Season to all. May we mine on the moon in '98. Walt