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Gold/Mining/Energy : Copper - analysis -- Ignore unavailable to you. Want to Upgrade?

To: RagTimeBand who wrote (43)	4/30/1998 1:19:00 PM
From: RagTimeBand	Read Replies (1) \| Respond to of 2131

Peru mulls new copper tender postponement biz.yahoo.com Wednesday April 29, 12:39 am Eastern Time LIMA, April 28 (Reuters) - Peru is considering a further postponement of the privatization tender for its Michiquillay copper deposit due to weak metals prices, a privatization official said Tuesday. ''There is still no decision, but the way things are, it would seem that we're going to postpone again,'' Manuel Guzman, coordinator of state-owned Minero Peru's privatization committee, told Reuters. ''The bidders are copper producers and they have been affected by the fall in the price of the metal, so it would be difficult for them to take on another project,'' he said. Minero Peru has fixed a base price of $40 million for Michiquillay, which has been due to be tendered May 19 since the tender on the previous date, February 24, was postponed. The Michiquillay deposit, in the northern Peruvian department of Cajamarca, has estimated ore reserves of 544 million tonnes, graded at 0.7 percent copper, with a bonus of 0.1-0.5 grams of gold and 0.5-5.0 grams of silver a tonne, according to Minero Peru. The following 16 companies from the United States, Canada, Australia, Switzerland, South Africa, Sweden and Peru have qualified to bid for Michiquillay: -Asarco (AR - news) -Cyprus Amax Minerals (CYM - news) -Doe Run Corp. -Noranda (NOR.TO - news) -Cominco (CLT.TO - news) -Cambior (CBJ.TO - news) -Teck Corp.n (TEKa.TO - news) -Broken Hill Proprietary (BHP.AX) -North Limited (NBH.AX) -RGC Limited (RGC.AX) -Minorco (MNOR.LU) -Glencore Group -Boliden (BOL.TO - news) -Compana de Minas Buenaventura <BUEt.LM (BVN - news) -Newcrest Mining Ltd (NCM.AX) -BHP Group (BHP.AX)