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Microcap & Penny Stocks : ICVI (now MTEI) -- Ignore unavailable to you. Want to Upgrade?

To: AF who wrote (9669)	6/8/1998 1:45:00 PM
From: Richard Pleski	Read Replies (4) \| Respond to of 11850

I JUST HEARD- A $400 MILLION COAL DEAL! Wink Wink ;-p But not for this ICVI scam. Who would pay more than a penny for 5 stock salesmen with a bunch of unimproved raw land. Monday June 8, 11:07 am Eastern Time Company Press Release Rio Tinto to Purchase $400 Million Powder River Basin Coal Mine LONDON--(BUSINESS WIRE)--June 8, 1998--Rio Tinto plc (NYSE:RTP - news) announced that its wholly owned US subsidiary, Kennecott Energy, is to buy Kerr- McGee Corporation's Jacobs Ranch coal mine in the Powder River Basin of Wyoming. Jacobs Ranch is currently producing 24 million tons per year of steaming coal for the domestic US electricity generating market. The US$400 million acquisition will add another major low cost, low sulphur, open cut coal mine to Kennecott Energy's Powder River Basin portfolio. The purchase is expected to be completed following the receipt of relevant regulatory approvals, and will be effected through the Kennecott Energy and Coal Company in a transaction separate from the parallel sale by Kerr-McGee of its Galatia coal mine in Illinois to another buyer. Announcing the purchase agreement, Rio Tinto Energy Chief Executive, Mr. Leigh Clifford, said that Rio Tinto was attracted by both the quality of the Jacobs Ranch resource and the highly competitive performance of the operation. ''We see considerable value in acquiring highly productive, low sulphur operations like Jacobs Ranch. The mine's history of efficiency, safety, and environmental performance dovetail well with Kennecott Energy's work practices and philosophies,'' Mr. Clifford said. The Jacobs Ranch mine is located roughly 80 kilometers south-east of Gillette in Wyoming. Current lease reserves are 216 million tons of recoverable coal, with further potential leaseable reserves in excess of 800 million tons of recoverable coal. The mine is permitted to produce up to 35 million tons per year. All of the 1998 coal production from the Jacobs Ranch mine is contracted to buyers, and this level of commitment will continue for two further years. Seventy per cent of mine production is committed for sale to 2003. Mr Greg Boyce, Kennecott Energy's President and Chief Executive Officer, said that Kennecott Energy would now focus on ways to add value to Jacobs Ranch through exploiting synergies with Kennecott's existing operations, using technology to improve the efficiency of the operation and expanding its reserves as a step to increasing its production. ''Given the dramatic changes in the electricity utility industry in the United States today, this acquisition will enhance Kennecott Energy's ability to meet customer's growing demand for low sulphur, Powder River Basin coal,'' Mr. Boyce said. Contact: RIO TINTO Peter Darling, Media Relations 011-44-171-753-2355 or Gavin Anderson & Company Jason Kendy 212-373-0200