Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA) -- Ignore unavailable to you. Want to Upgrade?

To: Jesse who wrote (6367)	10/20/1998 8:13:00 PM
From: Jesse	Read Replies (1) \| Respond to of 7966

FYI, G&M article re. the coming onstream of Canada's diamond mine, and, DeBeers misinformation . . . theglobeandmail.com - wherein, it's stated, What to do with all those diamonds Tuesday, October 20, 1998 MATHEW INGRAM - - BUSINESS WEST Calgary -- Canada's first diamond mine, the Ekati mine in the Northwest Territories, has started production -- the final vindication for Charles Fipke, the Kelowna, B.C.-based geologist who discovered the deposit and was ridiculed as a crank. But with demand for diamonds at its lowest level in a decade, the massive De Beers diamond cartel may have the last laugh. ...BHP has said it initially plans to market all its diamonds itself, but "discussions are continuing" with De Beers about taking some of the gems. ...BHP has also said it has no intention of selling its interest in the Ekati mine, but admits that it is reviewing its global assets as part of an overall financial restructuring. Rumours of a sale were fuelled recently when the head of BHP's World Mineral Group, which includes its Canadian assets, stepped down and no replacement was named. Last week, CIBC World Markets analyst Jack Jones told a conference in Perth, Australia, that a sale of BHP's stake in Ekati could be imminent, and said potential buyers would include De Beers and Rio Tinto. *Ashton Mining's acting chief executive officer Douglas Bailey said recently that his company would also be interested in buying Ekati. / / / *[Ashton Canada's parent co.] = = = = = = = = = = = Also, Cdn Biz article: Dia Met Minerals Ltd - Canadian Business ponders diamond price war Dia Met Minerals Ltd DMM.B Shares issued 21,973,496 1998-10-19 close $21.1 Tuesday Oct 20 1998 Canadian Business magazine says in its Oct. 30 issue that while diamond mine buffs were whooping it up in the Northwest Territories this month when Canada's first diamond mine officially opened, a global recession has already caused a severe slump in diamond sales. Writer Peter Verburg asks if this could be the beginning of the world's first diamond price war. Mr. Verburg says that with a worldwide recession looming, this could be the worst time in more than half a century to launch a diamond mine. De Beers would like to market Ekati's diamonds so it can control the flow from the mine. The Central Selling Organization of De Beers, however, is likely to get first crack at no more than 35 per cent of Canada's production, according to Chuck Fipke. Mr. Fipke says that Ekati has no plans to stockpile its diamonds in a market downturn. To negate the impact of Canadian production, De Beers may have to buy the stones on the open market, at a premium, and stockpile them, or slow down production at its own mines in South Africa. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com - - - - - - - - - - - - - Canadian Business Mag. online: canbus.com ============== ============== - One thing, be wary of the DeBeers propaganda machino! Adios, -j :>