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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Handshake™ who wrote (14401)	5/27/1999 9:05:00 PM
From: Handshake™	Respond to of 25548

from the Rio Tinto annual meeting I have highlighted something that I believe most majors have adopted, so lets see who is really hungry!!! ''For Rio Tinto, these high standards and operational efficiencies go hand in hand. So, we have also renewed our efforts to improve efficiency throughout our businesses. In this, too, we are receiving great cooperation at all levels. We know we must be pre-eminent in all aspects of revenue enhancement if we are to continue to succeed. The current focus of our work is not only on further operational cost savings but also on capital efficiency. ''Capital efficiency applies not only to the major projects but also to the many smaller, locally approved items. Sustaining capital expenditure accounts for around one half of our annual capital spend. We expect to see reductions in this by applying sound financial rigour across all projects. ''Work continues on large capital projects, such as Palabora's underground mine and the new mining plant at Richards Bay in South Africa. In addition, studies continue on Comalco's Alumina Project, the Diavik diamond mine in Canada, and the Escondida Phase 4 expansion in Chile. ''Capital expenditure fell back to 1.2 billion dollars in 1998 and it will be lower again in the current year, as we strive for greater efficiencies. You can rest assured, though, that we shall not fail to continue to invest appropriately to enhance the long term value and high standards of our business. ''To sum up: we have made lasting efficiency and productivity gains. Our organisational structure is giving this fresh impetus. Our rigorous attention to both cost and capital efficiencies remains undiminished. In short, we are ensuring that the world class operations for which Rio Tinto is renowned will continue to flourish whatever the future holds in store.''