Out-of-work miners ready to deal
Feb 27 2001 12:56 PM EST
MONTREAL - Out of work miners at the McWatters gold mine near Val d'Or, Que. may be ready to make concessions to help reopen the company's Sigma-Lamaque operation.
Union leader hinting that members ready to make concessions and get back to work
Radio Canada is reporting that union leader Denis Lévesque is hinting that his members may be ready to accept the status quo in upcoming contract talks.
McWatters Mining Inc. shut down the gold mine earlier this month, leaving 120 miners out of a job. The company says $40 million in outstanding loans forced its closure.
Workers remain on the job at McWatters' Kiena Mine operation, but just for the next three months at which time the operation will be reviewed.
McWatters is Canada's eighth largest gold producer.
Sat 2/24/01 Black gold rush is on
By: JAY BRYAN
A century after the Klondike gold rush brought a flood of treasure seekers to Canada's north, a new rush for treasure is headed north, this time for the black gold found in the oil sands of Alberta.
Ironically, the potential of the vast tracts of sticky, oil-saturated sand that cover much of northern Alberta was accurately predicted even before the 1896 gold rush.
Fri 2/16/01 7:32 AM Gold miner's investors get the shaft
By: FRANCOIS SHALOM
Shares of McWatters Mining Inc. took a pasting yesterday and credit-rating agency Standard & Poor's further downgraded the company's debt one day after the gold producer sought bankruptcy protection.
But company president Claire Derome maintained in an interview that the gold-mining firm was only going through a "short-term liquidity crisis and a temporary lack of capital to do the things we need to do."
Thu 2/15/01 6:53 AM McWatters seeks protection
By: FRANCOIS SHALOM
McWatters Mining Inc. filed for bankruptcy protection late yesterday, one day before the gold-mining firm has to repay an undisclosed amount to creditors.
Earlier in the day, McWatters had announced it was ceasing operations at one of its two mines, Sigma-Lamaque, laying off 120 people.
Wednesday June 23, 1999 #902
Michael was also be introducing Stephen Pugh and Eugenia Sakell, founders of the Canadian Scholarship Trust Plan (CSTP)![[Version en français]](http://www.Wednesday-Night.com/images/fr.gif) which offers parents a unique and attractive savings vehicle for their children’s post-secondary education. The Plan benefits from a federal government educational tax shelter in which the government provides a contribution of $0.20 for every dollar participants save in a registered education savings plan (RESP).
Eugenia and Stephen’s company has been in business for 11 years and is the largest and oldest in the business.
Wednesday Night #902
June 16, 1999
"Diamonds are Forever. Gold is not." Diana T.N.
On Wednesday, June 16th, we returned to matters financial, economic and investorial as Michael Judson
Michael also introduced Eugenia Sakell, who with her husband Stephen Pugh founded the Canadian Scholarship Trust Plan (CSTP) which offers parents a unique and attractive savings vehicle for their children's post-secondary education. Eugenia and Stephen's company has been in business for 11 years and is the largest and oldest in the business.
The session opened with a brief rundown on the advantages of RESPs, Registered Education Savings Plans, encouraged by a 20% matching contribution by the federal government, thus ensuring that no participating child who qualifies for a post-secondary education is deprived of the opportunity because of a lack of funds. Eugenia noted that RESPs are not limited to parents, but may be established by any individual in favour of a child.
Rosemary Christensen and James Hess joined the Wednesday Night circle for the first time. Rosemary established her reputation in the financing of Canadian films in the heyday of special tax credits for investments in that industry, she and Jim , who is a mining analyst and expert, are partners….
Marie Thérèse Belmont, recently returned after an 18-month sojourn in France spoke of her project to bring closure to the Battle of the Plains of Abraham. She plans to bring the descendants of Generals Wolfe and Montcalm to Québec in September for the 140th anniversary of the battle. Forewarning quote "I have no money to pay for help!"
896 5 May Yugoslavia Kosovo
In the absence of our acknowledged expert on Yugoslavia who is currently carrying out a project in Macedonia with Sécor, the Kosovo debate was limited to some conjecture regarding the latest diplomatic problems, notably the Russian takeover of the Pristina airport and the pronouncements of President Clinton and other leaders that there will be no reconstruction Serbia until Milosevic is gone.
Misha writes [899] that the project in Macedonia entails much work and that the weather is incredibly hot. He should return to Montreal quite soon.
- Did we do the right thing by bombing?
Probably. This is a new type of precision bombing. Taking into account the difficulty of the territory and of identifying the combattants, there was probably no
other way. Although it was a NATO exercise, it was only the Americans who had the advanced technology to undertake precision bombings, or to use hackers to
disrupt computer-run defence systems. [Misha wites for us]
- With all the wars going on all over the world, what are the criteria for the point at which the United States gets involved? Altruism?
Probably not. They were already in ex-Yugoslavia in other sectors. The question really is, "how far do you go?"
It depends partly on the U.S. President's motivation and what Congress will allow him to do. The current President appears to be an opportunist, relying on public opinion polls. United States intervention appears to be more a function of self-interest and location, than it is of such criteria as number of Europeans killed.
The Market:
To understand Alan Greenspan's actions one has to be aware of his background. He is not a banker, but a "Street Man". As a gradualist, his interventions have been so conservative as to prevent any sudden larger interest rate increases that might unintentionally burst the bubble. The quarter percent increase was necessary to return the market to normal after having been discounted a quarter percent.
Where is the market going?
The U.S. market will correct and we will go down with it, but the decline in Canada will be slower and the recovery faster. It appears certain that the return in the market in the next few years will not be as great as it has been in recent years.
Advice in to-day's market:
"When you see a trough, be wise. Take advantage of
overlooked possibilities ... Engage in sleuth work,
research, missed opportunities ... In a downturn in the
market, there are opportunities."
Gold vs. Diamonds as an Investment
Diamonds are very compact and portable. They are often used to bypass capital export restrictions in countries under stress and in distress. The DeBeers cartel ensures the orderly marketing of diamonds, protecting the investor against wild market fluctuations. The Russians who have not joined DeBeers, have considerable potential wealth in diamonds which they are unable to market.
Gold is universally recognized as a medium of exchange, even outside the money economy. Gold tends to move with inflation, but what happens if inflation is indeed dead? When central banks stop selling, the price will increase to between $250 and $300 per ounce, according to some, although Stehen Poloz believes that even at $250-$260 it is pricey. The trend line will meet when the price is at $185.
As gold is neither created nor destroyed, the total amount of gold in the ground and above ground has never varied. Unlike other commodities whose prices have dropped in the hundred years between 1870 and 1970, gold prices have remained a function of inflation over the years; one ounce of gold has remained as the value of twenty barrels of oil over the years. Its non-varying value makes it a good hedge against inflation, despite the fact that the price of gold peaked in 1988 at $144 in to-day's terms. (Note: the cost of lifting gold determines the market price)
Three billion ounces of gold have been mined since the beginning of time. Central banks hold about ten percent of production (about 35, 000 tons). Some question whether gold reserves are necessary in today's economies. Each year 24,500 tons are produced and 36,000 tons are consumed; as we are not replacing the inventory, the world is now running out.
Although by far the greatest proportion of gold produced today is sold as jewelry, it is now being used in the manufacture of electronics. Gold used in this manner can be recovered only at considerable cost and with difficulty.
NEXT WEDNESDAY/MERCREDI PROCHAIN
As the discussion concluded, David and Diana confirmed that next Wednesday, June 23rd, it is their intention to invite attendees to spend the first part of the evening in a "mercredi soir champêtre" in Westmount Park to enjoy the (first ever) Westmount celebration of the Fête de Saint Jean Baptiste, including the lighting of the traditional bonfire. Please see ous on #903 in the park a shound read before Wednesday
Notes by Herbert Bercovitch
Edited by Diana Thébaud Nicholson
If you have nothing to do do see ours on Quebec's Office de la Langue Francaise's jokes
© 1996 David T. Nicholson Please phone (514)934-0023
 Please e-mail us your thoughts.
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