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I thought this could be of interest to some. I have no affiliation but just
a subscriber who has taken selected recommendations of my choosing.
Sincerely,
John
-------- Original Message --------
Subject: Tiny 34c mining stock set to blast off
From: "Rim of Fire" <rof@xxxxxxxxxxxxxx>
Date: Wed, March 3, 2004 10:39 pm
To: jvc689@xxxxxxx
===================================================
Rim of Fire March 5, 2004
Investment Alert
===================================================
Tiny, 34-cent mining stock
about to blast off, as
wave of metal-hungry
Chinese investors rush in
Last year, China's booming economy
consumed 36% of the world's steel,
30% of the world's coal, and half
the world's cement. China's copper
imports were up 15%, and its nickel
imports more than doubled.
Now it's getting harder to expand
commodities supplies much further.
But any slow-down in growth of this
vital flow of raw materials ... and
China's booming economy could hit a
brick wall. To avoid this, Beijing
is taking billions of dollars from
its bulging foreign currency reserves
and going out to buy up mineral-rich
companies abroad.
I've already got my eye on one
of the early targets of the Chinese
spending spree. Buy the stock now,
and I think you could easily make
four to five times your money ...
The alarm bells are going off in Beijing. To stay
in power, the Communist leadership must deliver
rising standards of living that depend on robust
economic growth. And now that growth is
increasingly in peril.
The reason is simple. These days, it's getting
harder and harder for the critical flow of raw
materials, on which China's burgeoning factories
depend, to keep up with demand.
Already, six Chinese copper smelters have
curtailed production since November. Stainless
steel makers in China can no longer afford the
nickel they need and are looking for cheaper
substitutes. And dozens of Chinese steel mills,
metals refineries, and processing companies are
desperately scouring global markets for raw
materials to keep their businesses running.
This mad scramble for commodities has China
hungrily eyeing undeveloped minerals deposits in
resource-rich, neighboring countries.
Among them, Indonesia, Malaysia, and the
Philippines all boast significant natural
resources. But they don't trust the Chinese, and
they're unlikely to ever open their doors to big
Chinese investments.
That's leading China to direct its investments to
other, smaller nations. A key target is Papua New
Guinea (PNG).
This wild and rugged South Pacific nation sits
smack-bang on top of the Ring of Fire, the fault-
line in the earth's crust which surrounds the
Pacific basin. As a result of all the volcanic and
seismic activity, it's one of the most resource-
rich countries in the world.
Many world-class minerals deposits have been
discovered in PNG. But few local companies in this
impoverished country have the money to develop
their finds. Traditionally, that role fell to
Australian mining companies, which were very active
there.
Indeed, until it gained its independence in 1975,
PNG was an Australian colony. But during the
1990s, amid low world commodity prices, most of the
big Aussie mining companies retreated from PNG,
turning their backs on dozens of world-class
deposits that to this day lie undeveloped.
Now, with the strong upturn in global commodity
prices on the back of surging Chinese demand, PNG
is again emerging as a highly attractive investment
destination for mining firms.
Coming in to fill the vacuum the Aussies left
behind are a whole new wave of deep-pocketed
foreign investors. The Chinese are leading the
pack.
Just 3 weeks ago the state-owned China
Metallurgical Construction Company (CMCC) inked a
deal for a potential US$650 million investment to
develop PNG's largest nickel deposit.
As Chinese money starts pouring into PNG, I think
the country is going to see an economic
renaissance. After decades of obscurity, this far-
flung South Pacific country suddenly finds itself
sitting on rich deposits of many of the commodities
the world badly wants.
But most investors can't even find PNG on a map,
and those that can, still regard it as a basket-
case. As a result, you can scoop up shares in the
country's best mining and oil exploration companies
for just pennies on the dollar.
Get in now before Wall Street catches on, and I
think you can expect to bank 300% to 400% profits
over the next 2 to 3 years.
The single best mining
stock to own as Chinese
money pours into PNG
Highlands Pacific (Australian Stock Exchange:
HIG; US OTC: HILPCF) is a gold, copper, nickel,
and cobalt mining exploration company based in PNG.
Its major projects include the Ramu nickel
venture, the Kainantu gold project, and the Freida
River copper and gold project (which is a joint
venture with Noranda of Canada).
Three weeks ago on a state visit to Beijing,
PNG's prime minister, Sir Michael Somare, inked a
deal with the CMCC to develop and operate Highlands
Pacific's Ramu nickel deposit.
CMCC is going to wind up taking an 85% stake in
Ramu, in return for putting up all the money to
build the mine and bring it into production. A
detailed feasibility study by US mining
construction firm Fluor Daniel put the total cost
at about US$650 million.
Once the mine is up and running, it should
produce 33,000 tons of nickel and 3,000 tons of
cobalt a year for a minimum of 20 years. Highlands
Pacific will be entitled to 8.5625% of that output
initially, worth about US$59.5 million a year on
current prices. And, once CMCC has recovered all
its development costs from its 85% share of the
mine's output, it will transfer a further 2.85%
stake to Highlands.
While not finalized yet, this joint venture
agreement between Highlands and the CMCC looks to
be a win / win deal for all parties concerned. But
even without the influx of Chinese money,
Highlands' stock is about to take off, as its first
big gold project comes on stream.
115,000 ounces of
annual gold production
about to fill Highlands
Pacific's coffers with cash
All the debt and equity finance for the company's
Kainantu gold project was raised some time ago and
construction is now well underway.
Kainantu encompasses three exploration licenses
covering about 102 square miles adjacent to the
Lae--Madang highway, approximately 112 miles north-
west of the industrial and port city of Lae in
eastern Papua New Guinea.
At present, total reserves amount to an estimated
1.24 million ounces of gold. But this number is
likely to climb substantially as further
exploratory drilling takes place. Beyond that,
there are possibilities for new gold discoveries
surrounding the mine, and elsewhere on the
extensive tenements surrounding Kainantu.
The first gold production should hit the market
early in 2005, after which I'm expecting output to
climb rapidly to 115,000 ounces a year.
The budgeted production costs for the mine are
US$108 per ounce of gold, plus US$28 an ounce for
freight, insurance, and handling charges. The
output will be trucked to the port of Lae and then
shipped to a refiner and smelter in Japan.
At current gold prices of US$396 an ounce, that
implies a gross profit of about US$30 million a
year. Allowing for other running expenses, I
estimate that Highlands Pacific's stock is
currently trading on a forward P/E multiple of
under 10x earnings from the Kainantu project alone.
Compare that to the average North American gold
exploration company, which sells for north of 30x
earnings, on average, and it's easy to see the
potential for Highlands Pacific's shares to climb.
But as I've already explained, the Kainantu gold
project is really only one small part of this
company's vast resource base ...
Buy now, and pay only
0.4 cents for each
dollar's worth of
metal in the ground
In addition to the nickel and gold projects I've
already told you about, Highlands Pacific has the
Freida River gold and copper project, as well as 12
more fully owned exploration licenses throughout
PNG. That makes it a highly attractive prospective
partner for any Chinese company looking to form
joint ventures in PNG to secure minerals supplies
for the future.
Of course, it will take a bunch of deals like the
Ramu nickel investment in order for Highlands to
fully realize its future potential. But I have to
tell you, when I look at the company's incredible
resource base, it absolutely gives me goose bumps.
The company is sitting on:
* 11.3 million ounces of gold
(potential value of US$4.5 billion at
today's prices);
* 2.2 billion pounds of nickel
(potential value of US$14.9 billion);
* 216 million pounds of cobalt
(potential value of US$6.5 billion); and
* 11.3 billion pounds of copper
(potential value of US$15.1 billion).
For a tiny, 34-cents-a-share company with a total
current stock market capitalization of under US$150
million, that's an awful lot of metal resources.
Sum it all up and if you buy shares now it works
out that you're paying just 0.366 cents on the
dollar for the metals resources that Highlands
controls. I'm willing to bet there are more than a
few bean counters in Beijing salivating over these
numbers.
Put another way, it's like:
* buying gold for US$1.46 an ounce,
versus the current spot price of US$396 an
ounce;
* buying nickel for US$54 a ton, versus
a current spot price of US$14,870; or
* buying copper, which currently sells
for US$2,948 a ton, for under US$10.80.
Make up to 17 times
your initial investment
Based on the above analysis, it's easy to see how
undervalued Highlands Pacific is in absolute terms.
But the true measure of Highlands Pacific's value
is the incredible bargain it offers relative to
other mining stocks.
Take Lihir Gold, another PNG gold mining company
that's 16%-owned by mining giant Rio Tinto.
Lihir's single operating gold mine on Lihir Island
in PNG is inside the dome of a "not quite extinct"
volcano!
Mining is conducted at high temperatures, and
below the level of the surrounding sea, which is
only 500 feet away in parts -- making the mine
extremely difficult to operate and vulnerable to
accidents.
Yet, Lihir Gold has a current stock market value
of about US$24.71 per ounce of gold resources.
That's 17 times as much as the US$1.46 per ounce
(after including the value of its other metals)
that the market currently values Highlands Pacific
at!
In other words, Highlands Pacific could climb 17-
fold from present levels and still not be over-
valued relative to other companies in its peer
group. That's the kind of upside I absolutely love
to see.
Highlands Pacific shares are already starting to
rise. And there's no doubt in my mind that the
moment Highlands Pacific becomes a producing mining
company early next year it'll trigger a whole new
wave of investor interest. I want you to start
building your position now, before that happens.
So, call your broker today and scoop some
Highlands Pacific shares now while they're still
selling for peanuts. Highlands Pacific trades on
the ASX in Sydney, Australia (symbol: HIG; recent
price: A$0.44 = US$0.34) and on the OTC market in
the US (symbol: HILPF).
For more information visit:
www.highlandspacific.com. Or, contact the company
at: info@xxxxxxxxxxxxxxxxxxxxx
I'm adding Highlands Pacific to the Rim of Fire
Model Portfolio with a 5% weighting.
New percentages (including the effect of stop
orders triggered since the last issue) are as
follows: 3% Sherritt, 8% ATK, 9% Lukoil, 1.5%
Mobile Telesys, 3% Globe Telecom, 8% Invision, 5%
Zimplats, 5% Golden Telecom, 5% Bonlac Notes, 5%
WMC, 3% Telkom Indonesia, 5% Implats, 5% Noble
Group, 3% Kinross Gold, 3% Fujian Zijin Mining, 5%
Gold Bullion Coins, 5% Neptune Orient Lines, 5%
Randgold & Exploration, 5% Highlands Pacific, 8.5%
cash.
Buy-and-Hold Portfolio: 10% Expeditors
International, 90% cash.
===================================================
Brokers who can
buy Highlands Pacific
Shares for you on the
Australian Stock Exchange
If you need an account with a broker who can deal
in shares not listed on US stock exchanges, any of
the four brokers listed below should be able to
help you.
I'd like to state for the record that no one
associated with the Rim of Fire Investment Alert
accepts any kick-backs for steering you toward any
particular broker. These are just the names of
four brokers we know can buy overseas-listed shares
for you.
1. Tricom Equities,
Level 9, Exchange House,
10 Bridge Street,
Sydney, NSW 2000,
Australia.
Contact Name: Greg Chalom;
Tel: (+61)-2-9210-7865;
Fax: (+61)-2-9251-6331;
E-mail: greg.chalom@xxxxxxxxxxxxx
2. Mutual Securities,
952 Jefferson St.,
Napa, CA 94559,
USA.
Contact Name: Klaus Foetzschk;
Tel: (+1)-707-226-8530;
Fax: (+1)-707-226-8864;
E-mail: Foetzschk@xxxxxxx
3. Mansion House Securities,
37A Bank of China Tower,
1 Garden Road,
Central, Hong Kong SAR,
People's Republic of China.
Contact Name: Kitty Chan;
Tel: (+852)-2843-1456;
Fax: (+852)-2845-9036;
(Initial Deposit HK$10,000).
4. Man Financial, Inc.,
440 South LaSalle Street, 20th Floor,
Chicago, IL 60605,
USA.
Contact Name: Scott Kashian;
Tel: (+1)-800-560-5850;
Fax: (+1)-312-902-6834;
E-mail: skashian@xxxxxxxxxxxxxxxx
===================================================
Rim Company News
261% profits in Mobile
Telesys and still
no end in sight!
Your shares in Mobile Telesys (NYSE: MBT),
Russia's leading mobile phone company, continue to
blast up, just as I predicted.
Among the positive developments driving the share
price higher this month, Mobile Telesys announced
that it is buying more high-growth wireless network
assets in the relatively untapped Russian regional
markets.
On February 17, Mobile Telesys received licenses
to operate in another 11 regions of Russia, getting
access to a further 14.3 million potential cell
phone customers. This leaves only two regions
where it isn't operating, one of which is war-torn
Chechnya. MTS's Moscow license, which was due to
expire later this year, was also extended until
2008.
This news alone was enough to ignite a fresh
rally in the share price. But now, British mobile
phone giant Vodafone is on the prowl for
acquisitions in Russia and Eastern Europe. Both
Mobile Telesys and its main competitor in Russia,
Vimpelcom, have been singled out as possible
targets. You're already sitting on 261% profits on
your remaining MTS shares. Hang on to them.
Should a bidding war erupt for MTS, there's no
telling how high they could go.
Neptune Orient Lines
stages spectacular
earnings turnaround
Neptune Orient Lines (Singapore Stock Exchange:
NEPS; US OTC ADR: NPTOY), one of my two
recommendations last issue for you to cash in on
the mountains of goods being shipped in and out of
China, has just released its 2003 results.
As I expected, they were spectacular. Revenues
jumped 19%, and profits rose to a record US$428.8
million, representing a massive turnaround from
2002's US$330 million loss.
But based on these results, the stock is still
selling for only about 4.2x trailing earnings.
That is a truly extraordinary bargain. But it gets
better. Largely as a result of China's burgeoning
overseas trade, NOL expects still higher profits in
2004.
Shipping volumes are up, freight rates are
rising, and management continues to extract cost
savings from the business. As a result, profits
are at record levels and going higher.
On my latest estimates, the stock is trading for
just 3.6x expected 2004 earnings. Obviously, that
means I am still a rampant bull on this one!
If you didn't buy NOL when I first recommended it
last month, go ahead and buy some shares now. The
stock trades both on the Singapore Stock Exchange,
and in ADR form on the OTC market in the US (symbol
NPTOY).
Profits triple at WMC Resources
WMC Resources (NYSE: WMR) -- the Aussie nickel
mining company making a fortune selling metals to
China's booming steel and construction industries
-- reported a better than three-fold increase in
net profits for the full year ended December 31.
This was the year that the company's turn-around
came to fruition, so the result was admittedly off
a low base. However, I expect net profits to
double again this year to half a billion Aussie
dollars.
Along with the results announcement, WMC
Resources also declared a dividend of 6 Aussie
cents a share, payable on April 15. The resumption
of dividend payments is another healthy sign that
management feels the balance sheet has been
sufficiently strengthened after the losses
experienced in 2002.
Going forward, I expect trading conditions for
WMC to only get better. Prices for its main
products, nickel and copper, remain very strong.
And the outlook for continued demand growth, par-
ticularly from China, is robust.
You have 56% gains so far on your WMC Resources
shares. I expect you'll have triple-digit profits
before the year is out. So, hang on for that.
56% profits taken in Randgold
The ongoing correction in gold and gold stocks
finally triggered my trailing stop instruction on
Randgold Resources (US OTC: GOLD) -- which was to
sell on any close below US$19.90. As a result, it
exited the model portfolio with 56% profits.
That's a great result, but the key question now
is: where to for Randgold Resources from here,
and, should we get back into the stock?
Going forward, Randgold Resources remains a
highly exciting junior gold story. They've got
bundles of cash to fund the extensive drilling
program they have scheduled for this year in Mali,
Senegal, Ivory Coast, and Tanzania. And they'll
still have plenty of money left over to pay for
their new, 200,000-ounce-a-year mine at Loulo in
Mali, which just got the board's go-ahead for
development.
But the bad news is that production at the
company's flagship Morila mine fell well short of
expectations in the last half of 2003, and gold
output this year again looks like coming nowhere
near the bumper levels seen in the first half of
2003, when the mine was really humming.
For now, I think the best approach is to stay out
of Randgold Resources itself, and instead just hold
shares in Randgold & Exploration (US OTC: RANGY).
This is the holding company that owns a 42.9% stake
in Randgold Resources, but which is valued by the
stock market at tens of millions of dollars less
than that stake is worth.
By owning RANGY, you will retain exposure to
future upside in GOLD's stock, but at a lower entry
price than you'd achieve by buying back GOLD shares
now.
Plus, with shares in Randgold & Exploration, you
are exposed to more potential exploration success,
via the extensive minerals exploration rights held
by its subsidiary, Minrico.
For instance, Minrico is currently drilling for
platinum group metals in South Africa's rich
Bushveld mining district. And more exploration
is planned throughout the year, which you wouldn't
be exposed to via a shareholding in Randgold
Resources alone.
If you own RANGY, please keep your shares. And,
if you haven't yet bought it, now's a perfect time
to get in.
Profits hit record highs at
Expeditors International
Who said long-term buy-and-hold stocks were
boring?
Freight forwarding powerhouse, Expeditors
International (US OTC: EXPD), which is a great
way to cash in on booming demand for exports from
Asian companies to US markets, has continued its
exceptional long-term track record of uninterrupted
earnings growth.
The company recently announced that its net
profit grew to US$122 million in 2003, from
US$112.5 million in 2002. Earnings per share were
US$1.12, up from US$1.03. Now it looks like Wall
Street, late as usual, is also jumping on the
bandwagon. One of the big investment banks -- JP
Morgan Chase -- just issued an upgrade on the
stock.
In their report, they pointed out the exact same
things I did in your January issue of Rim of Fire
Investment Alert -- namely, that China's booming
two-way trade with the rest of the world is
creating huge business for companies such as
Expeditors. Cargo volume at Hong Kong airport, for
example, one of the largest transshipment points
for high-end goods moving into and out of China,
was up 14% in December from a year earlier.
Expeditors International is a stock I think you
can safely hold onto for decades to come. So far,
it's up only 1% since my recommendation. If you
haven't yet bought shares, it's not too late to get
on board.
Invision Technologies
up 41% and climbing
Invision Technologies (US OTC: INVN), the
leading maker of bomb-detection equipment used at
airports the world over, was another company to
report results recently. For the last 3 months of
2004, its earnings per share hit 34 cents, versus
the average expectation on Wall Street of 30 cents
per share.
Overall for the year 2003, Invision made US$3.10
a share, leaving the stock still trading at a
modest 11.3x earnings.
As I told you last issue, Invision's overseas
orders -- including one from China -- are also
starting to pick up nicely, which could provide an
added earnings impetus for 2004 and beyond.
You have 41% gains on your shares in Invision so
far. Hang on, they're going higher.
Telkom Indonesia is
up 35%, but it's only
just getting started
Telkom Indonesia (NYSE: TLK) is the number one
phone company in the world's fourth most populous
nation, Indonesia. I recommended it as a sure-fire
winner to cash in on the enormous wave of growth in
the Indonesian telecommunications market.
The stock's up 32% from my first recommendation
back in September 2003. But the company's long
growth boom is still only just getting started.
Mobile phone ownership levels among Indonesia's
212 million people, at only 6.6%, are still way
lower than in similar Asian countries, such as
Thailand, Malaysia and the Philippines.
Just one in 15 Indonesians has a cell phone.
Compare that to nearly one in three in the
Philippines -- where incomes are similar -- and
it's easy to see the growth potential for Telkom.
The Indonesian market could expand five-fold
before even catching up to the Philippines. And
compared with Singapore, where mobile phone
penetration is 84%, the room for growth is even
more mind-boggling.
Please continue holding your Telkom shares.
They've got a lot further to go up.
Golden Telecom up 25% and rising
Golden Telecom (US OTC: GLDN) has been climbing
nicely of late, and you're sitting on up to 25%
profits since my initial recommendation in July
last year.
Giving the stock a further shot in the arm this
week was bullish news that the Russian internet
market grew by 40% in 2003 to 5.9 million "active
users" -- defined as those who go online at least
once a week.
If you expand that definition to count all those
who surf the web at least once a month, Russia had
10 million internet users in 2003. This number is
expected to grow by another 50% to 15 million in
2004.
Golden Telecom, via its Russia Online internet
service, you will recall, is the number one dial-up
internet service provider in Russia. In 2003,
800,000 new dial-up users signed up Russia-wide.
And, as I expect the market to continue to grow
rapidly, with another 1,000,000 users likely to go
sign up this year, I remain very positive on the
prospects for Golden Telecom's internet business.
Keep your Golden Telecom shares. They're going
much higher.
Time to add to your
position in Kinross Gold
Kinross Gold (NYSE: KGC) is down about 10% since
I first recommended it. But I'm still very bullish
on this company. Kinross just announced its
results for 2003, and posted good numbers as
expected.
Earnings for the fourth quarter came in at 9
cents a share, more than offsetting the accumulated
losses for the first three quarters and putting the
company back in the black for the full year, with
earnings per share of 6 cents.
This completes the return to profitability I had
been looking for. Indeed, I recommended Kinross
precisely because it is a relatively high-cost,
North American producer that had been losing money
at lower gold prices. This is the very reason it
offers some of the best leverage in the gold mining
sector to rising gold prices going forward.
Kinross also reported a 7.5% increase in its
proven and probable gold reserves to 14.1 million
ounces, as well as a 19% hike in its silver
reserves to 38.6 million ounces. Silver prices are
outpacing gold at the moment, so this is yet
another reason why I'm bullish on future prospects
for the stock.
The company also ended 2003 in a very strong
financial position. For example, it has almost
completely eliminated long-term debt, and had
$245.8 million in cash on the balance sheet as of
December 31. Importantly, the company also remains
almost completely unhedged, with just 2% of its
reserves sold forward. By 2005 this will drop to
zero.
Bottom line: if you don't yet own shares in
Kinross Gold, buy some today. And if you already
have some shares, keep them. I remain highly
confident in this company's future prospects.
Stopped out of Compudyne
with 5.4% profits
If you followed my trading instructions on the
back page of your last Rim of Fire issue, you'll
have got stopped out of Compudyne (US OTC: CDCY),
the maker of anti-terrorist building materials and
safety barriers, such as blast-proof doors and
windows, and vehicle bollards.
Compudyne's earnings results disappointed the
market and knocked the stock down 20%. As a
result, you should have exited the position at the
open on Monday, February 22, for a modest 5.4%
profit.
I'm not going to recommend getting back in. In
spite of a solid increase in the Attack Protection
division, which makes all manner of anti-terrorism
equipment and building materials -- Compudyne's
overall order backlogs shrank.
Moreover, management confessed that although
they're still expecting some big new orders from
the US State Department, and the US Military, these
orders are likely to come too late to have any
impact on 2004 results.
That means we'd be waiting until 2005 to see the
bottom line getting a boost. As a result, I think
there are better places to invest, rather than
having dead money in Compudyne.
Dividends and stock splits
Globe Telecom (PSE: GLO), the number one cell
phone company in the Philippines, will pay a
dividend of 18 Philippine pesos per share on
March 15. If you were a shareholder of record on
February 13, you will be entitled to receive the
dividend. Please check with your broker.
Including this dividend, if you're a long-time
subscriber holding Globe Telecom shares, you have
profits of up to 71%. Keep holding for more.
Impala Platinum (US OTC: IMPUY) recently split
its American Depository Receipts (ADRs) 2-for-1.
So, if you own IMPUY, you will now have twice as
many ADRs in your account as you did initially.
Implats' ADR is currently up 3% since my initial
recommendation in last October's issue. That's
peanuts compared to what I think you'll make long-
term. So, keep your position.
As I wrote in the Flash Alert I sent you on
February 23, in the wake of its spectacular results
for 2003 Noble Group (Singapore Stock Exchange:
NOBG; US OTC: NOBGF), also announced a planned
4-for-1 stock split. Dates have yet to be
confirmed.
[Portfolio Omitted --
please see
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account the investment objectives, financial
situation, or particular needs of any particular
person. Accordingly, before acting on any of the
recommendations herein, you must first make certain
they are appropriate to your specific investment
needs, objectives, or financial circumstances.
ROF International, Inc. is a publishing company,
not an investment management firm. To avoid any
possible conflict of interest, we neither accept
client funds for investment, nor execute trading
instructions on behalf of clients. All orders to
buy or sell securities mentioned in this
publication should only be made with a duly
registered broker/dealer. The Editor, Publisher,
and directors of Rim of Fire Investment Alert
flatly promise no front-running. If any of us has
a long-standing position in one of these
securities, we're not going to sell it so we can
recommend it to you. We'll keep it and disclose
it. If we don't, we will not put one on right
before you. Instead, we'll wait for you. We won't
put on a new position until at least three days
after our recommendation to you is mailed. Any
staff member we find violating this policy will be
immediately fired. Copyright c 2004 by ROF
International, Inc. All rights reserved. Executive
Editor: Bob Czeschin. Director of Research: Tim
Staermose. Bob Czeschin has a long-standing
position in Bonlac Notes. Tim Staermose has long-
standing positions in Bonlac Notes and Zimplats.
===================================================
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