News zu Cambior - 500 Beiträge pro Seite

[Sovereign]

Cambior posts second-quarter loss of $3.1 million
(UPDATE: All figures in U.S. unless noted.)

MONTREAL, July 27 (Reuters) - Cambior Inc. (Toronto:CBJ.TO - news), the struggling Canadian gold miner that was forced to undergo a major financial restructuring, posted a second quarter loss on Thursday but said it appeared to be on track to meet its debt commitments.

Cambior said it had a net loss of $3.1 million, or 5 cents per share, for the period ended June 30, on total revenues of $55.7 million. That compares with a profit of $100,000, or nil, a year earlier, on revenues of $57.0 million.

Cambior said revenues and earnings before interest, tax, depreciation and amortization declined from the previous year due to a lower realised gold price of $324 per ounce, compared with $370 an ounce in the same period of 1999. The company noted gold production rose 6.5 percent to 158,300 ounces for the quarter, up from 148,600 ounces, and said direct mining costs fell 6.3 percent to $209 per ounce from $223 in the corresponding quarter a year earlier.

Cambior ran into financial difficulties last year after it revealed it had hedged a significant portion of its gold production at $318 an ounce. The revelation came during a sharp rally that pushed gold prices above $330 and eventually forced the company to begin to sell non-gold assets in an attempt to pay down debts. On Thursday, Cambior said it had managed to repay $75 million related to its credit facility and was on schedule to repay or refinance the balance of its loan by December 31.

Cambior shares closed down 1 Canadian cent at 59 Canadian cents on the Toronto Stock Exchange.

($1 equals $1.47 Canadian)

Ich habe mir die Zahlen genauer angeschaut und muß sagen, daß der Verlust größtenteils auf Effekte der Stichtagsbewertung des mark to market value des hedge books zurückzuführen ist.
Entscheidend ist, daß genug cash flow erwirtschaftet wird, um die Schulden zu bedienen (ist erfüllt) und daß das hedge book sukzessive abgebaut wird (aktuell 1,47 Mio. Oz forwards und 0,78 Mio. Oz calls). Cambior hat es schon soweit restrukturiert, daß nur noch bei einem Goldanstieg über 350 $ in 2001 Verluste auftreten werden.

Fazit: Cambior ist zwar nach wie vor hochspekulativ, doch ich bleibe investiert und bin optimistisch, daß das Management auch die verbleibenden Probleme bereinigen wird.

Gruß

Sovereign

[Sovereign]

Ein weiterer Mosaikstein auf dem Weg zur Restrukturierung der Schulden:

Press Release

SOURCE: Cambior Inc.

Cambior Inc. - All amounts are expressed in US
dollars - Cambior Has Concluded an Agreement with a Third Party for
the Sale of La Granja

MONTREAL, Sept. 15 /CNW-PRN/ - In conjunction with the press release issued yesterday announcing that Empresa
Minera Del Peru S.A. (``Minero Peru``) launched a public call for bids on an option to purchase Minero Peru`s royalty interest
in the La Granja Project, Cambior is pleased to announce today that a third party has committed to submit a bid that meets at
least Minero Peru`s minimum bid requirements and concluded an agreement with Cambior (the ``Cambior Agreement``) for the
sale of Cambior`s 100% interest in the La Granja property. Under the terms of the Cambior Agreement, the sale is expected to
result in the payment of net proceeds to Cambior in excess of $34 million and is subject to the aforementioned third party being
the winning bidder in addition to the usual conditions for transactions of this nature.

The bidding process will take place from September 18th, 2000 to November 16th, 2000. The receiving of envelopes and
granting of the Award by Minero Peru should then occur on November 17th, 2000 and the closing of the transaction between
all parties involved soon thereafter. This timetable is subject to amendments by the Peruvian authorities. In anticipation of this
process, Cambior has established a data room for the benefit of all bidders at the Project site.

The closing of this transaction, scheduled for the fourth quarter 2000, will allow Cambior to reduce its debt level to
approximately $128 million and greatly assist the Company in complying with its obligation to repay or refinance the balance of
its loan by December 31, 2000. While there can be no assurance in that respect, management is highly confident that the
Company will meet its financial obligation.

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the
Americas. Cambior`s shares trade on the Toronto and American (AMEX-NASDAQ) stock exchanges under the symbol
``CBJ``.

This press release contains certain ``forward-looking statements``, as defined in the United States Private Securities Litigation
Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such
risks and uncertainties include those disclosed under the heading ``Risk Factors`` in Cambior`s Annual Information Form (AIF)
filed with the Ontario Securities Commission, the Quebec Securities Commission, the United States Securities and Exchange
Commission (Form 40-F) and other regulatory authorities.

SOURCE: Cambior Inc.


Cambior notiert heute in Toronto mit plus 20%. Es ist zwar noch ein weiter Weg zu gehen, ich bleibe aber optimistisch, daß die Restrukturierung gelingt und gebe dieser Aktie auf Sicht von 2 Jahren eine 10000 % Chance.

@Goldhotline: Bezogen auf den gestrigen chat: Worauf gründet sich die Vermutung, daß Cambior zerschlagen wird.
Der Wert ist zwar m.E. hochspekulativ (bis zum möglichen Totalverlust), aber die Chancen übertreffen klar die Risiken.
Also bin ich nach wie vor bereit hier ein "Va Banque-Spiel" einzugehen, auch auf die Gefahr hin als Hasardeur zu gelten.

Gruß

Sovereign

[Sovereign]

Aktuell sind Cambior in Toronto 37 % im Plus (Totgesagte leben anscheinend doch länger)

@Goldhotline: Eine kleine Erwähnung dieser Tatsache im nächsten Tagesbericht würde mich freuen!
Braucht ja nicht zu positiv klingen (z.B. der Hoffnungswert Cambior hat sich um 37% erholt).

Schönes Wochenende miteinander!

Sovereign ;-)

[Sovereign]

Sorry, Tippfehler: Eine 10.000 % Chance ist doch zu optimistisch. Ich habe ein Kursziel von 5 Can-$ was immer noch einer 1000 % Chance entspricht.

[Sovereign]

Heute in Toronto schon wieder 30 % im Plus.
Langsam wittere ich bei diesem Wert Morgenluft. Es erscheint nun immer wahrscheinlicher, daß Cambior dem Teufel mal wieder von der Schippe gesprungen ist...

Gruß

Sovereign

[Sovereign]

Cambior hat gestern die 2000er Zahlen veröffentlicht. Bedingt durch eine Neubewertung der Goldreserven auf 300 $/Oz. ist ein signifikanter Verlust angefallen. Auf der operativen Ebene sieht es dagegen ungleich besser aus: Die cash costs sind im Begriff, die Schulden wurden in etwa halbiert und der cash flow sieht ebenfalls gut aus.
Das hedge book wurde per 31.12.2000 weiter zurückgefahren. Es hat nun den Anschein, daß Cambior selbst bei einem explodierenden Goldpreis keine hedge Probleme bekommt, da die Verpflichtungen der Jahre 2001 und 2002 (danach ist nur wenig gehedgt) mit Ach und Krach aus der laufenden Produktion bedient werden können.

Gruß

Sovereign

[Sovereign]

Cambior`s 2000 Year-End Results Impacted by Weakness in the Gold
Market All Amounts are Expressed in US Dollars
MONTREAL, March 22 /CNW/ - For the year ended December 31, 2000, revenues totaled $210.6 million compared to $229.0 million in 1999. The operating margin (EBITDA(1)) was $51.3 million (70 cents per share) as compared to $63.5 million (90 cents per share) in 1999. Revenues and EBITDA for 2000 were lower than in 1999 due to a lower realized gold price ($321 per ounce compared to $356 in 1999) but partially compensated by higher gold production from the Omai mine. These amounts include only gold and niobium activities and exclude the base metals sector, which is now accounted for as discontinued operations.
For the full year, cash flow from operating activities was $25.7 million (35 cents per share) compared to $11.0 million (16 cents per share) in 1999. Cash flow from operating activities in 2000 was affected by the payment of 1999 restructuring charges in the amount of $14.0 million and by significantly higher financial expenses. The amount in 1999 reflects the payment of restructuring charges of $35.3 million. For the fourth quarter of 2000, revenues totaled $52.9 million compared to $54.7 million in 1999. EBITDA totaled $10.9 million (14 cents per share) and cash flow from operating activities amounted to $3.7 million (5 cents per share). At the end of 2000, Cambior elected to use a long-term gold price of $300 per ounce to calculate its mineral reserves and to evaluate the book value of its property, plant, and equipment (compared to $325 used at the end of 1999), and determined that a $93.6 million asset writedown was required. The lower long-term gold price, a reduction in mineral reserves at Doyon, and the impact of increased fuel prices at Omai were the principal factors for this writedown. An unrealized gain on derivative instruments of $41.8 million in 2000 compared to a loss of $18.6 million in 1999 reflects a change in accounting policy on written call options and variable volume forward sales agreements. This change in accounting policy is fully described in Note 4 to the attached consolidated financial statements. Consequently, the net loss from continuing operations was $73.5 million ($1.01 per share) compared to a net loss of $181.4 million ($2.57 per share) in 1999. The net loss for the fourth quarter was $71.1 million (94 cents per share) compared to a net loss of $157.6 million ($2.23 per share) in the fourth quarter of 1999. A loss from discontinued operations in the amount of $8.1 million was incurred in 2000 compared to a loss of $192.2 million in 1999. On January 12, 2001, Cambior completed its financial restructuring with the simultaneous closing of a $65 million revised Credit Facility and a $55 million prepaid gold forward sale. The aggregate proceeds of the Credit Facility and the prepaid gold forward sale were used to refinance Cambior`s remaining bank debt. Taking into account the financial restructuring of January 2001, the Company`s debt, which stood at $214.4 million at the end of 1999, currently amounts to $68.2 million. The Company also has gold delivery obligations accounted for as deferred revenue, in the amount of $55.0 million, resulting from the prepaid gold forward sale. Shareholders` equity as at December 31, 2000, taking into account the asset writedown and the January 2001 private placement of $6.3 million from Jipangu Inc., amounts to $115 million or $1.27 (Cdn $1.90) per share. RESULTS FROM ONGOING OPERATIONS - GOLD AND NIOBIUM For 2000, Cambior produced 613,000 ounces of gold at an average direct mining cost of $217 per ounce, similar to 1999. During the fourth quarter, Cambior produced 154,600 ounces of gold at an average direct mining cost of $221 per ounce, slightly higher because of increased fuel costs. The OMAI mine performed well in 2000, producing 330,000 ounces of gold, an 8% increase over 1999. This improved performance was due to a higher grade and recovery rate as well as a slightly higher tonnage milled. The mill processed 7.9 million tonnes of ore (21,500 tonnes per day) at an average grade of 1.40 g Au/t, with the Fennell pit providing nearly 55% of the mill feed. The operating cost per tonne milled was $9.46 for 2000, similar to last year despite increased fuel costs of $7.2 million in 2000 over 1999. Due to higher tonnage milled and head grade, the direct mining cost per ounce was reduced to $226. For the fourth quarter, the tonnage milled was 2.0 million tonnes at an average grade of 1.45 g Au/t, producing 86,800 ounces of gold at an average direct mining cost of $9.97 per tonne or $231 per ounce. In 2001, the Omai mill is scheduled to process 7.8 million tonnes of ore grading 1.4 g Au/t at a recovery rate of 93% to produce 330,000 ounces of gold. The budgeted direct mining cost per ounce in 2001 is similar to the 2000 cost. In order to meet the 2001 mill feed requirement, 22.8 million tonnes will be mined, resulting in a stripping ratio of 3:1. The waste-to-ore ratio is estimated at 0.8:1 beyond 2001. The DOYON DIVISION produced 231,700 ounces of gold in 2000, 5% less than in 1999. During 2000, the mill processed 1,337,200 tonnes of ore (3,700 tonnes per day) at an average grade of 5.6 g Au/t, with nearly 70% of the mill feed coming from the West zone. The direct mining cost per ounce was $214. The decrease in production is due to lower grades. A change in the mining sequence and higher dilution factors in certain sectors of the mine contributed to the lower grade. For the fourth quarter, the tonnage milled totaled 333,000 tonnes at an average grade of 5.7 g Au/t, producing 58,700 ounces of gold at an average direct mining cost of $211 per ounce. In 2001, the Doyon Division is expected to process 1.36 million tonnes at a grade of 5.4 g Au/t, to produce 225,000 ounces of gold at an average direct mining cost of $215 per ounce. The total tonnage milled should include 1,127,000 tonnes at 6.3 g Au/t from the underground mines and some 230,000 tonnes at a grade of 1.0 g Au/t from the low grade surface stockpile. This was a record year for the SLEEPING GIANT MINE. Cambior`s share of gold production from the mine was 39,000 ounces, a 3% increase over the previous year, mainly due to a higher tonnage milled and better gold recoveries. The average head grade for the year was 11.1 g Au/t and the recovery rate was 98%. Direct mining costs were $179 per ounce in 2000.
Cambior`s share of gold production for the fourth quarter was 9,100 ounces at an average direct mining cost of $198 per ounce. In 2001, Cambior`s share of gold production is expected to be 31,500 ounces at a direct mining cost of $218 per ounce. The decrease in production will be due to lower tonnage milled and lower head grade. In 2000, Cambior`s share of production from the NIOBEC mine was 1,085 tonnes of niobium, slightly lower than the 1999 production due to lower grades and recoveries. The mill operated on a continuous basis during the year even though major construction work to expand the concentrator capacity was done simultaneously and there were two electrical hoist motor failures during the summer. Construction of the first 20% expansion phase was completed on schedule and under budget. With this expansion, 2001 production is expected to attain 1,430 tonnes of niobium. MINERAL RESERVES AND MINERAL RESOURCES The principal economic assumption used for the estimation of mineral reserves at 2000 year-end was a long-term gold price of $300 per ounce as opposed to $325 per ounce last year. Cambior`s proven and probable mineral reserves at the end of 2000 were 2.8 million ounces of gold contained, while measured and indicated mineral resources at mines and gold projects totaled more than 1.7 million ounces contained. A sensitivity analysis using a price of $275 per ounce indicated that the mineral reserves would fall 6% to 2.6 million ounces. The impact of a $275 gold price on the Doyon Division would result in a reduction in the order of 11%, while the impact on the Omai mine would result in a reduction of 2%. INVESTMENTS Capital expenditures decreased by 65% in 2000, with investments made mainly at Doyon ($10.7 million, including $6 million in deferred development and $2 million to complete the internal shaft at Mouska) and Omai ($8.8 million, almost all for deferred stripping). Investments for the fourth quarter of 2000 totaled $6.6 million and were principally focused at Doyon ($2.5 million) and Omai ($2.6 million).
Budgeted capital expenditures for 2001 are estimated at the same level as in 2000 and will be restricted to operating mines. At the Doyon Division, planned capital expenditures of $7.8 million will be mainly allocated to Doyon mine development above level 12 and the development of a drilling base at the Mouska mine to test the continuity of Zone 50 at depth. Planned capital expenditures of $10.8 million for Omai include $8.3 million for deferred stripping. The year 2001 will be the last year of deferred stripping expenses. For 2002 to 2004, the waste-to-ore ratio is expected to average 0.8:1, capital expenditures will average about $0.2 million per year and direct mining costs will fall to approximately $200 per ounce. In 2001, capital expenditures for the gold projects and remaining copper projects will be reduced to a strict minimum. Efforts will be made to sell the remaining copper projects during the next twelve months. Exploration expenditures for 2001 are estimated at $4.6 million and will be concentrated mostly around the Doyon and Sleeping Giant mines and on the possible western extension of the Wenot deposit at Omai. MARKETS AND HEDGING PROGRAM During 2000, gold markets traded within a range of $264 to $313 per ounce with an average price of $279 per ounce, unchanged from 1999. For 2000, Cambior`s gold hedging program generated an average realized price of $321 per ounce, a premium of $42 per ounce over the average market price, providing additional revenues of $26 million. For 1999, Cambior had a realized price of $356 per ounce compared to a market price of $279 per ounce, for a premium of $77 per ounce. As of December 31, 2000, Cambior`s gold hedges, after giving effect to the January 12, 2001 financial restructuring transactions, consisted of a total of 1.0 million ounces at an average price of $302 per ounce. These hedged positions include fixed forward contracts, the prepaid gold forward sale and the minimum quantity of the variable volume forward contracts. Additional contingent delivery commitments over seven years add up to 1.0 million ounces at $338 per ounce for which the final quantity will be based on the future spot price of gold. During the year, Cambior restructured, with no cash outlay, its variable volume forward contracts maturing from 2001 to 2007 by reducing the maximum commitment of gold from 200% to 150% of the nominal quantity. This restructuring and the impact of the January 12, 2001 financial transactions reduced the total delivery commitments under the variable volume forward contracts by 720,000 ounces. The estimated mark-to-market gain of Cambior`s total gold sales commitments as at December 31, 2000 is $9.6 million using a spot price of $273 per ounce and the market conditions prevailing at that date, compared to a mark-to-market loss of $55.4 million at the end of 1999. The revised Credit Facility and the prepaid gold forward sale signed on January 12, 2001, contains certain covenants, including a Mandatory Hedging Program. This Program provides that Cambior`s commitments to deliver gold will not, at anytime, exceed 90% of its total proven and probable reserves. It further requires that Cambior have hedges in place to cover a minimum of 70% of its forecasted loan life production in order to establish an average minimum gold price of $295 per ounce on all production, including the impact of the prepaid gold forward sale. This Program, which was required to be in place by March 31, 2001, has been subsequently amended to allow for the required hedges to be in place by September 30, 2001. Also, as part of the Mandatory Hedging Program, Cambior has the right to roll forward its contracts up to the final maturity date of the loan, and the hedging facility is not subject to margin calls. OUTLOOK Louis P. Gignac, President and Chief Executive Officer of Cambior, stated that "the Company is pleased to have finally completed its financial restructuring. After more than 15 months of sustained effort, the Company`s debt has been reduced by more than $100 million, and with the revised Credit Facility in place, interest expenses for 2001 will be less than half of what they were in 2000." "For 2001, we expect production of 585,000 ounces of gold at a direct mining cost of $215 per ounce. The Doyon Division and Omai mine together represent more than 90% of Cambior`s 2001 gold production target."
In the context of the current gold market, Cambior will concentrate all of its exploration efforts on producing properties. "We believe that these efforts will result in additional mineral reserves and increased asset value". Consequently, Cambior will launch a $4.6 million on-site exploration program focusing on extending known zones or discovering new zones at all of its gold producing properties. Furthermore, the joint venture partners in the Gross Rosebel project in Suriname will complete a final feasibility study in late 2001, that will focus exclusively on the soft rock scenario.

[Sovereign]

Cambior ist heute vom Handel ausgesetzt...
Entweder war meine Entscheidung letzte Woche wieder massiv in Cambior reinzugehen, er verdammt smarter oder ein verdammt dummer move...
Mal sehen, wie diese Nachrichten aussehen...(drückt mir die Daumen, der Wert hat eine 25 % Gewichtung in meinem Protfolio)

Gruß

Sovereign

Monday February 11, 9:32 am Eastern Time
Press Release
SOURCE: Cambior Inc.
via BCE Emergis e-News Services

Toronto Stock Exchange - Cambior Inc. - Trade Halt
Toronto, Ontario
MARKET SURVEILLANCE DIVISION MARKET REGULATION

The following issue(s) have been halted today:




Company Cambior Inc.

TSE Symbol CBJ

Reason Pending News

Halt Time Opening, Feb 11/02

###



SOURCE: Cambior Inc.

[Sovereign]

Im Gegensatz zu den Typen von Prudential die aktuell Goldminen bashen, gibt es scheinabr auch noch Institutionelle, die die Zeichen der Zeit erkannt haben und in Goldminen wie Cambior investieren!

Monday February 11, 10:31 am Eastern Time
Press Release
Cambior Announces a Special Warrant Offering of up to $30 Million
LONGUEUIL, QUEBEC--Cambior Inc. is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Sprott Securities Inc. and including National Bank Financial Inc. and Scotia Capital Inc., pursuant to which the underwriters have agreed to purchase 13,846,154 special warrants on an underwritten private placement basis, at a price of $1.30 per special warrant for gross proceeds to Cambior of $18 million. The underwriters have the option to purchase an additional 9,230,769 special warrants at $1.30 each at any time prior to the closing date for additional gross proceeds of $12 million. Each special warrant will entitle the holder to receive, without payment of any further consideration, one common share and one-half of one common share purchase warrant. Each whole warrant will be exercisable at a price of $1.70 for a period of 12 months from the closing date. In the event that Cambior does not obtain receipts for a final prospectus within 45 days of the closing date, each special warrant will entitle the holder to acquire 1.04 common shares and 0.52 warrant. The offering is scheduled to close on or about February 27, 2002 and is subject to certain conditions including, but not limited to, satisfactory due diligence and the receipt of all necessary approvals including the approval of The Toronto Stock Exchange.

Net proceeds from this offering will be added to the working capital of the Company. Louis P. Gignac, President and Chief Executive Officer, stated ``we are pleased with the confidence expressed by the underwriters in Cambior`s future prospects. This offering is part of our strategy to strengthen our financial position.``

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior`s shares trade on the Toronto (TSE) and American (AMEX) stock exchanges under the symbol ``CBJ``.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

[stoxxraider]

Hallo Sovereign,
Du bist ja immer noch am Ball! Schön. Wollte Dir nur mal kurz feedback geben, daß der Thread auch noch gelesen wird!!
Hab auch noch ne Portion Cambior, aber 25% nicht (soll ich mich deshalb ärgern oder freuen? wer weiss....) Ich drück uns jedenfalls die Daumen.

Viele Grüsse

[Sovereign]

Gut, daß sich außer mir auch noch andere Leute für Cambior interessieren.

Ich will den Wert eigentlich über einen längeren Zeitraum behalten. Da nun die Liquiditskrise überwunden ist und neue Projekte (Gros Rosebell Mine in Surinam) anstehen, will ich mich von keinem einzigen Stück trennen! Hoffentlich kommt niemand auf die Idee den Laden irgendwann mal aufzukaufen, da die Aktie immer noch massiv unterbewertet ist.

Eigentlich wollte ich immer mit Ashanti meine erste Mio. machen und mit Cambior die zweite...
Mal sehen, ob`s was wird (ich habe jedenfalls Zeit).

Gruß

Sovereign

[Saccard]

Hm, ist Cambior wirklich ein guter Kauf?

Market cap 80 Mio.
Verschuldungsgrad angeblich 55% (debt/equity).
Macht im ganzen so ca. 120 Mio.
Jetzt schlagen wir noch die sonstigen Schulden drauf (Hedge book usw., Sovereign müßte den genauen Wert kennen), nehmen wir mal als Gesamtbewertung 160 Mio. an.

Bei 4.5 Mio. oz Reserven und Ressourcen macht das dann so 35 $/oz, Gold Fields z.B. ebenfalls 35 $/oz.

Gold Fields hat dafür aber nur Reserven bewertet, Cambior auch die Ressourcen. Außerdem ist da ja noch das Hedge Book, dessen Wert wir berücksichtigt haben, der aber weiter ins Negative steigen wird.

In der Summe für mich kein eindeutiger Kauf. Mit Gold Fields kriegt man mehr Aufwärtspotential zum gleichen Preis. Dafür kann Cambior besser explorieren und hat durch die enormen Schulden mehr Hebeleffekte (da ja nur die Hälfte der Bewertung durch den Aktienpreis zustande kommt).

Ashanti sieht mir da schon interessanter aus...

Bei Miramar wird übrigens gerade über eine Fusion mit HBGC verhandelt, heraus käme ein unverschuldeter, ungehedgter Betrieb mit 2.6 mio. oz Ressourcen (nur Hope Bay) und 80 Mio. Börsenbewertung. Das sieht mir im Vergleich mit Cambior schon besser aus, aber wer weiß ob die Ressourcen jemals zu Reserven werden?

@Sovereign
Erinnerst du dich noch an Ranger? Tja, hätten sie ihre Mine behalten, wo wäre der Kurs wohl heute?

Gruß S.

[Sovereign]

@Saccard

"Erinnerst du dich noch an Ranger? Tja, hätten sie ihre Mine behalten, wo wäre der Kurs wohl heute?"

Klar! Die Aktien halte ich immer noch (und warte auf meine 0,9 Aus-$ Kapitalrückzahlung). Außerdem sollte man bedenken, daß Ranger den Verkauf der Damang-Mine nur über einen Teil cash abgewickelt hat (daneben gab`s auch noch 4 Mio. Reparde-Aktien und die sind auch mittlerweile ganz nett im Wert gestiegen).

"Bei Miramar wird übrigens gerade über eine Fusion mit HBGC verhandelt, heraus käme ein unverschuldeter, ungehedgter Betrieb mit 2.6 mio. oz Ressourcen (nur Hope Bay) und 80 Mio. Börsenbewertung." -- Cambior hält nebenbei bemerkt 10 % an Hope Bay...

"Bei 4.5 Mio. oz Reserven und Ressourcen macht das dann so 35 $/oz, Gold Fields z.B. ebenfalls 35 $/oz. "

Die wurden in den letzten Jahren massiv runtergewertet (auf einen Goldpreis von 275 $), andernfalls (d.h. bei 350 $ dürften da wohl eher 7 Mio. Oz stehen).

Übrigens, eine Mine hast Du vergessen: Den 50 %-Anteil Niobec-Mine (Niob wird u.a. als Legierung bei Stahl verwendet). Hier reichen die Reserven aktuell noch 16 Jahre und die Mine bring für Cambior einen jährlichen cash flow von 7 Mio. $...(also würde ich 30 Mio. $ als fairen Preis dafür ansetzen).

Das hedge book ist übrigens aktuell nicht neagtiv.

Wie gesagt: Cambior mag ne heiße Kiste sein, aber im Falle einer Goldrally werden die Goldfields auf jeden Fall outperformen

Gruß

Sovereign

[Saccard]

Gut, gekauft...

Diversifikation ist ja auch nicht schlecht.

Trotzdem glaube ich, daß Gold Fields stärker steigen wird (sehen wir mal von Hypes ab).

Gruß
S.

[Sovereign]

Cambior hat heute zum ersten Mal seit der hedge Krise Anfang 2000 die 1 $ in NY intraday berührt...Hoffentlich geht die come back story weiter


Symbol
Last Trade
Change
Volume
Related Information
CBJ
1:01pm
0.96
+0.12
+14.29%
101,000
Chart, Msgs, Profile, more...
CBJ.TO
1:07pm
1.54
+0.12
+8.45%
353,675
Chart, more..

[Saccard]

Hey, da liege ich ja schon gut im Plus.

Danek nochmal, Sovereign.

Leider ist es nur eien kleien Spielzeugposition.
Die einzige große Position, die ich besitze, ist bei den Nebenwerten Ranger. Ich werde Ranger vielleicht sogar noch aufstocken, weil mir Repadre extrem gut gefällt.

Bei allen tollen Unternehmen wie Miramar z.B. darf man nicht vergessen, daß eine neue Mine UNSUMMEN verschlingt. Da erscheint mir Repadre vergleichsweise (aufgrund des geringeren Risikos) noch einmal sehr billig bewertet zu sein.

Gruß,
S.

[Sovereign]

@Saccard

Viel Spaß mit Cambior! Dieser Wert wird uns beiden sicher noch Freude machen (wie gesagt, er ist mit 25 % Depotanteil mein zeitgrößter Wert nach Ashanti).

Ranger notiert heute ex Kapitalrückzahlung bei 0,50 Aus-$. Ich werde meine Aktien vorerst behalten (übrigens 1,5 mio. der 4 Mio. Repadre-Aktien hat Ranger zwischenzeitlich verkauft).

Zu Miramar: Schau Dir mal Hope Bay an: Auf diesem Umweg kann man auch in Miramar investieren (beide Firmen fusionieren in Kürze) und erhält als Zugabe noch Aktien vom Explorer "Ariane Gold" (tätig in Französisch Guyana).

Gruß

Sovereign

[Khampan]

Hallo,

Sovereign hatte recht, Cambior macht Freude.

Habe zwar keine News, aber mal einen Vergleich der 3 besten Minenwerte der letzten 3 Monate angestellt, soweit von mir beobachtet:
Kursänderung 1 Monat / 3 Monate
Nr. 1 Hecla: +97% / +207%
Nr. 2 Durban: +53% / +146%
Nr. 3 Cambior: +48% / +133%
(wer noch bessere hat, bitte melden)

Warum spricht niemand über Cambior?



Nachdem die 1$-Marke getestet war, bin ich vor ca 1 Monat eingestiegen und komme seitdem aus dem Staunen nicht mehr heraus.
Selbst ein lauer Tag wie heute bringt ein neues Jahreshoch 1,40 $. Keine Meldungen seit Wochen.

Ich weiß nur eins: immer dann wenn ich mal wo aussteige, geht der Anstieg erst richtig los (ich geb`s zu, das ist so ähnlich wie Jeffreys Horoskopgläubigkeit).
Also bleibe ich drin, nur wird mir leicht schwindlig.

Wer hat Tips, wohin die Reise geht?

Khampan

[Sovereign]

Ich für meinen Teil warte bei Cambior weiter ab.

Anno 2000, als wir bei 0,5 Can-$ standen, habe ich gesagt: 1000 % sind möglich.
Mein Kursziel ist demnach immer noch bei 5 Can-$, ist zwar noch ein weiter Weg, aber das wird schon (hoffe ich jedenfalls).

Als ich den Wert damals gekauft habe, war ich mir des exorbitanten Risikos bewußt, also müssen nun auch exorbitante Gewinne her

Darauf nen Malt!

Gruß

Sovereign

[Khampan]

@ Sovereign

danke für die Antwort.
5 CAD wären also 3,17 USD, fehlen noch 130 %.

Darauf trink ich auch nen Laphroaig (Lagavulin is alle).

Khampan

[Sovereign]

@Khampan

430 % hat der Wert schon gemacht....der Rest kommt schon noch
Da müssen sich meine Ashantis schon noch etwas anstrengen, um da mitzukommen

Gruß

Sovereign

P.S.: Laphroaig ist schon ein tolles Zeug. Probier mal den 10 years in cask strength aber ohne Wasser! Dazu ne anständige Montecristo und der Tag ist Dein Freund, egal was die Börse macht

[Der_Glueckliche]

Habe kürzlich in der Zeitung gelesen, universitäre Studie, Leute mit einem hohen Einkommen trinken mehr Alkohol. Ts, ts,ts. Vielleicht sollten wir im Interesse unserer Gesundheit mehr Geld verschenken?
Und was sollen wir bloß machen, wenn Gold bei 350 steht und unsere Minen sich verdoppelt haben? Wohin mit dem ganzen Geld?

[Sovereign]

@Der_Glückliche

Du hast Probleme....
Ein angenehmes Leben kostet nun mal, also ich hab kein Problem mit dem Ausgeben LOL
Über`s spenden können wir uns interhalten, wenn`s mir auf meiner zukünftigen Bahamas-Privatinsel zu langweilig wird...also guck so in 30 Jahren nochmal vorbei

Zum Malt: Wenn ich alle Single Malts Schottlands durchhabe (incl. der verbliebenden musealen Abfüllungen aus dem 19. Jahrhundert) können wir uns über`s abstinente Leben unterhalten (Wein und Zigarren zählen doch nicht, oder?)

Gruß

Sovereign

[Khampan]

@ Sovereign

cask strength - ist das sowas wie "vom Faß"?
Ich glaube dann verstehe ich was du meinst. Konnte neulich zum ersten Mal einen Ardbeg "non chill filtered" probieren (nicht kaufen), ich glaube das ist ein mindestens genauso wichtiger Punkt.
Schwer zu finden, das alles, und geht ganz schön ins Geld. Es gibt noch so viel zu investieren, da sehe ich genauso wenig wie du ein Problem.

Khampan

[Sovereign]

Ich habe heute die HV-Einladung von Cambior zusammen mit dem Geschäftsbericht 2001 mit der Post bekommen:
Der Bericht strahlt gegenüber den Vorjehren allein schon im Layout mehr Zuversicht aus (Covermotto: Rebuilding Value)

@Khampan: cash strength heißt in der Tat Faßstärke, beim Laphroaig 10 years sind das 57 % (pur zieht das richtig durch...LOL)

War der Ardbeg "non chill filtered" die 10 years Standardversion mit 46 % ? Das ist nämlich einer meiner Lieblings-Islays (ohne dabei Laphroaig, Lagavulin, Bowmore und den Rest der Bande herabwürdigen zu wollen )

Gruß

Sovereign

[Sovereign]

Ich habe heute die HV-Einladung von Cambior zusammen mit dem Geschäftsbericht 2001 mit der Post bekommen:
Der Bericht strahlt gegenüber den Vorjehren allein schon im Layout mehr Zuversicht aus (Covermotto: Rebuilding Value)

@Khampan: cash strength heißt in der Tat Faßstärke, beim Laphroaig 10 years sind das 57 % (pur zieht das richtig durch...LOL)

War der Ardbeg "non chill filtered" die 10 years Standardversion mit 46 % ? Das ist nämlich einer meiner Lieblings-Islays (ohne dabei Laphroaig, Lagavulin, Bowmore und den Rest der Bande herabwürdigen zu wollen )

Gruß

Sovereign

[Sovereign]

Cambior ist heute schon wieder 7 % gestiegen

Darauf einen Laphroaig....aber nur einen, da morgen ein Arbeitstag ist




Slainthe!

Sovereign

[Rigel]

Du hast wirklich Klasse, Sovereign!
Da muss ich neidlos passen.
Whisky ist mein Feld sowieso nicht.
Auf Dein erlauchtes Wohl gönne ich mir aber jetzt
ausnahmsweise einen Schluck ordinären "Glenmorangie",
denn für eine Flasche Lynch-Bages zur Feier des Tages
ist es nun eh zu spät.
Das scharfe schottische Zeug schlucke ich für gewöhnlich
als wirksame Medizin bei Magen- und Darmverstimmungen,
weniger zum reinen Genuss.
Uebrigens Dir als ausgepichten Liebhaber sollte
das einschlägige Mekka nicht unbekannt sein.
Im Hotel Waldhaus zu St.Moritz in der Schweiz werden
im Offenausschank rund 2500, im Verkauf mehr als
12000(!) von über 800 Sorten angeboten.
Auf Viceroy und Golden Star und eine robuste Leber, damit wir die Saccard`schen
8-Jahreszyklen im Gold bis 2020 voll mitnehmen können.

Rigel der Fünfte

[jeffery2]

@khampan, habe ich heute erst gelesen, na warte!!!
Egal ob´s die Sterne oder die "Shorties" sind, es steigt.
J2

[Sovereign]

@Rigel

Schon wieder ein bullisher Tag für Gold heute!

"Auf Viceroy und Golden Star!" Jo! Besonders erstgenannte ist heute schön abgegangen.

Wenn einem soviel Gutes wiederfährt (Gold > 310), das ist schon einen Laphroaig wert

Ach ja: Vom besagten Etablissement in St. Moritz hab ich schon gehört, war aalerdings noch nicht selbst zugegen. Ist von Kiel etwas zu weit, um bloß mal auf nen drink rüberzufahren

Slainthe!

Sovereign

[Sovereign]

In der Tat interessante News:


Tuesday April 30, 5:40 pm Eastern Time

Press Release

SOURCE: Cambior Inc.

Cambior Announces a Unit Offering of up to CDN $60
Million

LONGUEUIL, QUEBEC--Cambior Inc. is pleased to announce that it has entered into an agreement with a syndicate of
underwriters led by Sprott Securities Inc. and National Bank Financial Inc. and including Scotia Capital Inc. and Dundee Securities
Corporation, pursuant to which the underwriters have agreed to purchase 18,181,819 units ("Units") on a bought deal basis, at a
price of Cdn $2.20 per Unit for gross proceeds to Cambior of Cdn $40 million. The underwriters have the option to purchase an
additional 9,090,909 Units at Cdn $2.20 each at any time until two business days prior to the closing date for additional gross
proceeds of Cdn $20 million. Each Unit will consist of one common share and one-half of one common share purchase warrant.
Each whole warrant will be exercisable at a price of Cdn $3.00 for a period of 18 months from the closing date. The offering is
scheduled to close on or about May 24, 2002 and is subject to certain conditions including, but not limited to, satisfactory due
diligence and the receipt of all necessary approvals including the approval of The Toronto Stock Exchange.

USE OF PROCEEDS

A minimum of 50% of the gross proceeds of the Unit Offering shall be used by the Company to repay outstanding indebtedness of
the Company under its Seconded Amended and Restated Credit Facility Agreement (the "Credit Facility") dated as of December
14, 2000, as amended with a syndicate of lenders. The balance of the net proceeds will be added to the working capital of the
Company for general corporate purposes.

Furthermore, Cambior shall use its reasonable best efforts to renegotiate its hedge requirements under the Credit Facility and under
its prepaid gold forward agreement in order to permit the Company to reduce the amount of its hedged gold production to be not
more than 35% of its projected Loan Life production.

Louis P. Gignac, President and Chief Executive Officer, stated "we are pleased with the confidence expressed by the underwriters
in Cambior`s future prospects. This offering is part of our strategy to strengthen our financial position, increase our exposure to the
gold price and rebuild shareholder value."

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or applicable exemption from the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such
offer, solicitation or sale would be unlawful.

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the
Americas. Cambior`s shares trade on the Toronto (TSE) and American (AMEX) stock exchanges under the symbol "CBJ".

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Was mir gefällt ist der Satz:

Furthermore, Cambior shall use its reasonable best efforts to renegotiate its hedge requirements under the Credit Facility and under
its prepaid gold forward agreement in order to permit the Company to reduce the amount of its hedged gold production to be not
more than 35% of its projected Loan Life production.

Also werden nun endlich signifikant die hedges zurückgefahren! Cambiors hedgebook ist ungefähr 1,8 Mio. oz schwer....es wird immer enger für die Shorties


Gruß

Sovereign

[broker_twin]

bin gestern bei 1,37 us $ eingestiegen, hoffe ich bereue nichts...

[sahei]

@ Sovereign

Hallo Sovereign,

sollte heute nicht der Geschäftsbericht/Quartalsbericht von Cambior kommen? Was steht drin? Gibt es eine neue Nachricht?

Gruss sahei

[Sovereign]

Auf Cambiors Homepage wird der 22.07. als Datum der Quartalszahlen genannt. Allerdings habe ich von anderer Seite den 25.07. als Datum gehört. Solange werden wir uns wohl noch gedulden müssen.

[Sovereign]

Cambior meldet einen Gewinn im 2. Quartal, die hedges werden zurückgefahen, mit Gross Rosebell wird eine neue Mine in Surinam entwickelt und die Exploration geht auch voran...Und was tut die Aktie?...Fällt zusammen mit den anderen Goldminen heute mal eben um 10 % auf unter 1 $. Muß ich das verstehen? Soll ich mich jetzt ärgern? Soll ich meine $-Buchverluste heute zusammenzählen?....Ich denke nicht


Cambior Announces Its Second Quarter Financial Results
LONGUEUIL, Quebec--(BUSINESS WIRE)--July 23, 2002--Cambior (TSX:CBJ.TO)(AMEX:CBJ - News):

Gold production of 137,000 ounces; niobium production of 392 tonnes
Earnings of $0.6 million before non-hedge derivative losses
22% decrease in total financial obligations
Completion of a Cdn $60 million unit offering
Completion of Rosebel acquisition
Improvement of mandatory hedging covenants and reduction of hedging commitments
ALL AMOUNTS ARE EXPRESSED IN US DOLLARS

SECOND QUARTER FINANCIAL RESULTS

For the second quarter ended June 30, 2002, revenues totaled $48.7 million, slightly lower than the corresponding quarter in 2001, and the operating margin (EBITDA1) was $8.4 million (6 cents per share) compared to $9.4 million (10 cents per share) for the second quarter of 2001.

Cash flows from operating activities were $0.1 million. No cash flows were recognized for the delivery of gold under the terms of the Prepaid Gold Forward Sale Agreement as the full proceeds thereof were received on January 12, 2001. If the value of gold delivered was included, adjusted cash flows from operating activities would have been $3.2 million (2 cents per share) compared to $7.3 million (8 cents per share) for the corresponding quarter of 2001.

Cambior continues to make steady progress towards returning to profitability. Earnings, prior to the non-cash adjustment in the valuation of non-hedge derivative instruments, were $0.6 million (0 cents per share) compared to a loss of $1.4 million (2 cents per share) for the corresponding quarter of 2001. Including this non-cash adjustment, the Company incurred a net loss of $3.1 million (2 cents per share) compared to a net loss of $10.9 million (12 cents per share) in the corresponding period of 2001.

As at the end of the second quarter of 2002, the Company had 154.6 million shares and 24.3 million listed warrants outstanding.

1 EBITDA: Earnings before interest, taxes, depreciation and amortization and unrealized non-hedge derivative losses and other.

FIRST SIX MONTHS FINANCIAL RESULTS

Revenues for the first six months of 2002 totalled $98.2 million compared to $97.4 million for the same period in 2001. EBITDA for the first six months was $18.3 million compared to $15.9 million for the corresponding period of 2001. The improvement in 2002 resulted from an increase of $15 per ounce in the realized price of gold.

Cash flows from operating activities amounted to $9.3 million. If the value of gold delivered was included, adjusted cash flows from operating activities would have been $15.4 million (12 cents per share) compared to $19.7 million (22 cents per share) for the corresponding period of 2001. This last amount does not consider the receipt of the $55.0 million proceeds from the prepaid gold forward agreement.

For the first six months of the year, earnings, prior to the non-cash adjustment in the valuation of non-hedge derivative instruments, were $2.1 million (2 cents per share) compared to a loss of $6.8 million (8 cents per share) for the first six months of 2001. Including this unrealized adjustment, the Company incurred a net loss of $13.5 million (11 cents per share) compared to a net loss of $11.8 million (13 cents per share) in the corresponding period of 2001.

PRODUCTION HIGHLIGHTS

For the second quarter of 2002, gold production totaled 137,000 ounces at a direct mining cost of $233 per ounce compared to 153,400 ounces at $219 in the second quarter of 2001. The decrease in production is mainly due to a decrease at the Omai mine, which was anticipated in the mining plan. Niobium production in the second quarter was 392 tonnes compared to 355 tonnes for the second quarter of 2001.

Gold production for the first six months of 2002 totalled 286,100 ounces at a direct mining cost of $219 per ounce, compared to 305,300 ounces produced in the same period last year at a cost of $219 an ounce. Cambior`s share of production from the Niobec mine amounted to 821 tonnes of niobium, a 14% increase over the same period last year.

-0-



Production Highlights Second Quarter ended June 30,
Cambior`s share 2002 2001
-----------------------------------------------------------
(Ounces /b direct mining
costs ($/oz))
Omai 73,500 /b $232 86,000 /b $227
Doyon Division 55,100 /b $236 59,300 /b $208
Sleeping Giant (50%) 8,400 /b $222 8,100 /b $212
-----------------------------------------------------------
Total 137,000 /b $233 153,400 /b $219
-----------------------------------------------------------
Niobium production
(tonnes Nb) (50%) 392 355
-----------------------------------------------------------


-----------------------------------------------------------
Production Highlights First Half ended June 30,
Cambior`s share 2002 2001
-----------------------------------------------------------
(Ounces /b direct mining
costs ($/oz))
Omai 155,500 /b $218 174,600 /b $220
Doyon Division 113,200 /b $222 114,300 /b $218
Sleeping Giant (50%) 17,400 /b $212 16,400 /b $208
-----------------------------------------------------------
Total 286,100 /b $219 305,300 /b $219
-----------------------------------------------------------
Niobium production
(tonnes Nb) (50%) 821 719
-----------------------------------------------------------

The decrease in the second quarter`s gold production at Omai was anticipated in the mining plan and is due to a lower grade of ore being milled as a result of processing an increased tonnage from the low-grade stockpile (0.8 g Au/t) and the completion of mining in the Wenot pit in April. The discharge of tailings into the Wenot pit began in May. The Omai mine will likely exceed its budgeted target of 285,500 ounces of gold this year by more than 15,000 ounces.

The Doyon Division produced 55,100 ounces of gold at a direct mining cost of $236 per ounce. The increase in the mining costs is due to a decrease in the grade from the underground mines during the quarter. In May 2002, the Company reached an agreement with the unionized workers of the Doyon Mine for the long-term renewal of the collective agreement until the end of November 2006.

During the quarter, Cambior`s share of gold production from the Sleeping Giant mine totaled 8,400 ounces at a direct mining cost of $222 per ounce. Nearly 15,000 metres of diamond drilling were completed during the second quarter, including definition drilling, reserve development drilling and exploration drilling. Drilling confirmed the southern extension of lens 8 and the continuity of the ore in Lens 7 above level 665. A shaft deepening program is being considered at Sleeping Giant to allow access to resources at depth and to establish new drilling bases to explore for extensions to lenses, in particular Zone 8. A feasibility study should be completed in the fourth quarter.

During the second quarter, the Niobec mine received certification of its environmental management system (EMS) under the ISO 14001 standard. All of Cambior`s operations have now achieved this prestigious certification.

FINANCIAL HIGHLIGHTS

Rebuilding Value: Create financial capacity while reducing financial obligations

As of June 30, 2002, Cambior has reduced its financial obligations to $68.5 million from $100.0 million at the beginning of the year, in line with its objective to aggressively pursue the reduction of its financial obligations. The reduction is mainly due to the Cdn $60 million unit public offering completed in May.

-0-

-------------------------------------------------------------------
(in millions of $) June 30, 2002 December 31, 2001
-------------------------------------------------------------------
Long-term debt 25.7 51.1
Deferred revenue 42.8 48.9
-------------------------------------------------------------------
Financial obligations 68.5 100.0
-------------------------------------------------------------------


Capital expenditures for the second quarter of 2002 totaled $8.5 million compared to $4.4 million for the corresponding quarter in 2001. This increase is mainly due to the $2 million payment made to acquire Golden Star Resources Ltd.`s interest in the Rosebel project in Suriname. Investments were principally for underground exploration and development at the Doyon Division ($1.9 million), deferred development at the Omai Mine ($1.8 million) and the Rosebel Project ($2.8 million).

On June 12, 2002, Cambior announced that it had successfully negotiated a 50% reduction in its mandatory gold hedging covenants with its lenders. The mandatory hedging requirement is now fixed at 35% of production from its existing mines until 2005.

The Company also successfully negotiated a rescheduling for its remaining portion of the term loan with $3.4 million quarterly payments commencing June 2003 to September 2004 with a residual payment of $2.0 million on December 31, 2004. The Company intends, by the end of this year, to significantly reduce the size of its current revenue protection program when market conditions provide opportunity.

Due to the successful completion of its unit offering in May 2002, Cambior`s cash resources increased to $32 million and shareholders` equity was $156 million or $1.01 (Cdn $1.53) per share at June 30, 2002.

Revenue Protection Program and Gold Market

The second quarter of 2002 featured sustained improvement in the market price of gold, with the price reaching a high of $327 per ounce. This improvement is due to several factors, including the recent weakness in the US dollar, the erosion of investor confidence following the wave of accounting/financial problems and the geo-political tensions and recent conflicts in the Middle East. During the quarter, gold averaged $312 per ounce, up $22 per ounce over the average price of gold in the first quarter of 2002.

In order to secure necessary net cash flows from operations to meet its financial obligations and satisfy bank covenants, the Company maintains a Revenue Protection Program for its gold operations. During the second quarter, the Company realized a price of $311 per ounce compared to a market price of $312 per ounce of gold.

The gold price at June 30, 2002 was $18 per ounce higher than at March 31, 2002 resulting in a negative adjustment of $3.7 million to the mark-to-market value for non-hedge derivative instruments which include call options and the variable volume forwards. This charge has no impact on cash flows and any future charges, either positive or negative, will decrease over time as these non-hedge derivative instruments will either expire or result in gold deliveries. In order to avoid the non-cash adjustments in future, the Company has decided to minimize the use of these optional instruments and the mark-to-market value of these instruments will become nil and have no further impact on the Company`s earnings subsequent to 2004.

At June 30, 2002, the Company had gold commitments of 695,000 ounces at an average price of $324 per ounce with minimum delivery obligation of 230,000 ounces at $339 per ounce under these optional instruments. During the second quarter of 2002, the quantity of gold subject to the non-hedge derivative instruments declined by 20%. Total gold hedging commitments have been reduced by 206,000 ounces since the beginning of the year to 1,681,000 ounces at $304 per ounce on June 30, 2002.

EXPLORATION AND BUSINESS DEVELOPMENT

The Company is pursuing the increase of its asset base to generate further returns for its shareholders. During the quarter, the mined reserves at the Doyon Division were replaced and a study was initiated at the Sleeping Giant mine to assess various alternatives to gain access to deeper mining horizons and additional exploration targets.

The Company is also evaluating various investment opportunities in Canada, the Guiana Shield and Peru, to build on its current operating base.

A grassroots exploration program is underway on areas of the Omai mine property, including the Quartz Hill and Omai River concessions, which have not previously been explored. Thus far, there have been some encouraging stream sediment results and the Company is planning to proceed with follow-up groundwork. Drilling will be initiated on the most interesting targets this fall.

Exploration drilling is planned during the second half of the year on the La Grande Sud property in Northern Quebec, a joint-venture exploration project with Virginia Gold Mines, and on the Westwood-Warrenmac area, located on the eastern portion of the Doyon property, as well as properties to the west of Doyon.

Rosebel Gold Project

During the quarter, the Company completed the acquisition of Golden Star Resources` 50% interest in the Rosebel gold property, located in Suriname, to own a 100% interest therein. The purchase price was $8 million, of which an initial deposit of $3 million was paid to Golden Star on January 10, 2002, and a second tranche of $2 million was paid at closing in May; three payments of $1 million each are to be paid no later than the second, third and fourth anniversary of closing.

The Feasibility Study for the Rosebel project is advancing and should be submitted to the Government of Suriname during the third quarter. The Company is looking to begin construction on the Rosebel project by the end of the year following the securing of necessary financing.

OUTLOOK

Louis P. Gignac, President and CEO of Cambior, stated "During the third quarter, we will focus on the development of our asset base and pursue the reduction of our hedge book to benefit from the improving gold market. We also welcome Mr. Hiroshi Otsuka, Controller of Jipangu, to the Board of Directors in replacement of Mr. Tamisuke Matsufuji, who recently tendered his resignation from the Board."

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior`s shares trade on the Toronto (TSE) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior`s warrants, "CBJ.WT" and "CBJ.WT.B", trade on the Toronto Stock Exchange.

This press release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in Cambior`s 2002 Annual Information Form filed with the securities commissions of all provinces in Canada, and with the United States Securities and Exchange Commission, as well as the TSE and the Amex.

-0-

HIGHLIGHTS
----------------------------------------------------------------------
Second Quarter First Half
(unaudited) ended June 30, ended June 30,
All amounts in US dollars
2002 2001 2002 2001
----------------------------------------------------------------------
RESULTS (in millions of $)
Total revenues 48.7 49.9 98.2 97.4
EBITDA(1) 8.4 9.4 18.3 15.9
Cash flows from operating
activities 0.1 7.3 9.3 74.7
Adjusted cash flows from
operating activities(2) 3.2 7.3 15.4 19.7

Earnings (Loss) before the
undernoted items 0.6 (1.4) 2.1 (6.8)
Non-hedge derivative losses
and other (3.7) (9.5) (15.6) (5.0)
----------------------------------------------------------------------
Net loss (3.1) (10.9) (13.5) (11.8)
----------------------------------------------------------------------
PER SHARE ($)
EBITDA (1) 0.06 0.10 0.15 0.18
Cash flows from operating
activities 0.00 0.08 0.07 0.83
Adjusted cash flows from
operating activities(2) 0.02 0.08 0.12 0.22

Earnings (Loss) before the
undernoted items 0.00 (0.02) 0.02 (0.08)
Non-hedge derivative losses
and other (0.02) (0.10) (0.13) (0.05)
----------------------------------------------------------------------
Net loss (0.02) (0.12) (0.11) (0.13)
Weighted average number of
common shares outstanding
(in millions) 140.9 90.6 124.2 89.7
----------------------------------------------------------------------
GOLD PRODUCTION
Number of ounces
produced (000) 137 153 286 305
Number of ounces sold (000) 137 155 293 324
Accounting realized price
($per ounce) 311 288 300 284
Average market price
($per ounce) 312 268 301 266
Direct mining cost
($per ounce) 233 219 219 219
----------------------------------------------------------------------
FINANCIAL POSITION (in
millions of $) June 30, 2002 December 31, 2001
Cash and cash equivalents 32 15
Total assets 273 252
Total debt 26 51
Deferred revenue 43 49
Shareholders` equity 156 112
----------------------------------------------------------------------

(1) Earnings before interest, taxes, depreciation and amortization and
non-hedge derivative losses and other. (Note 13 of the notes to
the consolidated financial statements).

(2) Cash flows from operating activities are presented without the
deferred revenue. (Note 14 of the notes to the consolidated
financial statements).

CAMBIOR INC.
----------------------------------------------------------------------
GOLD PRODUCTION Second Quarter First Half
STATISTICS ended June 30, ended June 30,
(unaudited) 2002 2001 2002 2001
----------------------------------------------------------------------
Omai (100%)
Production (ounces) 73,500 86,000 155,500 174,600
Tonnage milled (t) 1,935,200 1,953,400 3,866,400 3,895,400
Grade milled (g Au/t) 1.29 1.48 1.35 1.51
Recovery (%) 91 92 92 93
Direct mining costs ($per
tonne milled) 9 10 9 10
Direct mining costs ($per
ounce) 232 227 218 220
Depreciation ($per ounce) 41 55 40 54
----------------------------------------------------------------------
Doyon Division (1)
Production (ounces) 55,100 59,300 113,200 114,300
Tonnage milled (t)
Underground mines 321,500 308,800 632,900 600,500
Low grade stockpile 11,900 17,300 20,100 66,100
----------------------------------------------------------------------
Total 333,400 326,100 653,000 666,600
Grade milled (g Au/t)
Underground mines 5.6 6.2 5.8 6.1
Low grade stockpile 1.0 1.0 1.0 1.0
----------------------------------------------------------------------
Average 5.4 5.9 5.7 5.6
Recovery (%) 95 96 96 96
Direct mining costs ($per
tonne milled) 39 38 38 37
Direct mining costs ($per
ounce) 236 208 222 218
Depreciation ($per ounce) 63 65 63 68
----------------------------------------------------------------------
Sleeping Giant (50%)
Production (ounces) 8,400 8,100 17,400 16,400
Tonnage milled (t) 26,800 26,400 54,900 54,000
Grade milled (g Au/t) 10.1 9.9 10.2 9.7
Recovery (%) 97 97 97 97
Direct mining costs ($per
tonne milled) 70 65 67 63
Direct mining costs ($per
ounce) 222 212 212 208
Depreciation ($per ounce) 44 39 44 52
----------------------------------------------------------------------
TOTAL GOLD PRODUCTION
(ounces) 137,000 153,400 286,100 305,300
DIRECT MINING COSTS ($per
ounce) 233 219 219 219
----------------------------------------------------------------------

CONSOLIDATED GOLD PRODUCTION COSTS
($per ounce)
----------------------------------------------------------------------
Direct mining costs 233 219 219 219
Refining and transportation 2 2 2 2
By-product credits (2) (1) (2) (1)
----------------------------------------------------------------------
Operating costs 233 220 219 220
Royalties 9 7 9 7
----------------------------------------------------------------------
Total cash costs 242 227 228 227
Depreciation 50 58 50 59
Reclamation 4 3 3 3
----------------------------------------------------------------------
Total production costs 296 288 281 289
----------------------------------------------------------------------

METAL PRODUCTION
Niobec (50 %)
Production of Ferroniobium
(tonnes Nb) 392 355 821 719
----------------------------------------------------------------------

(1) Includes the Doyon and Mouska mines.


SECOND QUARTER 2002

MANAGEMENT`S DISCUSSION AND ANALYSIS

The following discussion and analysis should be read in conjunction with the Management`s Discussion and Analysis (MD&A) for the year ended December 31, 2001, the Company`s annual audited consolidated financial statements, the notes relating thereto, supplementary financial information contained in the Company`s Annual Report, and the quarterly financial statements and notes contained in this report.

During the second quarter of 2002, the Company continued to strengthen its balance sheet while maintaining a sound base of operations. Highlights included:

Completion of public offering for proceeds of $39.2 million;
Reduction in financial obligations of $22.3 million; and
Production of 137,000 ounces in line with the operation plan.
CONSOLIDATED OPERATIONS

During the second quarter of 2002, the Company produced 137,000 ounces of gold in accordance with its operating plan, and 392 tonnes of niobium. The gold production decreased by 16,400 ounces compared to the corresponding period of 2001, as a result of the completion of mining in the Wenot pit of the Omai mine in April. Revenues totaled $48.7 million compared to $49.9 million for the corresponding period last year. The lower production in 2002 was offset by a higher realized gold price and increased sales from the Niobec Division. EBITDA(1) totaled $8.4 million compared to $9.4 million in 2001 as a result of higher exploration and business development costs, and general and administrative charges.

During the second quarter of 2002, Cambior realized a profit, prior to adjustments for non-hedge derivative losses, of $0.6 million compared to a loss of $1.4 million during the second quarter of 2001. Non-cash accounting adjustments due to a non-hedge derivative loss totaling $3.7 million resulted in a net loss of $3.1 million ($0.02 per share) (see Revenue Protection Program) compared to a net loss of $10.9 million ($0.12 per share) for the corresponding period in 2001.

For the first half of 2002, gold production totaled 286,100 ounces compared to 305,300 ounces produced during the corresponding period in 2001. Cambior`s share of production from the Niobec mine amounted to 821 tonnes of niobium compared to 719 tonnes in the first half of 2001. Revenues totaled $98.2 million during the first half of 2002 compared to $97.4 million for the corresponding period of 2001. EBITDA was $18.3 million as compared to $15.9 million for the corresponding period of 2001.

During the first half of 2002, Cambior realized a profit, prior to adjustments for non-hedge derivative losses, of $2.1 million compared to a loss of $6.8 million during the first half of 2001. Non-cash accounting adjustments due to non-hedge derivative losses of $15.6 million resulted in a net loss of $13.5 million ($0.11 per share) compared to a net loss of $11.8 million ($0.13 per share) for the corresponding period in 2001.

EXPENSES

Mine operating costs in the second quarter of 2002 totaled $37.6 million compared to $39.1 million incurred during the corresponding quarter of 2001. In terms of costs per ounce, direct mining costs were $233 per ounce during the second quarter of 2002, higher than the $219 per ounce incurred in the corresponding quarter of 2001. Mine operating costs in the first half of 2002 totaled $75.2 million ($219 per ounce), compared to $78.4 million ($219 per ounce) incurred during the corresponding period of 2001. Higher fuel costs adversely affected the Omai mine in 2002. The operating statistics for the gold operations are as follows:

-0-

----------------------------------------------------------------------
Second Quarter ended June 30,
2002 2001
----------------------------------------------------------------------
Ounces Direct Ounces Direct
mining mining
cost cost
($/ounce) ($/ounce)
----------------------------------------------------------------------
Omai mine 73,500 232 86,000 227
Doyon Division 55,100 236 59,300 208
Sleeping Giant mine (50%) 8,400 222 8,100 212
----------------------------------------------------------------------
137,000 233 153,400 219
----------------------------------------------------------------------


----------------------------------------------------------------------
First Half ended June 30,
2002 2001
----------------------------------------------------------------------
Ounces Direct Ounces Direct
mining mining
cost cost
($/ounce) ($/ounce)
----------------------------------------------------------------------
Omai mine 155,500 218 174,600 220
Doyon Division 113,200 222 114,300 218
Sleeping Giant mine (50%) 17,400 212 16,400 208
----------------------------------------------------------------------
286,100 219 305,300 219
----------------------------------------------------------------------


Depreciation, depletion and amortization amounted to $7.2 million for the second quarter of 2002 compared to $9.4 million in the corresponding quarter of 2001 and amounted to $14.9 million for the first half of 2002 compared to $19.1 million in the corresponding period of 2001.

The decrease in financial expenses from $1.3 million in the second quarter of 2001 to $0.5 million during the second quarter of 2002 is attributable to the debt reduction and lower interest rates. Financial expenses totaled $1.2 million during the first half of 2002 compared to $3.5 million during the first half of 2001.

Benefiting from significant tax pools and losses, the Company is not subject to tax on its earnings. The Company is, however, liable for capital taxes and taxes on large corporations in Canada.

1 Earnings before interest, taxes, depreciation and amortization and non-hedge derivative losses and other. (Note 13 of the notes to the consolidated financial statements).

REVENUE PROTECTION PROGRAM AND GOLD MARKET

The Company is required to maintain a Revenue Protection Program under the terms of the 2001 Credit Facility. This program ensures that adequate cash flows are generated to meet the Company`s financial obligations.

During the second quarter of 2002, the Company recorded a realized price of $311 per ounce of gold sold compared to a market price of $312 per ounce. During the same period last year, the Company realized a price of $288 per ounce of gold sold compared to a market price of $268 per ounce.

The Company obtains an independent valuation of its portfolio of gold commitments for each reporting period. This market valuation is based on the market price, the rate of interest, the gold lease rate and volatility. The transactions for which the quantity, price and timing of delivery are fixed (forwards and prepaid gold forwards), are accounted for under the hedge accounting method. Transactions in which there is no certainty for one or more of its key components (price, delivery date, quantity) are treated as "non-hedge derivatives" and the variation in their mark-to-market valuations is included in the Consolidated Statement of Operations. The variation in these valuations can be significant and can impact materially on the earnings from one end of period to the other. Because the Company has decided to minimize the use of optionalities, accounting adjustments caused by the mark-to-market fluctuations of optionalities are expected to have no impact on earnings after 2004.

Due to an increase in the closing price of gold from $301 per ounce on March 31, 2002 to $319 per ounce at the end of June 2002, the mark-to-market value of these non-hedge derivatives has been reduced by $1.1 million but this charge has no impact on cash flows. At June 30, 2002, the Company had gold commitments of 695,000 ounces at an average price of $324 per ounce with minimum delivery obligations of 230,000 ounces at $339 per ounce under these optional instruments, which is higher than the $319 an ounce market price at June 30, 2002. Optionalities declined by 20% during the second quarter of 2002. Some of the call options were exercised and converted into forward sales for delivery in future periods. In accordance with the accounting guidelines, the Company will recognize the reversal of the unrealized losses when the gold is delivered on these new forward contracts.

Following a modification to its credit facility agreement, the Company will aggressively pursue the reduction of its commitments under the hedge book through deliveries and the timely repurchase of outstanding positions.

At June 30, 2002, the Company had minimum delivery obligations of 1,216,000 ounces at a price of $299 per ounce and total commitments of 1,681,000 ounces at a price of $304 per ounce. These commitments include the optionalities described above.

The estimated mark-to-market position of the Company`s total commitments is summarized as follows:

-0-


----------------------------------------------------------------------
June March December June March December
30, 31, 31, 30, 31, 31,
2002 2002 2001 2001 2001 2000
----------------------------------------------------------------------
Closing gold
market price
($/oz) 319 301 277 271 258 273
----------------------------------------------------------------------
Mark-to-market value
of hedge derivatives
and prepaid gold
forward instruments
(M$) (38.0) (23.5) (1.0) (2.1) 6.4 0.7
Mark-to-market value
of non-hedge
derivative
instruments
recognized in the
balance sheet (M$) (7.4) (6.3) 5.3 1.0 10.5 6.1
----------------------------------------------------------------------
Estimated mark-to-market
value - Revenue
protection program
(M$) (45.4) (29.8) 4.3 (1.1) 16.9 6.8
----------------------------------------------------------------------
Second Quarter First Half
ended June 30, ended June 30,
2002 2001 2002 2001
----------------------------------------------------------------------
Impact on earnings of non-hedge
derivative instruments (M$)
Mark-to-market value at
the end of period (7.4) 1.0 (7.4) 1.0
Mark-to-market value at
the beginning of period (6.3) 10.5 5.3 6.1
----------------------------------------------------------------------
Non-hedge derivative
losses related to the
variation on non-hedge
derivatives instruments (1.1) (9.5) (12.8) (5.0)
Deferred non-hedge
derivative losses related
to the conversion of call
options into forward
instruments (2.3) - (2.3) -
----------------------------------------------------------------------
Total non-hedge
derivative losses (3.4) (9.5) (15.1) (5.0)
----------------------------------------------------------------------


The negative $7.4 million mark-to-market value recognized on the balance sheet will fluctuate in accordance with market conditions for the price of gold, volatility, interest rates and optionalities expiring at each end of period. The Company has begun minimizing the use of these instruments in the future and their effect on earnings will be completed by the end of 2004. The expiry schedule of the variable volume forwards and the call options is as follows:

-0-

2002 39.0%
2003 38.0%
2004 23.0%
------------------
100.0%
------------------

CASH FLOWS FROM OPERATING ACTIVITIES

During the second quarter of 2002, cash flows from operations were $4.6 million, a decrease of $3.1 million from last year as a result of the delivery of 12,980 ounces against the prepaid gold forward sales agreement for which the Company receives no cash proceeds. During the second quarter of 2002, the Company made payments for insurance and working compensation costs for the entire year and its impact on the working capital investment resulted in the net cash flows from operating activities being reduced to $0.1 million compared to $7.3 million in the same period of 2001.

For the first half of 2002, cash flows from operating activities were $9.3 million compared to $74.7 million in the same period of 2001. The difference is mainly due to the receipt of the $55.0 million proceeds from the prepaid gold forward agreement (deferred revenue) in 2001, and the non-cash delivery of $6.1 million in gold in 2002.

INVESTMENTS

Investing activities for the second quarter of 2002 totaled $8.5 million compared to $4.4 million for the same period last year. Investments were principally for the Doyon Division, Omai mine and Gross Rosebel project. Investing activities for the first half of 2002 totaled $16.5 million compared to $10.3 million in the same period in 2001.

-0-

----------------------------------------------------------------------
(in millions of $) Second Quarter First Half
ended June 30, ended June 30,
2002 2002
----------------------------------------------------------------------
Doyon 1.9 4.1
Omai 1.8 3.2
Gross Rosebel 2.8 6.2
Others 2.0 3.0
----------------------------------------------------------------------
Total 8.5 16.5
----------------------------------------------------------------------


Gross Rosebel project

During the second quarter of 2002, the Company continued to secure necessary authorizations and fulfil the conditions necessary to complete the acquisition of the remaining 50% interest in Gross Rosebel from Golden Star Resources. The transaction was completed during the second quarter and Cambior disbursed the $2.0 million balance on the initial acquisition price payment. A payment of $3.0 million was made during the first quarter of 2002. A long-term debt of $2.6 million was accounted for during the second quarter of 2002 which represents the discounted amount of the three instalments of $1.0 million each to be paid no later than May 2004, May 2005 and May 2006 respectively.

Work continued on the finalization of the feasibility study, which is scheduled to be completed in the third quarter of 2002. The Company continues to anticipate a construction and development release for the project in the fourth quarter of 2002.

In addition, contracts were concluded to perform engineering and design work to complete the Project`s feasibility during the third quarter of 2002.

-0-

FINANCING ACTIVITIES

Issuance of shares and warrants

----------------------------------------------------------------------
2002 First Second
(in millions of $) Quarter Quarter Total
----------------------------------------------------------------------
Issuance of shares
- Public offering 17.3 38.6 55.9
- Exercise of warrants - 0.6 0.6
----------------------------------------------------------------------
17.3 39.2 56.5
----------------------------------------------------------------------


During the first quarter of 2002, Cambior completed a private placement for gross proceeds of $17.3 million (Cdn $27.8 million). The financing included the sale of 21,346,154 special warrants at $0.81 (Cdn $1.30) per special warrant, each special warrant was exercised into one common share and one-half warrant. Each whole warrant entitles its holder to acquire one common share of Cambior at a price of Cdn $1.70 until February 27, 2003. In connection with the financing, the Company granted compensation options to the underwriters, valued at approximately $0.3 million, to purchase 1,067,308 units (one share and one-half warrant) at Cdn $1.30 each.

During the second quarter of 2002, Cambior completed a public offering for gross proceeds of $38.6 million (Cdn $60.0 million), of 27,272,728 units at $1.42 (Cdn $2.20) per unit, each unit consisting of one common share and one-half Series B common share purchase warrant. Each whole Series B warrant entitles its holder to acquire one common share at a price of Cdn $3.00 at any time prior to November 24, 2003. In connection with the financing, the Company granted compensation options to the underwriters, valued at approximately $0.6 million, to purchase 1,363,636 additional units at Cdn $2.20 each.

During the second quarter, some 1,110,731 additional common shares were issued following the exercise of warrants for total proceeds of $0.6 million (Cdn $1.0 million).

-0-

Reduction of financial obligations

----------------------------------------------------------------------
2002 First Second
(in millions of $) Quarter Quarter Total
----------------------------------------------------------------------
Reduction of financial
obligations
- Reimbursement of the 2001
Credit facility (8.6) (19.3) (27.9)
- Delivery of gold on the
prepaid forward (3.1) ( 3.0) ( 6.1)
----------------------------------------------------------------------
(11.7) (22.3) (34.0)
----------------------------------------------------------------------


During the second quarter of 2002, as per the Cdn $60.0 million public offering agreement, a minimum of 50% of the gross proceeds thereof had to be used by the Company to repay outstanding indebtedness. Consequently, an amount of $19.3 million was used to repay outstanding debt under its 2001 Credit facility. In connection with such repayment, the credit facility agreement was amended to provide for a new schedule of payments for the term loan`s outstanding balance, with $3.4 million quarterly payments commencing June 2003 to September 2004 and a residual payment of $2.0 million on December 31, 2004.

In March 2002, Cambior reimbursed $7.3 million under its revolving loan facility and $1.3 million under its term loan facility. At June 30, 2002, the Company had $10.0 million available under its revolving facility which is due at December 31, 2005.

During the first half of 2002, Cambior also reduced its financial obligations by $6.1 million by delivering 25,960 ounces of gold (12,980 ounces of gold each quarter) valued at $235 per ounce pursuant to its prepaid gold forward sale agreement.

NON-GAAP MEASURES

We have included a measure of earnings before interest, taxes, depreciation and amortization and unrealized non-hedge derivative losses ("EBITDA"), earnings before non-hedge derivative losses and adjusted cash flows from operating activities, because we believe that this information will assist investors` understanding of the level of our operational earnings and to assess our performance in 2002 compared to the prior year. We believe that conventional measures of performance prepared in accordance with generally accepted accounting principles ("GAAP") do not fully illustrate our core earnings. These non-GAAP performance measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. They are furnished to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Reconciliations of these non-GAAP performance measures are presented in notes 13 and 14 of the interim consolidated financial statements.

RISKS

By the very nature of its activities, the Company is subject to various financial, operational and political risks in the normal course of business. While the Company assesses and minimizes these risks by applying high operating standards, including the careful managing and planning of its facilities, hiring qualified personnel and developing their skills through training and development programs, establishing and maintaining internationally-recognized standards, independent audits and the purchase of insurance policies, these risks cannot be eliminated. Thus, readers are urged to read and consider the risk factors more particularly described in the Company`s Annual Report and its Annual Information Form.

-0-

CAMBIOR INC.
----------------------------------------------------------------------
CONSOLIDATED OPERATIONS Second Quarter First Half
(in thousands of US dollars ) ended June 30, ended June 30,
2002 2001 2002 2001
(unaudited) $ $ $ $
----------------------------------------------------------------------
REVENUES
Mining operations 48,643 49,493 98,037 96,791
Investments and other income 118 396 181 617
----------------------------------------------------------------------
48,761 49,889 98,218 97,408
----------------------------------------------------------------------
EXPENSES
Mining operations 37,632 39,119 75,214 78,381
Depreciation, depletion and
amortization 7,177 9,437 14,857 19,111
Exploration and business
development 1,275 548 2,003 950
General and administrative 1,396 810 2,654 2,180
Financial expenses 506 1,314 1,161 3,465
----------------------------------------------------------------------
47,986 51,228 95,889 104,087
----------------------------------------------------------------------
Earnings (Loss) before the
undernoted items 775 (1,339) 2,329 (6,679)
Non-hedge derivative losses
and other (3,701) (9,467) (15,630) (5,037)
Income and mining taxes (164) (79) (221) (94)
----------------------------------------------------------------------
Net loss (3,090) (10,885) (13,522) (11,810)
----------------------------------------------------------------------
Basic and diluted loss per
share (in dollars) (0.02) (0.12) (0.11) (0.13)
----------------------------------------------------------------------
Weighted average number of
common shares outstanding
(in thousands) 140,852 90,563 124,157 89,651
----------------------------------------------------------------------


----------------------------------------------------------------------
CONSOLIDATED CONTRIBUTED SURPLUS
(in thousands of US dollars)
(unaudited)
----------------------------------------------------------------------
Balance, beginning 23,047 23,047 23,047 23,047
Transfer to deficit (Note 7) (23,047) - (23,047) -
----------------------------------------------------------------------
Balance, ending - 23,047 - 23,047
----------------------------------------------------------------------


----------------------------------------------------------------------
CONSOLIDATED DEFICIT
(in thousands of US dollars)
(unaudited)
----------------------------------------------------------------------
Balance, beginning (129,987) (110,376) (117,876) (109,374)
Net loss (3,090) (10,885) (13,522) (11,810)
Share and warrants issue
expenses, net of
income taxes (2,864) (13) (4,543) (90)
Transfer from contributed
surplus (Note 7) 23,047 - 23,047 -
----------------------------------------------------------------------
Balance, ending (112,894) (121,274) 112,894) (121,274)
----------------------------------------------------------------------


----------------------------------------------------------------------
CONSOLIDATED CASH FLOWS Second Quarter First Half
(in thousands of US dollars ) ended June 30, ended June 30,
2002 2001 2002 2001
(unaudited) $ $ $ $
----------------------------------------------------------------------
OPERATING ACTIVITIES
Net loss (3,090) (10,885) (13,522) (11,810)
Deferred revenue (Note 5) - - - 55,000
Non-cash items:
Depreciation, depletion and
amortization 7,177 9,437 14,857 19,111
Deferred gains (708) (955) (878) 1,329
Deferred revenue - Delivery of
gold on the prepaid forward
(Note 5) (3,055) - (6,111) -
Future income and mining
taxes - 57 - (27)
Non-hedge derivative losses
and other 3,701 9,467 15,630 5,037
Provision for environmental
obligations 475 363 942 814
Other 85 159 133 267
----------------------------------------------------------------------
4,585 7,643 11,051 69,721
Changes in non-cash working
capital items (4,461) (265) (1,751) 5,027
----------------------------------------------------------------------
Cash flows from operating
activities 124 7,378 9,300 74,748
----------------------------------------------------------------------
INVESTING ACTIVITIES
Investments (1,263) 805 (1,252) 841
Property, plant and equipment (7,194) (5,073) (15,237) (10,618)
Discontinued operations - (146) - (514)
----------------------------------------------------------------------
Cash flows used in investing
activities (8,457) (4,414) (16,489) (10,291)
----------------------------------------------------------------------
FINANCING ACTIVITIES
Long-term debt - Borrowings - - - 63,575
Long-term debt - Repayments (19,342) (1,643) (27,903) (120,270)
Deferred charges - - - (2,085)
Shares and warrants issued net
of issue expenses 36,968 (13) 52,901 (90)
----------------------------------------------------------------------
Cash flows from (used in)
financing activities 17,626 (1,656) 24,998 (58,870)
----------------------------------------------------------------------
Effect of changes in the
exchange rate on cash held in
foreign currency (125) 230 35 421
----------------------------------------------------------------------
Net increase in cash and cash
equivalents 9,168 1,538 17,844 6,008
Cash and cash equivalents,
beginning of period 23,262 8,018 14,586 3,548
----------------------------------------------------------------------
Cash and cash equivalents, end
of period 32,430 9,556 32,430 9,556
----------------------------------------------------------------------


CAMBIOR INC.
-------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS June 30, December 31,
(in thousands of US dollars) 2002 2001
$ $
(unaudited) (audited)
-------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 32,430 14,586
Accounts receivable 3,121 3,134
Settlements receivable 2,635 2,471
Production inventories 5,474 8,001
Supplies inventory and
prepaid expenses 20,588 19,185
-------------------------------------------------------------
64,248 47,377
Investments (Note 3) 3,184 1,934
Property, plant and
equipment 203,210 194,683
Deferred charges 2,140 2,448
Fair-value of non-hedge
derivatives (Note 8) - 5,330
-------------------------------------------------------------
272,782 251,772
-------------------------------------------------------------
LIABILITIES
Current liabilities
Accounts payable and accrued
liabilities 19,899 22,609
Current portion of long-term
debt 3,547 5,147
Current portion of deferred
revenue 12,222 12,222
Current portion of deferred
gains 4,611 3,661
-------------------------------------------------------------
40,279 43,639
Long-term debt (Note 4) 22,220 45,930
Deferred revenue (Note 5) 30,556 36,667
Deferred gains 997 498
Provision for environmental
obligations and other 14,985 13,505
Fair-value of non-hedge
derivatives (Note 8) 7,432 -
-------------------------------------------------------------
116,469 140,239
-------------------------------------------------------------
SHAREHOLDERS` EQUITY
Capital stock 284,171 226,727
Contributed surplus (Note 7) - 23,047
Deficit (112,894) (117,876)
Cumulative translation
adjustment (14,964) (20,365)
-------------------------------------------------------------
156,313 111,533
-------------------------------------------------------------
272,782 251,772
-------------------------------------------------------------


NOTES AND COMMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements are prepared in accordance with generally accepted accounting principles (GAAP) in Canada. They are consistent, except for the change described in note 2, with the policies and practices used in the preparation of the Company`s audited annual consolidated financial statements. These interim consolidated financial statements should be read in conjunction with the notes to the Company`s audited consolidated financial statements for the year ended December 31, 2001.

The preparation of the interim consolidated financial statements compliant with generally accepted accounting principles requires management to make estimates and assumptions. These estimates affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods. Actual results could differ from these estimates.

In the opinion of management, all adjustments considered necessary for fair presentation of the results for the periods presented have been reflected in the consolidated financial statements.

2. CHANGE IN ACCOUNTING POLICY

On January 1, 2002, the Company adopted, retroactively, the recommendations of the Canadian Institute of Chartered Accountants Handbook Section 3870, "Stock-based Compensation and Other Stock-based Payments". This Section defines recognition, measurement and disclosure standards for stock-based compensation to non-employees and employees. These standards define a fair value-based method of accounting and encourage entities to adopt this method of accounting for its stock-based employee compensation plans. Under this method, compensation costs should be measured at the grant date based on the fair value of the award and should be recognized over the related service period. An entity that does not adopt the fair value method of accounting for its awards granted to employees is required to include in its financial statements pro forma disclosures of net earnings and earnings per share as if the fair value method of accounting had been applied. The Company has adopted the latter alternative treatment. The supplementary information required by this new Section is presented in note 10.

3. INVESTMENTS

-0-


June 30, 2002 December 31, 2001
$000 $000
----------------------------------------------------------------------
Shares of public companies, at cost 1,535 333
Amount receivable from the purchaser
of the El Pachon project of
$2,000,000 discounted at 6.125% 1,649 1,601
----------------------------------------------------------------------
3,184 1,934
----------------------------------------------------------------------


The fair market value of the publicly-traded companies is $5,895,000 based on the last quoted market price on June 28, 2002 ($1,048,000 at December 31, 2001).

4. LONG-TERM DEBT

The long-term debt position is summarized as follows:

-0-


June 30, 2002 December 31, 2001
$000 $000
----------------------------------------------------------------------
2001 Credit facility
Term loan 22,440 42,994
Revolving loan - 7,275
----------------------------------------------------------------------
22,440 50,269
Balance of purchase price 2,593 -
Obligations under capital
lease 734 808
----------------------------------------------------------------------
25,767 51,077
Current portion 3,547 5,147
----------------------------------------------------------------------
Long-term portion 22,220 45,930
----------------------------------------------------------------------


2001 Credit Facility

The interest rate on the 2001 credit facility is based on LIBOR + margin. The margin ranges from 2% to 3% and is calculated based upon the ratio of the net present value of projected cash flows during the loan life to the net debt outstanding. The interest rate at June 30, 2002 was 3.91% and 4.99% at December 31, 2001.

Under the terms of the 2001 credit facility, the Company is required to maintain a mandatory hedging program. Prior to June 12, 2002, the Company was required to maintain sufficient hedges to cover a minimum of 70% of its estimated net future gold production during the loan life at a minimum hedged gold price of $290 per ounce. Effective June 12, 2002, the amount of physical hedges required was reduced to 35% of estimated net future gold production.

The Company has $10,000,000 available under its revolving loan facility until December 31, 2005.

Balance of purchase price

The balance of purchase price relates to the residual purchase price consideration payable to Golden Star Resources Ltd. for the acquisition of its 50% interest in the Gross Rosebel Project. The debt is guaranteed by a pledge on the shares of Rosebel Gold Mines N.V. purchased by Cambior from Golden Star. The amount due represents the discounted value of the three $1,000,000 instalments due no later than May 2004, May 2005 and May 2006 respectively.

At June 30, 2002, the minimum reimbursements on the long-term debt for the coming years are as follows:

-0-


----------------------------------------------------------------------
Year of Term loan Obligations under Balance of purchase Total
repayment $000 capital leases price $000
$000 $000
----------------------------------------------------------------------
2002
(6 months) - 73 - 73
2003 10,200 147 - 10,347
2004 12,240 147 907 13,294
2005 - 147 864 1,011
2006 - 147 822 969
2007 - 73 - 73
----------------------------------------------------------------------
22,440 734 2,593 25,767
----------------------------------------------------------------------


5. DEFERRED REVENUE

On January 12, 2001, Cambior entered into a $55,000,000 prepaid gold forward sale agreement (the "agreement") with a financial institution, whereby Cambior is committed to deliver an aggregate of 233,637 ounces of gold in equal monthly deliveries commencing July 2001 to December 2005. The cash proceeds from this prepaid sale was accounted for as deferred revenue.

The deliveries of gold under the prepaid gold forward agreement are scheduled as follows:

-0-

----------------------------------------------------------------------
Number of ounces $000
----------------------------------------------------------------------
2002 (6 months) 25,959 6,112
2003 51,919 12,222
2004 51,919 12,222
2005 51,919 12,222
----------------------------------------------------------------------
181,716 42,778
Current portion 51,919 12,222
----------------------------------------------------------------------
Long-term portion 129,797 30,556
----------------------------------------------------------------------

As at June 30, 2002, the estimated mark-to-market value of the
agreement is negative $11,691,000, which is not accounted for in the
balance sheet.

6. ISSUANCE OF COMMON SHARES AND WARRANTS

----------------------------------------------------------------------
2002 First Quarter Second Quarter Total
----------------------------------------------------------------------
Number of Amount Number of Amount Number of Amount
common common common
shares shares shares
000 $000 000 $000 000 $000
----------------------------------------------------------------------
Securities
offering 21,346 17,293 27,273 38,595 48,619 55,888
Exercise of
warrants - - 1,111 649 1,111 649
----------------------------------------------------------------------
Total issued 21,346 17,293 28,384 39,244 49,730 56,537
Common share
purchase
warrants 319 588 907
----------------------------------------------------------------------
17,612 39,832 57,444
----------------------------------------------------------------------


During the first quarter of 2002, Cambior completed a private placement for gross proceeds of $17,293,000 (Cdn $27,750,000). The financing included the sale of 21,346,154 special warrants at $0.81 (Cdn $1.30) per special warrants and each special warrant was exercised into one common share and one-half warrant. Each whole warrant entitles its holder to acquire one common share of Cambior at a price of Cdn $1.70 until February 27, 2003. In connection with the financing, the Company granted compensation options to the underwriters, valued at $319,000, to purchase 1,067,308 units (each being comprised of one share and one-half warrant) at Cdn $1.30 each.

On May 16, 2002, Cambior closed a public offering of 27,272,728 units at $1.42 (Cdn $2.20) per unit for gross proceeds of $38,595,000 (Cdn $60,000,000). Each Unit consisted of one common share and one-half Series B common share purchase warrant. Each whole Series B warrant will be exercisable at a price of Cdn $3.00 at any time prior to November 24, 2003. In connection with the offering, the Company granted to the underwriters compensation options, estimated at $588,000, without payment of additional consideration, exercisable to purchase up to an aggregate of 1,363,636 units (the "Underwriters` Units") at price of Cdn $2.20 per Underwriters` Unit. Each Underwr

[Thoemsi]

hab ich von Thaiguru geklaut, aber hier passts besser hin")


Cambior reduces gold hedging position


Wednesday July 24, 3:57 PM EDT

(Figures in U.S. dollars unless noted)

MONTREAL, July 24 (Reuters) - Cambior Inc. (CBJ), a mid-tier gold miner, said on Wednesday it reduced its hedge position by 17 percent this month as it tries to free itself from the risky practice that almost ruined the company three years ago.

Cambior said in a release that it converted 434,000 ounces of variable volume forward commitments, at $339 per ounce, into 227,000 ounces of fixed forward positions at an average price of $331 per ounce. The reduction was done without any cash outlay by the company.

So far this year, it has reduced its hedge position by 26 percent.

The company said the elimination of the variable volume forwards will reduce the quarterly fluctuation of the mark-to-market value of the non-hedge derivative instruments which has harmed its results over the past year.

Cambior was forced to renegotiate its debt and jettison non-gold assets after a surging gold price in late 1999 squeezed its hedging program. During that period the company`s stock collapsed from around C$20.00 to less than 37 cents.

The stock was down 8 Canadian cents at C$1.32 in Toronto on Wednesday.

($1=$1.57 Canadian)


©2002 Reuters Limited.

[Sovereign]

Cambiors hedge book umfaßt nach dieser Maßnahme nunmehr 1.395 Tsd. oz verteilt über einen Zeitraum von 5,5 Jahren. Bei einer jährlichen Produktion von 600 Tsd. oz wären das 42 % des gesamten outputs. Allerdings ist Cambior in keinem einnzelnem Jahr überhedgt, und die hedges sind marginfrei.
Zudem ist zu berücksichtigen, daß die neue Gross Rosebell Mine in Surinam ab Ende 2003 mit ca. 200 Tsd. oz p.a. ungehedgt neu in Produktion geht.
Cambior bleibt daher weiterhin meine favorisierte Aktie, da sie mit einer MKP von nur 100 Mio. $ gegenüber der peer group eklatant unterbewertet ist. Das schlimmste was Cambior momentan passieren könnte, wäre mE ein Übernahmeangebot eines anderen Produzenten der zuschlägt solange der Wert noch billig ist.

Gruß

Sovereign

[Thoemsi]

Was ein Scheisstag....

Ich weiss nur nicht, ob ich meine letzte Kohle in Festgeld anlegen, oder in Cambior investieren soll...

Ich glaub ich wähle Zweiteres")

Gruß

Thoemsi

[Sovereign]

Momentan wird Cambior gehandelt wie ein Rückfahrtticket auf der Titanic

Obwohl der Quartalsbericht positiv ausgefallen ist, und die hedges zurückgefahren wurden. ist die Aktie arg runtergerügelt worden.
Normalerweise würde ich jetzt nachkaufen. Ich bin allerdings schon voll investiert, also bleibt mir nichts übrig als abzuwarten.

Gruß

Sovereign

[Thoemsi]

@ Sovereign

jetzt ziehen die meisten hier den Schwanz ein und sind ganz still geworden. Fakt ist aber,daß sich fundamental nichts geändert hat. War ja wohl klar, daß JPM und Co den Goldpreis nicht "einfach so" steigen lassen wollen.
Ich bin der Meinung, über kurz oder lang wird sich das Goldinvestment als richtig erweisen, obgleich das für viele hier momentan anders erscheinen mag.
Was mich nur aufregt sind die Leute, die, wenn die Kurse steigen pushen und "schon immer" dabeigewesen sind, und wenns mal gewittert sich hinter dem Ofen nicht mehr vortrauen.
Aber ich denke, daß der Großteil dieser Spezies sich so schnell nicht mehr ins Goldboard verirrt, " und das ist auch gut so")
Wenigstens ein positiver Aspekt an der ganzen Sache (außer dem, daß man wieder billiger nachkaufen kann, sofern man liquide ist)

Gruß

Thoemsi

[Sovereign]

Tja, wie gewonnen so zeronnen (wenigstens auf dem Papier) kann man sagen.
In der Spitze hatte mein Depot dieses Jahr 190 % gemacht; die letzten Wochen haben einen Gutteil davon wieder zum Teufel geschickt.
Traurig aber wahr. Ich bin allerdings schon zu lange im Börsengeschäft um mich wegen sowas aufzuregen. Es bringt nichts! Wäre ich ein Fondsmanager, dann hätte man mich wegen meines Anlagestils schon längst vor die Tür gesetzt (es macht nichts wenn man Verluts macht, solange der Rest der Brance ebenso darsteht, aber wehe man verfolgt einen contraian Ansatz).
Positiv für Cambior ist allerdings, daß die hohen Kurse vor 2 Monaten für ne Kapitalerhöhung genutzt wurden (damit hat sich die fundamentale Situation gebessert und die hedges können zurückgefahren werden).
Vor 2 Monaten gingen die neuen Aktien zu 3 Can-$ unter den Institutionellen weg wie warme Semmelen, heute hat sich der Kurs gedrittelt und kein Mensch (außer uns paar Querulanten vielleicht) hat den Mut einzusteigen.
Damit dürfte wohl klar sein, was ich von Lemmingen, Analysten und Fondsmanagern halte und warum ich für die Finanzbranche nur Hohn und Verachtung übrig habe (und schon immer hatte).
Diese Typen verdienen es einfach nicht Geld zu machen

Gruß

Sovereign

[Saccard]

@Sovereign

Irgendetwas mußt du falsch gemacht haben ?!?

Mein Depot konnte in der Spitze 200% zulegen.

Und das obwohl ich zu Jahresanfang 25% andere Aktien und bei den Goldaktien 30 bis 35% Newmont (die sich ja quasi gar nicht bewegt haben) drin hatte.

Mit Werten wie Cambior usw. hätte eigentlich mehr drin sein sollen.

Was soll`s, es ist ohnehin alles wie ein Pokerspiel. Abgerechnet wird erst am Schluß.

Man konnte mit Sicherheit erkennen, daß es wieder runtergehen würde (ich habe mir sowas gedacht nachdem sich Vista vervierfacht hatte - in 2 Tagen), daß es aber so stark runtergehen konnte, das konnten nur wenige ahnen. Und idese wenigen haben dann schon bei 290 USD ihre Minen verkauft.

Ich sehe mir wieder die Fundamentaldaten an und muß feststellen, daß ich gar nicht so falsch liege.
Placer z.B. hat 2/3 der reserven in Südafrika. Sehr viele Minen von Placer haben eine Restlebensdauer von 5 Jahren. Auf operativem Gebiet sieht es jedenfalls desaströs aus.

Da bleibe ich lieber bei Gold Fields... Vor allem im Vergleich mit Harmony und Durban hat sich jetzt eine Outperformance ergeben. Ich erwarte Produktionskosten von USD 205 für Gold Fields, USD 245 für Harmony und USD 270 für Durban.

Und so viele Sachen ändern sich nie. Aus "Gold" (Bruno Bandulet, 1978):
Produktionskosten in USD:
heutige Gold Fields:
East Driefontein 51
West Driefontein 58
Kloof 84

Blyvoor (heute Durban) 123
Free State Geduld (heute Harmony) 98
Pres. Steyn 139
St. Helena (heute Harmony, kurz vor Schließung) 94

heutige Anglogold:
Vaal Reefs 128
Western Deep Levels (gleicher Erzkörper wie West Driefontein) 94

Man sieht also, daß schon vor 20 Jahren die heutigen 3 wichtigsten Minen von Gold Fields die mit Abstand billigsten Produzenten waren.

Open Pit Minen machen nur dann auf Dauer Gewinn, wenn man die dürftigen Reserven immer wieder ersetzen kann, also quasi "unbegrenzte" Reserven hat. Und so etwas ist annähernd nur Normandy und Anglogold gelungen.

Gruß
S.

[Sovereign]

Tja saccard. Performance hin oder her (ich hatte wohl zuviel nicht performende Explorer wie Spinifex, Viceroy und Birim Gold), was haben wir davon? Erstmal nichts. Hätte ich rechtzeitig verkauft und hätte ich nun zurückgekauft, dann würde mein Aston Martin jetzt vor der Haustür stehen.
Hätte, würde, könnte sind seit jeher die besten Fondsmanager
Was zählt sind die Fakten und da hat das letzte halbe Jahr die fundamentals der Goldminen (auch bedingt durch zwischenzeitliche Kapitalerhöhungen) wesentlich verbessert.
Meine Top 3 Positionen sind daher nach wie vor Cambior, Ashanti und Bema.
Wie`s weitergeht muß die Zukunft zeigen, ich bleibe jedenfalls optimistisch.
An Deiner Stelle würde ich Südafrika aber nicht zu hoch gewichten (mag etwas ängstlich erscheinen, aber ich traue dem ANC nicht über den Weg. Für mich sind das verkappte Kommunisten, und ich hasse Kommunisten). Soweit ich weiß hat Gold Fields keine "Kuba-Klausel" in den Statuten, die es ermöglicht assets außerhalb Südafrikas im Fall der Fälle vom sonstigen Geschäft abzutrennen (De Beers hatte eine solche Konstruktion immer mit der Centenary Holding in Luzern und AngloGold hat immerhin den Sitz in London).

Gruß

Sovereign

[Saccard]

@Sovereign

Der ganze Quatsch mit dem Risiko in Südafrika geht mir langsam auf die Nerven.

Wenn man die Goldminen mal ganz "normal" mit discounted cashflow bewertet (wir wissen, daß das nicht genau ist, weil der Optionswert in Wirklichkeit wesentlich mehr zu sagen hat), dann hat Goldfields einen Abschlag gegenüber Newmont von 60%.

Während die Nordamerikaner 2 oder 3 Mio. als CEOs kassieren, beträgt das Gehalt in Südafrika oft nur 0.5 Mio.
Sie dir die Schulden an: Harmony, Gold Fields praktisch schuldenfrei. Nordamerika und Australien: verschuldet ohne Ende.

In Wirklichkeit ist das schlimmste Land bzgl. Goldproduktion Australien. Im letzten Jahresreport von Freeport wurde aufgeführt, was man mit Grasberg in anderen Ländern als Indonesien an Steuern und (Staats-)Royalties bezahlen mußte. Höchste Steuerbelastung mit weitem Abstand Australien, danach Südafrika, Canada und USA sehr nah beieinander.

Produktion in Peru, Indonesien, Usbekistan, Türkei usw. ist wohl kaum sicherer als Südafrika.
Niemand spricht bei Ländern wie Mali oder Ghana über politisches Risiko. Es wird so getan als wäre Südafrika das risikoreichste Land der Welt...

Das beste Argument ist aber immer noch:
Gold Fields ist einfach verdammt profitabel. USD 186 Produktionskosten. Inklusive USD 230 für die australischen Minen.

Natürlich sind die Kosten durch den stärkeren Rand gestiegen. Aber je niedriger die Kosten schon waren und je weniger arbeitsintensiv die Minen sind, desto weniger stark steigen die Kosten auch. Daher bevorzuge ich Gold Fields gegenüber Harmony. Die Produktionskosten (total) für Driefontein waren im letzten Quartal z.B. USD 157, für Kloof USD 177. 2.3 Mio. oz Jahresproduktion.
Vergleich das einmal mit Goldcorp: Produktionskosten total USD 117... (jaja, die "niedrigsten" Produktionskosten im Red Lake camp mit cash costs USD 40 usw. usw. und die "teuren" Südafrikaner). Nur: Goldcorp hat Reserven von 4.8 Mio. oz (360000 ozpa Produktion) wenn ich mich recht entsinne und kostet 1.2 Mrd. Gold Fields kostet 4.2 Mrd. Mit discounted cash flow bewertet dürfte eine Goldcorp Aktie nur USD 3.6 kosten, kostet aber rund das doppelte.

Kommen wir zu den Reserven und Resourcen.
Berücksichtigt man die niedrigen Produktionskosten, dann bietet Gold Field schon jetzt die niedrigsten bewertet Reserven an (auch gegenüber Harmony). 85 Mio. oz.

Kloof hat z.B. 30 Mio. oz Reserven mit 12.9 g/t. Und jetzt kommt es: Wo Harmony z.T. inferred Resources mit 2 oder 3 g/t ausweist hat Kloof 60 Mio. oz Resourcen mit 17.3 g/t zu bieten! Ohne inferred, nur measured and indicated resources. Mit höherem Goldgehalt als die Reserven. Wie wahrscheinlich ist also eine deutliche Ausweitung der Reserven?
Für Driefontein sind es 50 Mio. oz mit 11.2 g/t Resourcen und 30 Mio. oz Reserven mit 7.9 g/t.

Nebenbei sind die Reserven mit USD 270/oz berechnet worden.

Wenn es einen Konzern gibt, der mir nur annähernd ähnliche Daten zu diesem Preis bieten kann, ich schlage sofort zu...

Gruß,
S.

[ThaiGuru]

@Sovereign

Könntest Du mir bitte etwas nähere Infos, wie Restlaufzeit, Ausübungspreis, etc. zum Cambior Warrant geben.

http://finance.yahoo.com/q?s=CBJ_t.TO&d=t

Gruss und Danke

TahaiGuru

[Sovereign]

@Thaiguru: Es gibt 2 Cambior-Warrants. Der niedriger gepricte B-Warrant laüft bis November 2003 und hat einen Basispreis von 3 Can-$.
Beim A-Warrant bin ich mir nicht sicher. Ich meine mich erinnern zu können: Laufzeit Mitte 2003, Basispreis 2,25 Can-$ (hatte ich noch so im Gedächtnis, also ohne Gewähr).

@Saccard

Zu Südafrika: Ich glaube wir haben hier eben konträre Ansichten zum politischen Risiko. Wenn Du die Minen allerdings nach der DCF-Methode bewerten willst, so ist eine Risikokomponente im Abzinsungsfaktor für Südafrika m.E. unabdinglich.
Für Nordamerikainvestitionen würde ich 7,5 % nach Steuern als Abdiskontierungsfaktor ansetzen. Bei Südafrika würde ich stattdessen 12 % ansetzen. Soviel zur Theorie, jetzt zu meinem Bauchgefühl:
Der ANC ist mE eine von marxistischen Gedankengut "schwarze" Umverteilungspartei. Ich erachte sie als geringfügig besser, als den Steinzeitkommunisten Mugabe in Zimbabwe. Du kannst es halten wie Du willst, aber ich traue diesen Brüdern nicht über den Weg, und würde ihnen nie den Rücken zudrehen, um kein Messer zwischen die Rippen zu bekommen

Gruß

Sovereign

[Khampan]

Dow Jones Newswires
01-13-03 1308ET

Cambior/Targets: Decreased Production Due to Omai Mine

LONGUEUIL, Que. (Dow Jones)--Cambior Inc. (CBJ) produced 568,900 ounces of gold during 2002 versus 614,900 ounces of gold in 2001.

In a news release, Cambior said gold production totalled 133,000 ounces in the fourth quarter compared with 160,700 ounces a year earlier. The decrease in gold production is mainly due to lower production at the Omai mine, as scheduled in the mining plan, the company said.

Because of the decrease in the required hedges negotiated with the lenders in 2002 and Cambior`s positive outlook for the market of gold, the company said it reduced its hedging commitments by 32% or 600,000 ounces in 2002.

As at Dec. 31, 2002, Cambior said it had total commitments of 1.3 million ounces at an average price of $301 per ounce, including 114,000 ounces of call options sold at an average price of $301 per ounce.

The company said it expects to reduce these commitments to 800,000 ounces by the end of 2003, corresponding to the minimum level of hedging required by the lenders under the proposed new credit facility.

-----------------

Ausführlicher Bericht ist hier zu finden:
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=Glo…

Der Bericht zum 4. Quartal und Gesamtjahr 2002 wird um den 11. Februar erwartet

Dem Chart nach zu urteilen, scheinen viele schon zu wissen, daß es rasant aufwärts geht.

Khampan

[Gringo1]

Tat dem Kurs nicht sehr gut....



Bin nicht stolz auf Cambior

Hoffe die Zahlen werden besser.

[Basic]

Sieht aus, als wenn dort einige Stop Los geknackt wurden. Bei Hecla sieht es genauso aus. Beides sehr verheißungsvolle Aktien.
Die Shorties decken sich ein shaut so aus.
Gruß Basic

[Sovereign]

@Gringo1

Abwarten! Die Kurse waren nach den news über Stunden in NY und Toronto stabil und gaben erst in der letzten Handelsstunde nach. Die Hedges wurden nur marginal zurückgefahren (in diesem Quartal um ca. 70.000 oz). Ausgelaufen sind im Quartal aber ca. 170.000 oz, so daß Cambior neue hedges über 100.000 oz eingegangen ist. Sehe ich aber nicht dramatisch, da dies eine Bedingung zur Erlangung des Kredits für die neue Gros Rosebel Mine in Surinam gewsen sein dürfte. Positiv zu werten ist, daß sich die Durchschnittspreise des hedge books von 293 auf 301 $ je oz erhöht haben (d.h. Cambior ist hochpreisige hedges eingegangen). Bis Ende 2003 werden die hedges plangemäß auf 800.000 oz verringert worden sein, dann ab 2004 geht Gros Rosebel in Produktion und Cambior fördert ab dann über 700.000 oz im Jahr.
Fazit: Ein Jahr "Durststrecke" (bis Gros Rosebel in Betrieb ist) muß noch durchgestanden werden. Das schlimmste was Cambior passieren kann, ist eine Übernahme durch eine andere Firma in der Zwischenzeit. Die hedges sind margin frei und im Verhältnis zur Prooduktion unproblematisch (Cambior ist nicht überhedgt). Ich bleibe jedenfalls investiert. Mein Kursziel für Ende 2004 (Gros Rosebel Effekt) leigt bei 5 USD je Aktie!

Gruß

Sovereign

[Gringo1]

@Sovereign

Hmmmm, aber der Produktionsrückgang in 2002 klingt nicht toll.

Was würdest du als Kursuntergrenze unter norm. Umständen sehen ?

[Sovereign]

@Gringo1

Der Produktionsrückgang war soweit eingeplant: Die Omai-Mine ist bis Ende 2005 erschöpft, die Produktion wird daher in 2003 und 2004 relativ niedrig sein, allerdings zu geringeren cash costs. Phantasie liegt in der neuen Gros Rosebel-Mine.
Stop-Kurse habe ich bei CBJ nicht

[Gringo1]

@Sovereign

Hab auch keine Stops.

Werde sie einfach im Auge behalten, die Cash-costs sind ja das Interessante an Cambior.

cu, Gringo

[Thoemsi]

Hi Sovereign,

was ist bei CBJ los? Aktuell schon wieder -10% oder 1,30 USD.
Ich habe den Aufsprung auf diese Aktie schon zweimal verpasst. Was meinst Du wie weit die kleine Korrektur noch gehen könnte, ich habe nämlich noch ein paar € hier rumliegen...
Ich glaub bei 1,25 schlag ich mal zu

Grüße

Thoemsi

[Sovereign]

Tja, da waren wohl einige mit dem schleppenden Schließen des hedge books unzufrieden.
Wenn`s Dich tröstet: Cambior hat einen Depotanteil von 45 % bei mir. Wenn`s heute um 10 % runtergeht, dann ist das auf dem Papier ne Menge Holz, angesichst der Tatsache, daß ich die meisten ziwchen 1/4 und 3/8 USD gekauft habe, ist mir das aber sch...egal.

Gruß

Sovereign

P.S.: In der Ruhe liegt die Kraft. Wenn Du anfängst Angst zu bekommen, dann schenk Dir nen Malt oder Cognac ein...hilft immer

[Thoemsi]

Auch wenn ich so Spontanentscheidungen hasse und das vielleicht ein Griff ins fallende Messer war...
Sei es drum, jetzt habe ich halt 1,30 bezahlt... die Aktie fehlte irgendwie noch
Falls es auf 1 zurückgeht, dann halt auf 1,10 verbilligen

Gruß

Thoemsi

@ Sov: Vielleicht brauch ich heut echt nen Malt

[Sovereign]

@Thoemsi

Willkommen im Cambior-Country-Club Du wirst es nicht bereuen (bitte wenigstens 12 Monate halten).
Ich halte große Stücke auf diese Firma. Anno 2000 standen sie mit dem Rücken zur Wand und sind trotz riesigen hedges und der Verpflichtung binnen einen Jahres die Schulden um 120 Mio. $ zu verringern (50 % der Gesamtkreditsumme) heil aus der Sache rausgekommen.
Seinerzeit haben die einen strikten Sparkurs gefahren: 30 % der Arbeitsstellen und 50 % der Managerposten ersatzlos gestrichen. Unprofitable Zinkminen und Kupferprojekte verkauft, das Büro von downtown Montreal in einen billigen Vorort verlegt und Geschäftsberichte nicht mehr auf Hochglanzpapier veröffentlicht.
Für diese Leistung haben die meinen verdammten Respekt, daher denke ich auch nicht dran zu verkaufen. Das Ding wird von den lows ein twenty-bagger oder ein Totalverlust. Dazwischen gibt`s für mich nichts!

Gruß

Sovereign

P.S.: Gute Idee mit dem Malt. Heute passe ich allerdings.

[Gringo1]

Damits ned heißt Gringo ist faaaaad, hab ich heute auch ein bissl aufgestockt.

Please catch the falling knife

und zu allem Überdruß legte meine Leber noch einen schönen Lagavulin nach.

[Sovereign]

@Gringo1

Jo, auch Dir einen schönen Aufenthalt im Cambior-Country-Club.

@all

Amigos, an Eurer Vorliebe für ausgesuchte Goldaktien wie Cambior und anständigen Malt sehe ich, daß Ihr eine famose Truppe seit. Wie geschaffen dafür, den Shorties dieser Welt in den Hintern zu treten.
Darauf und angesichts der Tatsache, daß Cambior sich heute anscheinend wieder gefangen hat, werde ich nun doch ein Glas Ardbeg erheben und den alltbekannten Toast aussprechen: "Den Goldbugs Gewinne und Ruhm, den Shorties Tod und Vernichtung!"

Gruß

Sovereign

[Gringo1]

Prost !

[Sozzi]

Prost!

[KATZENGELD]

Erkläre mich hiermit solidarisch und schenke mir einen Lagavuilin 16 years ein.
Auf solchen Tobak gehört ein anständiger Malt.
KATZENGELD

[Thoemsi]

@ Sov

Keine Angst, unter 5 USD verkauft doch keiner, der im Cambior-Country-Club ist
Sollte der Kurs nochmal nachgeben, werde ich evtl. andere Minen in CBJ tauschen, nur meiner CDE halte ich auch bis mind 5 USD die Treue

Gruß

Thoemsi

[Sovereign]

@Thoemsi

Coeur ist natürlich auch einer meiner "Lieblinge"

Meine "Basisinvestments" in absteigender Reihenfolge der Gewichtung sind:
Cambior, Ashanti, Bema, Coeur, Golden Star, Randgold & Exploration

Gruß

Sovereign

[Der_Glueckliche]

@sov:

Als anständiger gestandener Goldbug solltest Du aber schon mindestens 10% in Barren oder Kruegers halten!

Grüsse

DG

[GOLDONLY11]

CBJ ist in Deutschland fast nicht handelbar.

Ich habe letzte Woche in mehreren Teilausfuehrungen meine 50.000 CBJ muehsam fuer 1,45 ... 1,55 EURO im high verkauft.
Ein Freund hatte mich rechtzeitig gewarnt.

GO

[Thoemsi]

Wer sagt denn das man die In D kaufen/verkaufen sollte?
Die Bid/Ask Spanne ist für gewöhnlich viel zu gross.

p.s. Wenn Du für 1,55 verkauft hast, kannst Du ja langsam wieder einsteigen

[Sovereign]

Cambior kann auch an den Heimatbörsen zuweilen recht umsatzschwach sein. Handel in D ist Schwachsinn.
Ich würde 60 % der Stücke als blocks (fill-or-kill) über die AMEX und 40 % über Toronto handeln.

Gruß

Sovereign

[Thoemsi]

Ich kanns nicht lassen und ordere jetzt an der AMEX noch ein paar Cambior

[Sovereign]

@Thoemsi

Aber nicht alle wegkaufen! Nicht, das Du mich am Ende noch bei der Aktienanzahl überholst!

[Thoemsi]

@ Sovereign

Meine Position ist glaub ich eher moderat gegenüber der Deinen
Meine grösste Pos. ist CDE. Ich bin mal gespannt, wann Silber dem "grossen Bruder" entsprechend hinterherläuft...
Dann bekommt auch die ungehedgte Coeur Flügel

Gruß

Thoemsi

[Thoemsi]

Na Gott sei Dank hab ich vorher noch ein paar nachgelegt. Aber ich darf ja auch mal Glück beim Timing haben

Schönen Abend an alle Gold Bugs!!

Gruß

Thoemsi

[Sozzi]

Thema: Analysen die keiner braucht...

16.01.2003
Cambior kaufenswert
Focus Money

Dem charttechnisch ausgerichteten Investor empfiehlt derzeit das Anlegermagazin "Focus Money" die Aktien von Cambior (WKN 871498) zum Kauf.

Falle ein Aktie wie die kanadische Goldmine Cambior unter einen kanadischen Dollar (0,61 Euro), bedeute das wie bei vielen börsennotierten Papieren auf der Welt wohl Konkursgefahr für das Unternehmen. Fast zwei Jahre, bis Anfang vergangenen Jahres, habe die Zitterpartie gedauert.

Zwölf Monate später krähe kein Hahn mehr nach den Irritationen der Vergangenheit. Vor allem Charttechniker würden glauben, in Cambior ein Papier entdeckt zu haben, das enormes Kurspotenzial besitze. Derzeit verschnaufe der Kurs noch in einem Rechteck. Wenn das aber nach oben verlassen werde, gehe die Party wohl weiter.

Charttechniker ordern nach Ansicht des Anlegermagazins "Focus Money" Cambior limitiert in Berlin, wenn der Kurs über 1,60 Euro steige. Der Stoppkurs sollte bei 1,18 Euro platziert werden.

[Sovereign]

@Thoemsi und Gringo1

Cambior heute plus 10 %.
Wie heißt es so schön: "Who dares wins."

[Saccard]

@Sovereign

Warum denn Amex? M.E. ist Toronto/Vancouver die beste Börse der Welt, die Transparenz ist praktisch unübertroffen. Von der Amex halte ich weniger (durch leidvolle Erfahrungen). Außerdem habe ich Aktien ohnehin lieber bei UBS in kanada liegen als bei Merill Lynch in USA.

Gruß
S.

[Sovereign]

Kommt drauf an Saccard. Momentan wird Cambior in Toronto stärker umgesetzt als an der AMEX. Trotzdem sind blocks an der AMEX oftmals leichter umzusetzen als in Toronto (da gibt es häufige Teilausführungen, auch sollte man das Limit enger setzen, um nicht abgekocht zu werden).
Handel in Deutschland ist Kinderkram, da sind wir uns wohl einig. Die Spreads sind schlichtweg ein Witz!

Gruß

Sovereign

[Gringo1]

Yes, Cambi go go go go .....

gut das der alte Gringo bei 1,3 nachgelegt hat...

sagte ja: Please catch the falling knife

ups, der Lagavulin ist lehr ...

Als Ersatz: ganz was hartes: Wild Turkey Rare Breed

Gratu auch an Sov & Thoemsi

Prost Jungs, auf daß Cambior bald fliegt

[Gringo1]

würg, Rechtschreibfehler.. sorry

[konradi]

Guten Abend Sovereign

erst mal Glückwunsch, im Cambior-Country-Club gehen heute Abend wohl die Tassen hoch ?

Gestern war ich drauf und dran, mich um eine Clubmitgliedschaft zu bemühen. Habe mich dann aber doch für SEABRIDGE GOLD entschieden, - ich dachte mir, wennn schon thrill, dann auch mal richtig auf die Ka... hauen...
( in meinemDepot dominiert immer noch bleischwer Newmont Mining )

Seabridge Gold ? - na, gut, kleiner durchsichtiger Pushversuch :

http://www.minesite.com/archives/features_archive/2002/May-2…

http://www.seabridgegold.net

http://investdb.theglobeandmail.com/invest/investSQL/gx.stoc…


Gruß Konradi

[Sovereign]

@Gringo1

Immer langsam mit den jungen Pferden...wir sollten unseren Whisky-Konsum einschränken, sonst haben wir uns am Ende noch totgesoffen, bevor Cambior die 10 Dollar Marke knackt...

"Wild Turkey Rare Breed" Bourbon...also Ami-Whiskey? Das ist Verrat an Schottland mein Alter, sowas kann ich nicht gutheißen (Obwohl Wild Turkey immer noch besser kommt als dieses elende Jack Daniels-Zeug )....

Probier als schlechtes Beispiel mal Canadian Club pur...da kommen einem die Tränen! Absoluter Pinselreiniger, schlimmer als Johnnie Red.

Gruß

Sovereign

P.S.: @konradi Seabridge habe ich nicht. Werden vielleicht noch interessant, allerdings fördern die auf absehbare Zeit noch kein Gold.

[Gringo1]

Den Wild Turkey hab ich immer als Reserve für Gäste, die einen guten Malt nicht zu schätzen wissen, und zum Vertreiben diverser Krankheiten.

[Thoemsi]

so heute habe ich meine letzte Kohle genommen und.....

...richtig geraten, ich hab meine Position bei Cambior aufgestockt

Gruß von Thoemsi, der glaubt, daß die Baeren bald geschlagen sind

[Gringo1]

Ich glaube Sovereign, dir und mir gehört bald die halbe Cambior.

Aber eine Mine sicher schon ....

[Sovereign]

Canada`s Cambior starts building Suriname gold mine
1/26/2003 4:32:04 PM


Anfang nächsten Jahres beginnt für Cambior eine neue Dimension der Goldförderung (Gros Rosebel wird komplett ungehedgt sein).







PARAMARIBO, Suriname, Jan 26 (Reuters) - Canadian gold miner Cambior Inc. (CA:CBJ) started at the weekend construction of its Rosebel gold mine in Suriname, which is expected to produce 220,000 ounces of gold a year.

CBS MARKETWATCH TOP NEWS
Will bad news come in threes for battered market?
War risk won`t likely shift Fed stance
John Snow: More than a country club capitalist?
Oracle, Vitesse Semi, Amgen and more




Sign up for FREE e-newsletters





Suriname President Ronald Venetiaan attended the inauguration ceremony Saturday at the mine site, located 50 miles (80 km) south of Paramaribo, the capital of this mineral-rich but scarcely populated country on the northeast shoulder of South America.

In a speech, Cambior`s president and CEO, Louis Gignac, said the Rosebel Gold Mines N.V. project, which would involve initial investment of $95 million, would also seek to improve job prospects and social infrastructure in the nearby village of Nieuw Koffiekamp.

In his comments, Venetiaan echoed this desire to combine economic exploitation of the mine with social development.

"I assured Cambior they are welcome. I told them: `I know you are here for business`. But I stressed that their goals have to be combined with our goals and those of the people in the area to obtain a better quality of life," he told Reuters.

The Rosebel mine in the isolated Brokopondo district has estimated proven reserves of more than 1.9 million ounces of gold. It is scheduled to reach commercial production in 2004.

The average ore grade at the mine, which will be of the open pit variety, is 1.63 grams/tonne. Once constructed, the ore processing facility will have a capacity of 14,000 tonnes per day.

Cambior, which is developing at Rosebel its first major new project since a meltdown in its hedge book in 1999, also operates the Omai mine in neighboring Guyana.

The Canadian company`s 500,000 ounce-a-year gold production is from the Omai mine in Guyana, the Doyon and Mouska gold mining complex in Canada, and the Sleeping Giant mine, also in Canada.

© Reuters 2003. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

[Sovereign]

Cambior Inc.: Construction Release on the Rosebel Gold Project
1/30/2003 8:56:00 AM









LONGUEUIL, Quebec, Jan 30, 2003 (BUSINESS WIRE) -- Cambior Inc. (CBJ) (CA:CBJ) is pleased to announce that it has received all the necessary permits and subscribed to the political risk insurance required to officially begin the construction and development of the Rosebel gold project, located in Suriname. The political risk coverage will be underwritten by a syndicate of insurers including Export Development Canada (EDC).

Louis P. Gignac, President and Chief Executive Officer of Cambior, stated: "Cambior is looking forward to collaborating with the Government of Suriname for the development of the project in accordance with the Company`s commitments to the environment and the surrounding communities. We are currently following our established calendar and commercial production from the project is scheduled for the first quarter of 2004".

On Saturday, January 25, 2003, an official groundbreaking ceremony was held on the Rosebel property. Over 700 people were in attendance including the President of Suriname, His Excellency Ronald Venetiaan.

During 2003, Cambior will concentrate its efforts on the development of the Rosebel gold project at an estimated capital cost of $95 million. It is estimated that Rosebel will produce 270,000 ounces of gold in its first year of operation at a mine operating cost of $157 per ounce, boosting Cambior`s gold production to over 700,000 ounces in 2004. Cambior has also posted the Environmental Impact Assessment (EIA) for the Rosebel project on its website at www.cambior.com. This EIA was prepared by Rescan Environmental Services from Vancouver.

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior`s shares trade on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior`s warrants, "CBJ.WT" and "CBJ.WT.B", trade on the TSX.

[Gringo1]

Heute schwitzen die Shorties aber in unserem CBJ-Country-Club .... hat da wer eine Saune eingebaut....

[Thoemsi]

Reuters
Cambior to begin construction of Rosebel mine
Thursday January 30, 9:33 am ET


(All figures in U.S. dollars)
MONTREAL, Jan 30 (Reuters) - Canadian gold miner Cambior
Inc. (Toronto:CBJ.TO - News) said on Thursday it had received all the permits
and insurance coverage necessary to begin construction and
development of the Rosebel gold mine in Suriname, South
America.
Montreal-based Cambior said in a statement that it plans to
spend $95 million in 2003 to develop the mine, which will
produce 270,000 ounces of gold in its first year of operation
at an average cost of $157 per ounce.
Cambior said this will boost its gold production to more
than 700,000 ounces in 2004.
"We are currently following our established calendar and
commercial production from the project is scheduled for the
first quarter of 2004," said Louis Gignac, president and chief
executive.
($1= $1.53 Canadian)


http://biz.yahoo.com/rc/030130/minerals_cambior_1.html

[Sovereign]

Genauso mag ich das! Cambior wird den nächsten move der Goldhausse anführen!

Press Release Source: Cambior Inc.


Cambior Buys Back Gold Ounces From its Gold Hedging Program
Tuesday March 25, 8:43 am ET


LONGUEUIL, Quebec--(BUSINESS WIRE)--March 25, 2003--Cambior Inc. (AMEX:CBJ - News; TSX:CBJ - News) announces that over the last month its repurchased 189,000 ounces of gold from its gold hedging program at an average price of $342 per ounce, compared to the average market price of gold since the beginning of 2003, which was $354 per ounce. Of this repurchase, 134,000 ounces will be used to close gold hedging contracts in 2003, resulting in a disbursement of $1.7 million. The other repurchased positions will be applied against hedging positions subsequent to 2003. Taking into account the delivery of gold production since the beginning of 2003 and gold production expected to be delivered before the end of March, Cambior will have reduced its hedging commitments by 24% or 307,000 ounces of gold compared to its position at December 31, 2002. This repurchase accelerates the Company`s previously stated objective of reducing its commitments to 800,000 ounces by the end of the year 2003. As a result of the above-described repurchase, approximately 42% of the remaining production for 2003 is unhedged. Cambior remains attentive to market opportunities to further reduce its hedging positions.
Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior`s shares trade on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior`s warrants, "CBJ.WT.B", trade on the TSX.

[granitbiss]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[konradi]

.


mal sehen, ob diese news den Boardadel aus dem Ohrensessel hervorlockt. ...


Cambior cuts first-quarter loss, turns focus to Suriname mine

Gold producer Cambior Corp. sees a shiny future for itself given the steady rise in the price of gold and a large mine coming into production in Suriname, the company`s chief executive said yesterday.

"There are fundamental factors that will keep it interesting for several years," Louis Gignac told shareholders at the company`s annual meeting. "We believe the price of gold will keep moving up."

These factors include a declining U.S. dollar, geopolitical tensions and a worldwide reduction of gold production as existing mines are depleted.

While the rising price will inevitably attract more investment in gold mining, Gignac is not worried about a production rise that will reduce the precious metal`s price again.

"After the price goes up, it takes five or six years before you can start seeing an impact on the production side," he said following the meeting.

"That`s the nature of the industry; you have to find it first."

Gold was trading at $348 (U.S.) an ounce yesterday, compared with a low of $256 reached in 2001.

Cambior will see its own production fall this year to 522,000 ounces, down from 568,800 produced in 2002, as its large Omai mine in Guyana begins to be depleted.

Omai is expected to close in 2005, 12 years after it began production in that South American country.

However, Cambior has begun construction of a similar large mine next door in Suriname, expected to go into production by next February. Cambior`s total production next year is expected to exceed 700,000 ounces thanks to the new Rosebel mine.

Some 425 construction workers are on the Rosebel site, which will cost about $95 million to develop. It is expected to produce close to 2 million ounces of gold by 2013. "Rosebel will have a significant impact in the short term," Gignac said.

Yesterday, the company reported a net loss for the first quarter of $2.3 million, or 1 cent per share, an improvement on the loss of $10.4 million, or 10 cents per share, over the same period last year.

10.05.03 - CANADIAN PRESS

[Khampan]

Eine alte Geschichte macht Cambior heute zu schaffen.
Für Nachzügler eine Gelegenheit zum Einstieg?


Cambior in fighting mode
By: Nicole Mordant
Posted: 2003/05/26 Mon 20:35 PDT | © Mineweb 1997-2003

VANCOUVER – Cambior [TSX, AMEX: CBJ] has come out guns blazing against a $2 billion class action lawsuit brought for the third time against the Quebec-headquartered gold miner by a group of local residents in Guyana over a disastrous environmental spill eight years ago at its Omai gold operation in the small South American country.
On Friday, Canada’s fifth biggest gold producer said it had been made aware of the launch of lawsuit against it in Guyana on behalf of 23,000 residents living along the Essequibo River, Guyana’s main river. In August 1995, a tailings dam at the Omai gold mine burst sending several billion litres of cyanide-laced effluent gushing into the Omai Creek, a tributary of the Essequibo which flows into the Atlantic Ocean. At the time, the area around the mine was declared a disaster zone by the Guyanan government and the mine shut down for several weeks. The plaintiffs allege the spill caused health problems in the area, poisoning drinking water and fish.

Calling the charges “wide” and “not precise”, Cambior President and Chief Executive Louis Gignac said the Toronto- and AMEX-listed company was confident the Guyanan High Court would dismiss the claims. “Our position remains the same that this class action is without foundation, frivolous and we will defend ourselves with vigour,” Gignac told a conference call late today (Monday). Investor relations manager, Robert Lavallière, went a step further saying the claimants had been “harassing” Cambior since 1997.

The market was clearly less certain of Cambior’s case, sending the company’s share price down 8% or 16 Canadian cents to C$1.80 for a market capitalisation of C$325 million.

Battle lines drawn
According to press reports, the plaintiffs are seeking damages from the original spill, as well as for on-going waste discharge and environmental negligence. Over and above the $2 billion damages claim, the suit also seeks a number of other measures, including preventing the transfer of Omai mining assets to Cambior’s developing Rosebel project in neighbouring Suriname. Cambior is planning to dismantle and transfer a portion of the mill at Omai to Rosebel where a mine is currently being developed. Gignac said the law suit should have no impact on the Rosebel project, Cambior’s up-and-coming jewel-in-the-crown.

A class action suit by the same group of residents was originally filed against Cambior in Quebec in 1997 but was dismissed by a judge who said that Guyana would be the correct jurisdiction to hear the case. A year later, the suit was re-submitted in Guyana but the claimants never filed a statement and the case was eventually dismissed.

Gignac insisted that Cambior had been sticking stringently to at least three sets of environmental rules – Canadian, US Environmental Protection Agency (EPA) and Guyana’s own environmental standards – and that it was nowhere close to the maximum limits imposed for any effluent or discharge. He said the Guyana EPA had also sampled Omai’s effluent at intervals. “At no stage have we had any indication from the Guyana EPA that we were outside compliance,” he said. The Guyanan government holds a 5% stake in Omai, with Cambior holding the rest.

Cambior has previously said that the 1995 spill had a “temporary negative impact” on a portion of the Omai Creek downstream from the mine but that tests at the time showed that no pollution had spread to the Essequibo River. A Commission of Inquiry established by the Government of Guyana after the incident found that the spill had in no way posed a health hazard to Omai mineworkers or riverside residents.

Strained relations
Omai is currently Cambior’s biggest producing mine. Last year its output accounted for more than half of Cambior’s gold production of nearly 570,000 ounces. But reserves are being exhausted and the mine, which has produced 2.9 million ounces of gold so far, will be exhausted in two years time unless new deposits are found.

Lawsuit aside, relations around the Omai mine are clearly strained. In April, the mine closed for several days due to a fuel shortage after prostestors dug a ditch in the road used by trucks to bring fuel to the minesite. The protests followed a power outage at the end of March and a shortage of water supply to a nearby community.

Quelle: www.mips1.net/MGGold.nsf/UNID/NMOT-5MX68P?OpenDocument

[Stosstrupp_Gold]

verdammte Ökos...ein Haufen von Terroristen! Zum Teufel mit diesem Gutmenschenpack!

[Imoen]

Hast ja Recht, wozu brauchen wir eine intakte Umwelt wenn wir Gold haben.

[kaepntnemo]

#91,
...und ich hatte mir noch gedacht, ob Dein neuer nick nicht n bisschen zu martialisch ausgefallen waer. Na, Du bleibst bei Deinem stil. Weiter so, aber achte auf Deinen blutdruck...

gruss
-nemo-

[konradi]

Gottseidank, er ist noch ganz der Alte ...

[Stosstrupp_Gold]

Solche Gerichtsverfahren sind doch reine Abzockversuche von versifften Anwälten und irregeleiteten Gutmenschen, die irgendwo im Urwald eien angeblich geschädigten Bananenpflücker aufspüren und dann publicitywirksam vorm Gericht ihre Tränennummer abziehen...IGITT!

Ich bleibe dabei: Keine Verhandlungen mit Terroristen! Keinen Cent soll diese Bande sehen!

Aber sollen die nur: Die Gerichstverhandlung läuft in Guyana...der Staat Guayana ist an der Omai-Mine mitbeteiligt...und bis 2005 müssen neue Erzreserven her, sonst macht Omai dicht (die Mine ist für ca. 30 % der Exporte zuständig und ist einer der größten Arbeitgeber in Guyana)....Die Verhandlung wird schon so laufen, wie es zu erwarten ist. Insofern gefallen mir Gerichte in Bananenrepubliken hundertmal besser als die durchgeknallten US-Gerichte mit ihren Asbest- und Tabakklagen...



P.S.: Hat irgendjemand die Anschuldigungen der ach so armen schwarzen Exarbeiter gegen Gold Fields verfolgt...alles erstunken und erlogen...auf Kitco kam schon ein Dementi. Soviel zum Thema "guter Eingeborener" vs. "böse Minengesellschaft"

[juxifuxi]

Hallo Sovi....

alle stinken , alle lügen...............
bravo

[kaepntnemo]

mit sicherheit gibt es immer auch klagen, die zurecht gefuehrt werden, weil minengesellschaften sicherheitsvorgaben gezielt unterlaufen (z.b. barrick in tansania), um kosten zu sparen, ohne ruecksicht auf gesundheit und langfristige auswirkungen auf die belastung mit giften. beispiele gibts genug, und zwischenfaelle wie in bhopal kommen nicht nur in der chemieindustrie vor.
aber was sich in der letzten zeit ja immer deutlicher abzeichnet bei diesen massen-stellvertreter-klagen im E. Fagan-stil, ist reine abzockerei und instrumentalisierung von evtll schadensersatzanspruechen in handelskriegen. Da ist ja die ideologie nur die brechstange, mit deren hilfe man den fall imagewirksam in die medien bringt.
...schaun mer mal
-nemo-

[Khampan]

Zeit, den ollen Thread mal wieder hochzuholen.
Cambior hat sich erholt, Glückwunsch an alle, die billig eingestiegen sind.

Die Heimatbörse Toronto scheint des öfteren die Marschroute vorzugeben. Im Augenblick ist der Vergleich mit AMEX besonders spannend:

Cambior Toronto:


Cambior AMEX


Gruß,
Khampan

[Thoemsi]

Das war mal wieder ein schöner Tag im Cambior Country Club
Die CDE Fraktion kann sich heute auch nicht beschweren..

Ich dachte ich muß mal wieder einen der "alten" (und werthaltigen) Threads nach oben kramen, damit wir hier nicht im Müll ersticken...

Ach ja, nachdem ich jetzt meine durch Viceroy erhaltenen Quest Capital vertickt habe, ist da wieder ein bischen Liquidität vorhanden...

@ Sovereign: was empfielst Du als ein ein Ehrenmitglied des Cambior Country Clubs denn gerade ? Drooy, vielleicht High River?

Gruß

Thoemsi

[Khampan]

danke Thoemsi,

das war auch immer mein Anliegen.
Schade daß sich die Charts #98 nicht aktualisieren. Was hab ich da falsch gemacht

Schon mal an Wheaton River gedacht?

Gruß,
Khampan
(kommt dein Nick aus der gleichen Ecke?)

[Stosstrupp_Gold]

@thoemsi

"Ach ja, nachdem ich jetzt meine durch Viceroy erhaltenen Quest Capital vertickt habe, ist da wieder ein bischen Liquidität vorhanden..."

Hm, ich halte meine Quest Capital Aktien noch...unter 1,60 CAD wollte ich eigentlich nicht verkaufen....im Fadenkreuz der Kaufliste habe ich dafür einen anderen Wert: Goldproduzent und Explorateur in Westafrika...Guinea, Ghana, Niger, Mali...kanadische Firma gehört mehrheitlich zum größten Bergbaukonzern von Marokko...das Teil heißt Semafo (Ticker: SMF.to).....schau`s Dir mal an...

Ich hoffe Du wirst Deine Viceroy Exploration sowie Spectrum Gold Aktien weiter halten (das tue ich jedenfalls!).

Ach ja: Cambior hat gestern nach Börsenschluss gute Bohrergebnisse veröffentlicht....
Cambior: Update on the Drilling Program at the Westwood Project, East of the Doyon Mine-Best Result: 34.3 g Au/t, or 1 oz Au/t, Over 5 Meters With Copper and Silver Present
Wednesday July 23, 8:19 pm ET


LONGUEUIL, Quebec--(BUSINESS WIRE)--July 23, 2003--Cambior Inc. is pleased to announce the most recent results from the exploration drilling program which has been underway since November 2002 on the Westwood project, located two kilometers to the east of the Doyon mine and within the prolific Cadillac mining camp in northwestern Quebec. The work included the completion of the first drill hole to a linear depth of 2,272 meters, drill hole 1158-02, which intersected two mineralized zones, the general extension of the mineralized horizon of Zones 1 and 2 of the Doyon mine, as well as the Westwood sulfide mineralized horizon.
ADVERTISEMENT


The subsequent work included a secondary deviation ("wedge") carried out from the main hole 1158-02, starting at a depth of 1,160 meters. The geological context intersected is similar to that already described in the press release dated April 9, 2003.

The secondary deviation 1158A-03 intersected the first mineralized zone between a depth of 1,791 and 1,829 meters (1,520 meters of vertical depth) approximately 100 meters to the east of the main hole. It corresponds to the extension of the Doyon Zone 1 and 2 corridor and consists of an intermediate tuff, strongly sericitized locally with disseminated sulfide mineralization. Some fine quartz veinlets with visible gold were noted.

The second mineralized zone consists of the Westwood mineralized horizon and was intersected between a depth of 1,900 and 1,940 meters (1,570 meters of vertical depth), approximately 120 meters to the east of the main hole. The mineralization is comprised of multiple veinlets and centimetric bands of semi-massive pyrite and chalcopyrite. Several bands enriched in sphalerite were observed to the south of the gold portion of the horizon. The surrounding rock is a strongly altered dacitic unit. As previously observed, the significance of the mineralized system and the associated alteration is typical of semi-massive sulfide lenses or fringe facies of massive sulfide deposits found at the Bousquet and LaRonde mines.

The most significant results include:

34.3 g Au/t and 0.24% Cu over 5 meters followed by an anomalous interval of 1.7 g Au/t over 13.1 meters in the extension of the stratigraphic extension containing Zones 1 and 2 of Doyon;
a second interval of 9.4 g Au/t and 0.61% Cu over 2.3 meters also in the stratigraphic extension containing Zones 1 and 2 of Doyon;
and 8.1 g Au/t and 0.17% Cu over 6.5 meters, including 20.2 g Au/t and 0.34% Cu over 2 meters in the mineralized Westwood horizon.
The detailed drilling results from this drill hole as well as the previous drill hole are attached to this press release. A longitudinal section detailing the Westwood project is also attached.

Work is continuing with a second wedge currently underway. To date, some 3,230 meters of drilling have been completed and the program should reach nearly 6,000 meters of drilling from the same drilling base. The southern portion of the Doyon property generally indicates a geological context favorable for volcanogenic sulfide deposits and exploration work will continue during the year.

Louis P. Gignac, President and Chief Executive Officer, stated: "This work is part of a major strategic exploration plan that began in 2001 and which will total $20 million over 5 years. Our efforts have begun to bear fruit in this underexplored area to the east of the mine and at depth. These excellent results, in a very favourable geological context, encourage us to aggressively continue our exploration work Westwood area".

Quality control

Follow up on the drilling program was carried out by Cambior employees, under the supervision of Ms. Marie-France Bugnon, Geologist, M.Sc. Manager, Exploration Canada. Ms. Bugnon is a qualified person (as defined by National Instrument 43-101) employed by Cambior for more than 6 years and with more than 23 years of experience in exploration.

The assay samples came from core halves varying in length from 0.5 to 1.5 meter. They were sent for assaying at Techni-Lab S.G.B. Abitibi Inc. laboratory of Ste-Germaine Boule, Quebec. The samples were assayed by fire-assay followed by atomic absorption or gravimetry, according to industry standards. Repeats on the coarse rejects were carried out on all mineralized intersections of interest and on the majority of the samples containing 1 g Au/t or more. These repeats were duplicated by the laboratory and verified by a second independent laboratory, Intertek Testing Services of Val d`Or, and corroborated the results.

The map mentioned in the text is attached to this press release. If you did not receive it, you can download the map with this press release from the Cambior website, www.cambior.com, or you can contact us at the number indicated at the end of this release.

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior`s shares trade on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior`s warrant "CBJ.WT.B" trades on the TSX.

Caution Concerning Forward-Looking Statements

This press release contains certain "forward-looking statements", including, but not limited to, the continuing drilling program and the development plan. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, among other things, those set forth in Cambior`s 2002 Annual Information Form filed with the Securities Commissions of all provinces in Canada, and with the United Stated Securities and Exchange Commission, as well as the Toronto Stock Exchange and the American Stock Exchange.

APPENDIX 1
CAMBIOR INC.
RESULTS OF THE 2002-03 DRILLING PROGRAM - WESTWOOD PROJECT

---------------------------------------------------------------------
Drill hole Interval Intersected
No. From - To length(1) Au Ag Cu Zn
(meters) (m) (g/t) (g/t) (%) (%)
---------------------------------------------------------------------
New results
---------------------------------------------------------------------
1158A-03 1,791.5 - 1,796.5 5.0 34.3 25.3 0.24
(or 14.8 if cut at 35 g)
Incl. 1,791.5 - 1,792.8 1.3 50.0 75.0 0.64
and 1,794.5 - 1,795.0 0.5 180.9 48.0 0.53

Geological comments: Sericitized zone. 5-20% Py+Cp including two
veinlets Qz+Cp+Py and visible gold
---------------------------------------------------------------------
1,799.5 - 1,812.7 13.2 1.7 3.0

Geological comments: Altered intermediary tuff (biotitised n
sericitized) with 5-10% Py (Cp-Po)
---------------------------------------------------------------------
1,826.9 - 1,829.3 2.4 9.4 11.1 0.61

Geological comments: Zone with Qz veinlets and 5-20% Py+Cp in
clusters and veinlets
---------------------------------------------------------------------
1,840.0 - 1,840.5 0.5 1.4 2.0

Geological comments: Sericitized zone, 3-5% disseminated Py
---------------------------------------------------------------------
1,841.8 - 1,842.5 0.8 7.5 5.6 0.39

Geological comments: Biotized and pyritized zone, 5-10% Cp-Po in
clusters and veinlets
---------------------------------------------------------------------
1,848.0 - 1,849.5 1.5 3.5

Geological comments: Same biotized and pyritized zone, 5-10% Cp-Po in
clusters and veinlets
---------------------------------------------------------------------
1,866.0 - 1,867.5 1.5 1.2 2.8

Geological comments: Same biotized and pyritized zone, 5-10% Cp-Po in
clusters and veinlets
---------------------------------------------------------------------
1,899.0 - 1,905.5 6.5 8.1 4.5 0.17
Incl. 1,903.5 - 1,905.5 2.0 20.2 8.5 0.35

Geological comments: Westwood Zone - northern portion: strongly
sericitized zone with 5-10% Py, 2-3%Cp(-Sp) and
visible gold
---------------------------------------------------------------------
1,945.5 - 1,946.1 0.6 2.2 14.7 0.48

Geological comments: Sericitized zone with 3-5% disseminated Py and
Sp in veinlets
---------------------------------------------------------------------
1,961.5 - 1,963.5 2.0 0.2 3.5 1.80

Geological comments: Same sericitized zone, 10% Py-Sp
---------------------------------------------------------------------
Previous results
---------------------------------------------------------------------

1158-02 1,697.4 - 1,698.0 0.6 39.3 12.6 0.07

Geological comments: Zones 1-2 Corridor: Strongly serictized band,
20% Py + visible gold in a Qz-Py veinlet
---------------------------------------------------------------------
1,719.0 - 1,722.5 3.5 11.8 5.8 0.24 0.06

Geological comments: Zones 1-2 Corridor: Biotized intermediary tuff
with 5-10% Py(Cp-Po)

Incl. 1,719.0 - 1,720.0 1.0 36.3 11.8 0.23

Geological comments: Strongly serictized band, 10% Py
and 1,721.5 - 1,722.5 1.0 4.4 5.3 0.31 0.19

Geological comments: 10 cm semi-massive Py band with 5% Cp(Sp)
---------------------------------------------------------------------
1,753.8 -1,754.5 0.7 11.0 2.4 0.13

Geological comments: Strongly biotized section with several
semi-massive veinlets of Py-Po-CpnQz + visible
gold
---------------------------------------------------------------------
1,877.5 - 1,887.0 9.5 4.2 6.2 0.14

Geological comments: Westwood Horizon: Sericitic schist with 20-30%
Py and 2-5% Cp
Incl. 1,883.0 - 1,887.0 4.0 6.0 9.5 0.09

Geological comments: Several semi-massive bands of Py-Cp,
pyrophillite alteration
---------------------------------------------------------------------
1,894.0 - 1,909.3 15.3 3.4 6.2 0.38

Geological comments: Westwood Horizon: disseminated sulfides and Py
and Cp clusters
Incl. 1,904.0 - 1,909.3 5.3 5.5 9.8 0.58

Geological comments: Presence of multiple semi-massive Py-Cp veinlets
and 1,906.0 - 1,906.6 0.6 16.3 19.6 0.36

Geological comments: 12 cm massive band of Py-Cp
---------------------------------------------------------------------
1017-90 1,268.5 - 1,273.5 5.0 4.1 6.7 0.07 0.04

Geological comments: Westwood Horizon: Strongly sericitized, 10-30%
disseminated Py (Cp-Sp), locally in massive
bands
---------------------------------------------------------------------
1,393.0 - 1,398.5 5.5 5.7 2.3 0.20
Geological comments: Zone 1-2 Corridor: Sericitized and pyritized
zone, with cm bands of massive Py(Cp)
---------------------------------------------------------------------

NOTE : Only the results greater than 1 g Au/t have been reported
(1) Drilling intersected the zones at steep angles,
representing nearly true thicknesses.


A map of the longitudinal section is available on CCNMatthews` website at the following address: http://www2.cdn-news.com/database/fax/2000/ww_long.jpg



--------------------------------------------------------------------------------
Contact:
Cambior Inc.
Robert LaValliere, 450-677-2699
450-677-3382 (FAX)
[e-mail]
www.cambior.com

[Thoemsi]

@ Sov,

ich hab meine Quest vor ein paar Tagen zu 1,55 verkauft. Semafo werd ich mir mal anschauen, thnx
Viceroy Expl. und Spectrumgold werde ich langfristig halten.

Ich kaufe jetzt wohl noch ein paar Drooy zu oder warte erst mal ab....

Cambior macht echt Spass. Und demletzt sind die von "Expreten" (ich weiss nicht mehr aus welchem Haus) zum verkaufen gestuft worden. Naja, wer auf solche "Expertenmeinungen" was gibt der kann nun auch entsprechend hohe Opportunitätskosten zahlen...

Gruß

Thoemsi

[Stosstrupp_Gold]

@Thoemsi

Ja, ja Ende 2000 als CBJ wegen der hedge Krise für 25 cent zu bekommen war, hat Merrill das Teil auf strong sell gestellt (soweit ich mich erinnere).
Echt toll auf ner Aktie rumzutrampeln, die ohnehin am Boden liegt (gleiches Vorgehen bei Ashanti als sie 2,50 USD kosteten, da war`s Goldman Sucks...).
Echt super die Analysten! Die können uns in Zukunft die Schuhe putzen oder mit ihren Strong-Buy-Analysen für CMGI, Dt. Telekom und Enron nen Altpapierhandel aufmachen!

Unvergessen auch die Spinner von Prudential, die Newmont nachdem sie die Normandy-Übernahme abgeschlossen hatten und sagten sie wollten das hedge book auflösen quasi als Retour-Kutsche ein "Strong SELL" ausgesprochen haben (target price 10 $, da Newmont bei 20, heute bei 34)....Ach ja: Die Deppen von CNBC haben natürlich an dem Tag alle halbe Stunde von diesem downgrade gesprochen....

Ja, ja: Banksters, Fraudsters, Gangsters und anderes Gesindel!

[Thoemsi]

Ja 2000 war echt krass! Ich war zwar clever genug den ganzen I-net Schrott rechtzeitig zu verkaufen, war dann aber zu ängstlich mich langfristig in den Goldminen zu investieren und habe erst mal nur damit getradet. Das war natürlich kompletter Schwachsinn (hin und her macht Taschen leer , aber ich bin noch jung und lernfähig Ergo werde ich meine Gold- und Silberminen so schnell nicht mehr geben. Die nächsten Jahre gehören uns!! Auf die 10$ Marke bei CBJ!!

Gruß

Thoemsi

[Stosstrupp_Gold]

Hm, Cambior erhöht das Kapital....Aktien für 100 Mio. CAD werden neu ausgegeben....

Wofür könnten die es brauchen? Für Gros Rosebel ist kein Kapital nötig....andere Minen sind derzeit nicht in der Kurzfristpipeline.
Also eine Akquisition...Nur wer? McWatters? (CEO ist heute zurückgetreten) Quebec-Goldminen passen ins Cambior-Potfolio...aber die könnten sie auch mit nem stock swap übernehmen. Und wenn`s ne feindliche Übernahme gegen cash sein sollte, dann würde der CEO heute nicht zurücktreten. Also unwahrscheinlich.
High River oder Aurizon? Möglich, aber dagegen spricht, daß diese Firmen auch per stock swap gekauft werden können.
Crystallex? Hm, 100 Mio. CAD sind zu wenig um Las Christinas in Produktion zu bringen. Der Brocken ist eine Nummer zu groß für Cambior.
Bleibt: Linmine (staatliche Bauxit-Mine in Guyana), hier ist die Cambior Tochter Omai schon als Subunternehmer tätig und Guyana will die Mine (fährt Verluste ein) unbedingt privatisieren...Ergo wird CBJ wohl bald im Aluminium-Geschäft mitmischen...(erachte ich für am wahrscheinlichsten).
Nächste Woche (29.07) werden die Q2-Zahlen vorgelegt, dann wissen wir mehr!


Reuters
UPDATE - Cambior to raise C$100 mln in
bought deal
Friday July 25, 3:08 pm ET

(Adds new financing, quotes, stock price)

MONTREAL, July 25 (Reuters) - Cambior Inc. (Toronto:CBJ.TO - News) said on Friday
it will raise C$100 million ($73 million) in a bought deal, upping by C$25 million the
amount the gold miner initially said it would raise.

"We increased the amount of money
as demand was high. It is very
positive," said Robert LaValliere,
manager at Montreal-based
Cambior.

The money will be used for working
capital and to pay short-term
obligations.

Under the agreement, a syndicate of
underwriters led by Sprott Securities
Inc. and National Bank Financial Inc.
will purchase 40 million units at a
price of C$2.50 per unit.

Each unit will consist of one common
share and one-half of one common
share purchase warrant. The offering is scheduled to close around Aug. 12.

The syndicate also includes CIBC World Markets Inc., Dundee Securities Corp., Orion
Securities Inc. and Paradigm Capital Inc.

Cambior shares fell 14 Canadian cents to C$2.36 on Friday afternoon on the Toronto
Stock Exchange (News - Websites), with more than 3 million shares changing hands.
The stock`s value has risen by 93 percent over the past 12 months.

($1=$1.38 Canadian)

[Stosstrupp_Gold]

Da denkt wohl jemand in die gleiche Richtung wie ich... (mein Aurizon-Päckchen freuts und der CBJ-Tagesverlust wird schnell wiederaufgeholt sein)

Gruß

Sovereign


Reuters
UPDATE - Aurizon stock up 8 pct on hopes for
Quebec gold mine
Friday July 25, 1:26 pm ET

(Updates with company comments, paragraphs 6-10)

TORONTO, July 25 (Reuters) - Aurizon Mines Ltd. (Toronto:ARZ.TO - News) shares
rose 8 percent on Friday as investors took the view the gold miner, which is developing
a property in Quebec, may be undervalued.

Aurizon shares gained 13 Canadian
cents, or 8.4 percent, to C$1.68 on
a heavy volume of 296,435 shares,
bucking the trend in the broader
gold sector, which was down 0.26
percent.

The stock, which earlier climbed 13
percent to hit a new yearly high of
C$1.75, has moved in a 52-week
range of C$1.71 to 94 Canadian
cents.

"It`s running like a lot of the other
gold stocks and this one is a little
late to come to the party," said
Pierre Vaillancourt, an analyst at
Orion Securities. "I think people are
recognizing it as a good potential prospect that, on a relative basis, is somewhat
undervalued."

Vancouver, British Columbia-based Aurizon is conducting underground exploration at
its 100 percent owned Casa Berardi property in northwestern Quebec. It also holds a
50 percent stake in the Sleeping Giant mine.

"We haven`t done a lot of major financings," said Patrick Soares, manager of investor
relations at Aurizon. "So the only place to buy our stock is on the market. People can`t
get paper issue from the company."

Aurizon plans to raise cash through a share issue in the fall but has not determined an
amount.

Soares said speculation about a possible bid for the gold miner could be lifting the
stock.

"Because of our Casa Berardi project, we are deemed to be a takeover target
by...mining companies who are more senior than ourselves," he said from Vancouver.
"Some of these companies have been recently doing financing and people may be
reading into that, the next thing they`re doing is come after us.

"I wouldn`t read too much into that."

Orion`s Vaillancourt said Aurizon has begun drifting into the zones they want to develop
at Casa Berardi, anticipating a drill program that is slated to begin in the fourth quarter.

"From a valuation perspective, the underlying value of Casa Berardi is still attractive so
it`s just catching up to the rest of the sector," he said.

"It`s something that hasn`t really come into focus yet but I think beginning Q4, and
especially in 2004, it will have some pretty positive developments."

($1=$1.38 Canadian)

[Thoemsi]

@ Sovereign

Zu Semafo: ich hab mir das Teil mal kurz angeschaut. Sieht nicht schlecht aus, was ich auf der HP gesehen habe....Cash-Flow ist mehr als ausreichend um die Schulden zu bedienen. Wie sieht es denn da mit Hedging aus? Ich hab gelesen, daß 66% der Produktion der Kiniero Mine gehedged sind, wohl auch um die Finanzierung des Samira Hill Projektes voranzutreiben. Weißt Du zu welchem Preis? Und wann wird Samira vermutlich in Produktion gehen können? Ja, bei dem Rest tappe ich auch noch im Dunkel, ich brauch einfach mal wieder ein ruhiges Wochenende um mich mal in Ruhe um das Depot kümmern zu können....

Gruß

Thoemsi

[Thoemsi]

Bei Semafo wird man ja irre...
Da gibts in Toronto zweimal am Tag einen Kurs wo jeweils 2000 Stück umgesetzt werden....

[Stosstrupp_Gold]

zu Semafo: Die werden noch entdeckt. Es gab auch Zeiten bei Cambior wo ich durch meine Order für 60 % des Tagesumsatzes an der AMEX verantwortlich war...

[Khampan]

Hilfe, die news versteh ich nicht:
"Cambior Receives a Final Receipt for its Short Form Prospectus"
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=Glo…

Naja, dem Kurs scheint`s aber gut zu tun.

[Stosstrupp_Gold]

Ende 2004 wird Cambior hedge frei sein!


Longueuil, August 7, 2003


Cambior Improves Conditions under Loan Agreement : Elimination of the hedging covenant

--------------------------------------------------------------------------------

Cambior Inc. is pleased to announce an agreement with its lenders to modify the terms of its credit facility in connection with the recently announced Cdn $100 million equity financing.

In light of the strengthening of its balance sheet following the realization of the proposed Cdn $100 million financing, the lenders have agreed to:

i) waive their requirement for a prepayment of the credit facility from the proceeds of the share issue; and
ii) eliminate the current hedging covenant under the loan agreement which currently requires Cambior to maintain a revenue protection program for 30% of its planned production until December 31, 2007

Cambior will maintain a US $10 million reserve cash balance which will be released upon the achievement of commercial production at Rosebel currently scheduled to occur in 2004.

This modified lending agreement with its lenders is subject to the completion of the Cdn $100 million financing and the finalization of legal documentation to this modified loan agreement which is expected to take place on August 12, 2003.

At a recent meeting, the Board of Directors of Cambior adopted a policy that will allow gold hedging only when required for project financing.

Mr. Louis P. Gignac, President and Chief Executive Officer of Cambior, stated: "We are pleased with the improved conditions under our loan agreement and the increased flexibility in eliminating our revenue protection program. Cambior intends to reduce its hedge book through accelerated deliveries and opportunistic buy-back of the positions with the objective to be hedge free by year-end 2004 excluding the remaining 52,000 ounces to be delivered in 2005 under the prepaid gold forward sale agreement".

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior’s shares trade on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior’s warrant "CBJ.WT.B" trades on the TSX.


Cautionary Note

--------------------------------------------------------------------------------


The securities offered under the Cdn $100 million financing have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Caution Concerning Forward-Looking Statements

--------------------------------------------------------------------------------


This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company’s strategic plans, the modification of its loan agreement, the use of proceeds to be received from its Cdn $100 million equity financing, the closing of this financing, the reduction of its hedge book, and future commercial production. Forward-looking statements express, as at the date of this press release, the Company’s plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, environmental risks and hazards, the potential consequences of not closing the Cdn $ 100 million equity financing, risks of delays in construction and other risks referred to in Cambior’s 2002 Annual Information Form filed with the Securities Commissions of all provinces in Canada, and with the United States Securities and Exchange Commission, as well as the Toronto Stock Exchange and the American Stock Exchange.


--------------------------------------------------------------------------------

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

[Khampan]

Ameritrade nimmt gerade keine Orders für CBJ an. "Symbol not found". Soll ich mich jetzt ärgern oder freuen, daß ich nix verkaufen kann

Khampan

[Stosstrupp_Gold]

Aber, aber: Wer wird denn jetzt verkaufen Khampan? Noch ist mein tenbagger nicht komplett, also werde ich schön den Börsenschluss in NY abwarten, mich ab 22 Uhr auf die hoffentlich abgekühlte Terrasse setzen und mir mit eiskalten Tanqueray-Tonic richtig schön langsam einen knallen (kann gerne die halbe Nacht dauern)...

Gruß

Sovereign

Yeah, give me Cambior stock and some gin and I`ll be in business

CAMBIOR INC (AMEX:CBJ) - Trade: Choose BrokerageLast Trade
12:42pm · 1.99Change
+0.19 (+10.56%)Prev Cls
1.80Open
1.86Volume
497,100Chart
Small: 1d 5d 1y none
Big: 1d 5d 3m 6m 1y 2y 5y max Day`s Range
1.80 - 1.99Bid
N/AAsk
N/AP/E
90.00Mkt Cap
340.6MAvg Vol
258,27252-wk Range
0.69 - 1.89Bid Size
N/AAsk Size
N/AP/S
1.57Div/Shr
0.00Div Date
24-Dec-991y Target Est
2.10EPS (ttm)
0.02EPS Est
0.01PEG
N/AYield
N/AEx-Div
N/A

[Khampan]

@Sovereign

überzeugt
nur mit der abgekühlten Terasse war`s wohl nix.
Tanqueray-Tonic
Deine Empfehlungen haben sich bisher immer gelohnt, also bei Gelegenheit mal probieren...

Zum Wohl
Khampan

[Thoemsi]

Hey Sov, bei Semafo tut sich ja heute was. Hast Du zugeschlagen?
Habe mir auch mal ein paar auf die Seite gelegt, man weiß nie wozu es noch gut ist....
Bei Cambior wird mir langsamn schwindelig, aber unter 5 US $ verkauf ich nicht...

Gruß

Thoemsi

[konradi]

.


Cambior plans Rosebel expansion


Canadian miner Cambior (Amex: CBJ) is planning an exploration program to increase reserves
and expand production at its Rosebel gold mine in Suriname, currently under construction.

- Suriname Wednesday, August 13, 2003 17:11 (GMT-0400)


"Our intention is to prove additional reserves at Rosebel for an expansion in 2005," company president Louis Gignac told analysts during a corporate update conference call.


Rosebel is forecast to go into production in the first quarter of 2004 with output of 270,000oz gold in its first year at mine operating costs of US$157/oz. By end-July, US$55mn had been spent and US$12mn committed to the US$95mn project.


The mine plant is initially forecast to process 16,000t/d of mainly soft rock, dropping to 12,000t/d when 50% of the feed will be hard rock and 50% transition rock, said Gignac.


If justified by an increase in reserves, Cambior aims to increase throughput from 12,000t/d to 16,000-18,000t/d in 2005, he said.


The expansion could be achieved by installing a second ball mill taken from the A circuit of the company`s Omai gold mine in neighboring Guyana, due to close in 2005, Gignac added.


Cambior has already dismantled one SAG and one ball mill at Omai and shipped them to Rosebel where they are currently being installed by the same team that put them in at the Guyana mine in 1992, he said.


As a result, production fell at Omai from 15,000t/d to 12,000t/d during May and June this year while a secondary crusher was installed to replace the equipment.


This should result in an improved performance at Omai which is forecast to produce 145,000-150,000oz gold at mine operating costs of about US$200/oz in the second half, said Gignac. In the first half, Omai`s output was 131,600oz at US$235/oz.


Cambior closed an equity offering to raise Cdn$100mn (about US$72mn) and net proceeds of Cdn$94.5mn on Tuesday, part of which it said would help develop Rosebel.


"It will help us to grow our asset base more quickly and prepare beyond Rosebel," said Gignac.


By Emily Russell / BNamericas.com

[Stosstrupp_Gold]

Schaut Euch heute mal Semafo in Toronto an....very nice indeed! Quest Capital in Semafo zu tauschen war gar nicht mal so schlecht...

[Thoemsi]

kleines Semafo Update: es scheint, als würde heute wieder einen Gang hochgeschaltet...

Semafo inc. - Samira Hill Gold Mine on Target
Wednesday August 20, 11:28 am ET


SEMAFO TSE - SMF Etruscan TSE - EET
MONTREAL, Quebec and WINDSOR, Nova Scotia, Aug. 20 /CNW Telbec/ - Semafo Inc. (SMF.TSE) and Etruscan Resources Inc. (EET.TSE) announced today that the Samira Hill Gold Project in Niger is moving forward on schedule and on budget, with the recent awarding of several major contracts. Production from the Samira Hill gold mine is on target for the third quarter of 2004.
Contracts totaling in excess of US$6,000,000 that have now been signed include Delmas of France for the installation of the power generation facilities, SOGEA - SATOM of France for the civil works which comprises the installation of the concrete foundations for the mechanical equipment and all building structures, and with Mapicer S.A. of Morocco for the installation of electrical works. Engineering and procurement are ongoing and are targeted for completion by the end of September 2003.

To date approximately 40% of the total project budget of US$27,000,000 has been committed to suppliers, and over 80% of the mechanical equipment has been ordered. Major mechanical orders completed include screens, pumps, elution equipment, agitators, conveyors and refurbishment of the grinding mill and crusher. Much of the equipment has been sourced in South Africa and will be shipped for delivery to site beginning the fourth quarter of 2003. In preparation for full site mobilization and construction, the 7 kilometer long pipeline has been inspected and pumping from the Sirba River will commence later this month. Seasonal pumping will supplement the water supply at the 4.5 million cubic meter raw water reservoir to achieve full dam capacity before the end of the current rainy season.

First year production of 135,000 ounces from Samira Hill is forecasted at a cash cost of US$177 per ounce. With current mineable reserves of 10,073,626 tonnes grading 2.21 grams of gold per tonne the mine is expected to produce an average of 100,000 ounces of gold per year at an average cash cost of US$203 per ounce. The Samira Hill Gold Project currently has a global resource of 1,995,500 ounces in all categories as estimated by Resource Service Group Pty Ltd ("RSG") of Perth, Australia.

Samira Hill will operate under the Nigerien company, Société des Mines du Liptako SA ("SML"). SML is a limited liability company governed by the laws of Niger and is owned 80% by African GeoMin Mining Development Corporation Limited ("AGMDC") and 20% by the Government of Niger. AGMDC is in turn owned by Semafo (50%) and Etruscan (50%). Semafo and Etruscan participate directly with the overall project management with the State of Niger through their representation on a joint technical committee. Managem S.A., the mining division of Groupe ONA is providing project management for the Samira Hill Gold Project. GBM Minerals Engineering Consultants Limited (GBM) of the United Kingdom has been engaged to work with the project manager on all aspects of the project. GBM is an independent firm of engineering consultants specializing in assisting clients with the development, design and construction of new mining projects, and was engaged in 2000 by Ashanti Goldfields as an owner`s representative during the development of the 500,000 ounces per year Geita gold mine in Tanzania.

The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol "SMF". The common shares of Etruscan are traded on The Toronto Stock Exchange under the symbol "EET".


Semafo inc., is a mining company whose mission is to explore and develop
gold and base metal deposits in West Africa

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE

For further information

MONTREAL: Benoit La Salle President, [phone], Fax : [phone], [e-mail]
RENMARK: Neil Murray-Lyon, [phone], Fax: [phone], [e-mail]
CASABLANCA: Mostafa Hammoud, International Director Manager, 212(22) -95-65-71, Fax: [phone], [e-mail]
More extensive information on Semafo can be found on our home page at http://www.semafo.com_;_ For more information from Etruscan contact: WINDSOR, N.S.: Richard Gordon, Investor Relations, [phone], Fax: [phone], [e-mail]
TORONTO, ONT.: Tony Hayes, Vice President, [phone], Fax: [phone], [e-mail]
More extensive information on Etruscan can be found at http://www.etruscan.com



--------------------------------------------------------------------------------
Source: SEMAFO INC.

[Thoemsi]

An dieser Stelle nochmal ein Hoch auf Sovereign: Cambior heute bei 2,50 USD und auch Semafo schaltet den Turbo ein und schiesst auf 0,90 CAD.

[Khampan]

Cambior to Join S&P/TSX Canadian Indices

15:59 EDT Thursday, September 18, 2003

LONGUEUIL, QUEBEC--Cambior is pleased to announce that it will be included in the S&P/TSX Composite Index and the following sub-indices: the S&P/TSX SmallCap Index, S&P/TSX Capped Materials Index and S&P/TSX Capped Gold Index, effective after the close of markets on Friday, September 19, 2003
...

-------------------------------------------------------

*DJ Orion Ups Cambior Inc. Target To C$4.70 From C$3.90 >CBJ

09/22/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)

(END) Dow Jones Newswires

09-22-03 0956ET

-------------------------------------------------------

#110 zeigt den US-Chart, für Neugierige.

Wieder mal ein Hoch auf Sovereign, der mich davon abgehalten hat, meine Cambiors bei 1,9 USD zu verkaufen.

Khampan

[Thoemsi]

Cambior Inc. and Ariane Gold Corp. to Merge to Develop the Camp Caiman Gold Project
Friday September 26, 9:05 am ET

LONGUEUIL, Quebec--(BUSINESS WIRE)--Sept. 26, 2003--The respective Boards of Directors of Cambior Inc. ("Cambior") and Ariane Gold Corp. ("Ariane Gold") unanimously approved a proposed combination of the two companies. The merger will bring Cambior`s development and operating expertise to Ariane`s Camp Caiman Gold Project, located in French Guiana, South America.

Business Terms

Under the agreement, Ariane Gold shareholders will receive one Cambior share for each 2.91 Ariane shares. The exchange ratio implies a price of Cdn $1.32 for each Ariane Gold share, based on the closing price of the companies` shares on the Toronto Stock Exchange on September 25, 2003. Upon the successful completion of the transaction, Cambior will issue approximately 16.3 million common shares to the Ariane Gold shareholders. The agreement provides for a break-up fee of Cdn $2.2 million in the event that Ariane Gold terminates the transaction to accept a competing offer.

The merger transaction is subject to the satisfactory negotiation and conclusion of a formal merger agreement which shall include customary provisions and shall provide that:

(a) regulatory approval including consent from the relevant authorities of France, shall have been obtained prior to closing; and
(b) Cambior shall have completed its due diligence review prior to closing.

Subject to the approval of (two thirds of) Ariane Gold shareholders, this merger transaction is scheduled to close during the fourth quarter of 2003.

Camp Caiman Project

Ariane Gold`s principal asset is the Camp Caiman gold project. The project is located approximately 45 km Southeast of Cayenne, with access to the site entry road by paved highway. To date, more than 90,500 meters of diamond and reverse circulation drilling has been undertaken. It is estimated that the property has a high potential for the discovery of additional ounces.

The 1.2 million ounces mineable resources outlined to date are summarized in the table below.

---------------------------------------------------------------------
Camp Caiman Mineable Resource
---------------------------------------------------------------------
Saprolite/Transition Rock
---------------------------------------------------------------------
Tonnes g Au/t Ounces Tonnes g Au/t Ounces
(000) (000)
---------------------------------------------------------------------
---------------------------------------------------------------------
Measured Resources 5,004 2.8 443,900 2,047 4.0 260,800
---------------------------------------------------------------------
Indicated Resources 2,686 2.0 176,600 703 4.2 94,500
---------------------------------------------------------------------
Total Measured
and Indicated 7,690 2.5 620,500 2,751 4.0 355,200
---------------------------------------------------------------------
Inferred Resources 885 2.3 65,600 923 4.0 117,700
---------------------------------------------------------------------

---------------------------------------------------------------------
Total
---------------------------------------------------------------------
Tonnes g Au/t Ounces
(000)
---------------------------------------------------------------------
---------------------------------------------------------------------
Measured Resources 7,052 3.1 704,700
---------------------------------------------------------------------
Indicated Resources 3,389 2.5 271,100
---------------------------------------------------------------------
Total Measured and Indicated 10,441 2.9 975,700
---------------------------------------------------------------------
Inferred Resources 1,808 3.2 183,300
---------------------------------------------------------------------
Note: 95% mining recovery has been applied; ultimate pits from each
run pertain to maximum cashflow; Cut-off grades applied for ore
calculation - Saprolite 0.8 g/t, Transition 1.0 g/t, Sulfide 1.6 g/t
---------------------------------------------------------------------


A preliminary assessment study has indicated the potential for an open pit mining operation averaging 96,000 ounces of gold per annum over a 10 year period.

Cambior intends to continue an exploration program to increase mineral resources and prepare a final feasibility study and Environmental Impact Assessment (EIA) within the next year. It is anticipated that the project could commence production in 2007.

Recent meetings with French Government authorities have indicated strong support for the project.

The technical report on resource estimation and the preliminary assessment were filed by Ariane Gold Corp. on June 30, 2003 and August 7, 2003 respectively with the Canadian Securities Commission in accordance with National Instrument 43-101 and are available on the Sedar website (www.sedar.com).

Louis P. Gignac, Cambior`s President and Chief Executive Officer, stated: "The acquisition of the Camp Caiman Gold Project is consistent with our growth strategy and provides an excellent opportunity for the Company to add value to the project given its 12 years of expertise in the Guiana Shield and the operating synergies with Omai and Rosebel. We look forward to welcoming Ariane shareholders to our shareholder base".

James Crombie, Ariane Gold`s President and Chief Executive Officer, stated: "We are delighted to announce this transaction. We are very enthusiastic with this business combination and we welcome Cambior to the Camp Caiman Project and gain the benefit from their expertise and the liquidity of their shares in the market place. The terms of the Agreement are beneficial to all Ariane shareholders which have experienced significant positive returns during the past year."

Conference Call

Cambior and Ariane Gold Corp. will host a conference call to discuss this merger transaction on Monday, September 29, 2003 at 11:00 a.m. (local time).

Financial analysts are invited to participate in the call by dialling 1-800-404-8949 in North America. Outside of North America, please dial 1-416-641-6654. Media and all other interested individuals are invited to listen to the live webcast on the Cambior website at www.cambior.com or through CCNMatthews at www.ccnmatthews.com/cambior.

The conference call will be available for replay for a period of 48 hours by calling [phone], reservation #21161836. The webcast will also be archived on the Company`s website.

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior`s shares trade on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior`s warrants trade on the TSX.

Ariane Gold Corp. is a gold exploration company with projects in South America. Ariane`s shares trade on the Toronto Scotk Exchange (TSX) under the symbol "AGD". Additional information and previous press releases can be downloaded from our web site at www.ariane.gold.com.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources," that the SEC guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Annual Report on Form 40-F. A copy of the 2002 Form 40-F is available to shareholders, free of charge, upon written request addressed to the Investor Relations Department.

Caution Concerning Forward-Looking Statements

This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the negotiation and the closing of the merger transaction, the anticipated benefits of this transaction for Cambior, Ariane Gold and their respective shareholders, Cambior`s plans to increase Camp Caiman`s resources and perform a feasibility study (with an EIA), the production profile of Camp Caiman, the commercial production timetable and the support expressed by the French Government. Forward-looking statements express, as at the date of this press release, Cambior`s plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, environmental risks and hazards, uncertainty as to calculation of mineral reserves, requirement of additional financing and other risks referred to in Cambior`s and in Ariane Gold`s respective 2002 Annual Information Forms filed with the Securities Commissions of all provinces in Canada, and with the United States Securities and Exchange Commission (as regards Cambior only), as well as the Toronto Stock Exchange and the American Stock Exchange (as regards Cambior only).

The "CAMP CAIMAN PROJECT LOCATION MAP" is available on CCNMatthews` Web Site at the following address: http://www2.cdn-news.com/database/fax/2000/cbja0926.pdf

[Thoemsi]

Cambior Inc.: Return to Profitability in the Third Quarter of 2003
Wednesday October 22, 1:28 pm ET

LONGUEUIL, Quebec--(BUSINESS WIRE)--Oct. 22, 2003--Cambior Inc. (AMEX:CBJ - News; TSX:CBJ - News):

All amounts are expressed in US dollars, unless otherwise indicated.
Gold production of 124,000 ounces
Revenues of $48.7 million
Net earnings of $0.7 million
Cash flow from operating activities of $4.6 million
Rosebel construction and development on schedule and on budget
Successful Cdn $100 million equity financing
Elimination of the hedging covenant
9% (or 83,000 ounces) reduction of the hedge book
Cash balance of $68.6 million
Cambior and Ariane Gold announced merger to develop the Camp Caiman gold project

FINANCIAL RESULTS

During the third quarter of 2003, Cambior realized a profit, prior to adjustments for non-hedge derivative instruments, of $3.1 million compared to a profit of $3.2 million during the third quarter of 2002. Non-cash accounting adjustments due to a non-hedge derivative loss of $2.4 million (gain of $0.8 million in 2002) resulted in net earnings of $0.7 million compared to $4.0 million ($0.03 per share) for the corresponding period in 2002. EBITDA(1) was $11.3 million compared to $13.1 million for the corresponding quarter of 2002. Lower gold sales, higher mine operating costs and an increase in exploration and business development outlays contributed to the EBITDA decrease in 2003.

During the first nine months of 2003, Cambior incurred a loss, prior to adjustments for non-hedge derivative instruments, of $2.7 million compared to a profit of $5.3 million during the first nine months of 2002. Non-cash accounting adjustments due to a non-hedge derivative loss of $1.0 million ($14.8 million in 2002) resulted in a net loss of $3.7 million ($0.02 per share) compared to a net loss of $9.5 million ($0.07 per share) for the corresponding period in 2002. EBITDA was $22.4 million as compared to $31.5 million for the corresponding period of 2002.

PRODUCTION HIGHLIGHTS

For the third quarter of 2003, gold production totaled 124,000 ounces at a mine operating cost of $238 per ounce compared to 149,700 ounces at a mine operating cost of $216 per ounce for the corresponding quarter in 2002. Gold production for the first nine months of 2003 totaled 378,400 ounces at a mine operating cost of $245 per ounce compared to 435,800 ounces produced during the same period last year at a mine operating cost of $218 per ounce.

The decrease in gold production for the third quarter and the nine-month period is mainly attributable to the decrease in tonnage milled at the Omai mine due to the depletion of soft-rock reserves as expected in the mining plan. Higher gold mine operating costs were mainly due to the strengthening of the Canadian dollar from Cdn $1.56/US $ in the third quarter of 2002 to Cdn $1.38/US $ in the third quarter of 2003 which added $17 per ounce to the unit cost.

The Omai mine produced 62,200 ounces of gold at a mine operating cost of $213 per ounce. Lower gold production is due to lower tonnage milled as a result of the depletion of soft rock reserves. However, head grade, gold recovery and mine operating costs were similar to those of the third quarter of 2002. The new secondary crusher installed during the second quarter of this year is now working at its planned rate.

Production from the Doyon Division reached 53,000 ounces of gold for the third quarter, a slight increase compared to the corresponding quarter of 2002. The mill grade from the underground mines was 6.0 g Au/t, or nearly 10% higher than the grade from underground for the corresponding period of 2002. The lower tonnage from the underground mines is due to the unavailability of several LHD (Load Haul Dump) units at the Doyon mine in July. The increase in the mine operating cost is due in large part to the 13% increase in the value of the Canadian dollar compared to the corresponding quarter of 2002.

A shaft deepening program at the Mouska mine, part of the Doyon Division, was approved today. The internal shaft will be deepened by 210 meters to reach a total depth of 880 meters and will allow access to high-grade mineralized zones on three additional levels. Shaft deepening work, at an estimated cost of Cdn $11 million, will require a ten-month production shutdown at Mouska, scheduled from January to October 2004 inclusively, since current infrastructure will not allow for the simultaneous hoisting of ore in the internal shaft and the shaft deepening work.

The shaft deepening will allow access to 142,000 tonnes of probable mineral reserves at a grade of 15.4 g Au/t and 173,000 tonnes of inferred mineral resources at a grade of 14.6 g Au/t. In addition, the Mouska mine announced the signing of the extension of the current collective agreement with its employees affiliated with the United Steelworkers of America to October 17, 2007.

During the quarter, Cambior`s share of gold production from the Sleeping Giant mine was 8,800 ounces at a mine operating cost of $246 per ounce representing a net improvement compared to the unit costs in the previous quarter as a result of the increase in tonnage milled and despite a stronger Canadian dollar. The shaft deepening program to reach a depth of 1,000 meters is progressing well. Work will be completed during the second half of 2004 at an estimated total cost of Cdn $7 million.

At Niobec, sales improved over the previous two quarters, in line with increased demand. For the third quarter, niobium sales (Cambior`s share) and revenues from contracting services totaled $8.5 million.

FINANCIAL HIGHLIGHTS AND GOLD HEDGING

Financial highlights

Successful completion of the Cdn $100 million unit offering

On August 12, 2003, Cambior closed a public offering, pursuant to which a syndicate of underwriters purchased 40 million units on a bought deal basis, at a price of Cdn $2.50 per unit for gross proceeds to Cambior of $72.2 million (Cdn $100 million). Each unit consisted of one common share and one-half of one Series C common share purchase warrant. Each whole Series C warrant is exercisable at a price of Cdn $3.75 prior to August 12, 2008. The net proceeds of Cdn $95 million are to be used for general corporate purposes including the development of the Rosebel project and to increase the Company`s reserve base.

The Company also completed a $1.4 million (Cdn $2 million) flow-through private placement by issuing 571,000 common shares in September. The proceeds are being applied to fund exploration programs in Quebec.

At September 30, 2003, cash and short term investments were $68.6 million and shareholders` equity was $255.7 million or $1.21 (Cdn $1.63) per share. The Company began drawing on its new $60 million credit facility during the second quarter of 2003 and amounts drawn currently total $44.2 million. The Company intends to draw fully on its term loan facilities to fund the Rosebel project.

Capital expenditures for the third quarter of 2003 were $34.8 million compared to $5.2 million in 2002. Investments were principally for the construction and development of the Rosebel project.

At the end of the third quarter of 2003, the Company had 212.1 million common shares, 13.7 million listed Series B warrants and 20 million listed Series C warrants outstanding.

Reduction of the hedging program continues

Favourable gold market conditions continued during the quarter with the average price of gold improving by $16 per ounce to a price of $363 per ounce compared to the second quarter of 2003. Cambior realized $341 per ounce during the period as a result of the delivery of a portion of its gold production against hedge commitments and the remainder at market prices.

Hedge free by year-end 2004

The Company remains focused on reducing its hedging commitments to benefit from improving gold market conditions. The Company successfully negotiated the elimination of its hedging covenant under its credit facilities following the closing of its Cdn $100 million equity financing in August 2003. Cambior seeks to eliminate all hedging commitments by the end of 2004, except for the residual 52,000 ounces remaining under its prepaid gold forward sales agreement. During 2003, the Company has reduced its commitments by 469,000 ounces or 36% compared to December 31, 2002. As of September 30, 2003, the Company had total commitments of 817,000 ounces at an average price of $304 per ounce.

The Board of Directors has also adopted a policy that will allow gold hedging only when required for project financing.

ROSEBEL GOLD PROJECT - ON SCHEDULE AND ON BUDGET

Construction of the Rosebel project is in line with the Company`s schedule and budget. As of the end of the third quarter of 2003, approximately $64.6 million had been spent on the development and construction of the project and current commitments amount to $6.8 million. Construction activities have reached their maximum level with over 1,200 workers on site. The commissioning period is scheduled for January with commercial production in the first quarter of 2004.

Work progress as at the end of the third quarter is highlighted as follows:
Tower erection and sub-station progress will enable the commissioning of the transmission line in November as scheduled;
Mechanical and electrical installations and piping are progressing well in the mill area; leaching tanks are 80% complete and piping to the tailings area is being laid out;
Laboratory is now operational for sample preparation and analysis;
Pre-production mining activities have been initiated at the Pay Caro deposit; and
Construction of tailings dams is in progress.

BUSINESS DEVELOPMENT

Merger with Ariane Gold Corp.

On September 26, 2003, the respective Boards of Directors of Cambior and Ariane Gold Corp. unanimously approved a proposed combination of the two companies. The merger will bring Cambior`s development and operating expertise to Ariane`s Camp Caiman gold project, located in French Guiana, South America.

The acquisition of the Camp Caiman gold project is consistent with the Company`s growth strategy and provides an excellent opportunity for Cambior to add value to the project given its 12 years of expertise in the Guiana Shield and the operating synergies with Omai and Rosebel. Under the agreement, Ariane shareholders will receive one Cambior share for each 2.91 Ariane shares. Upon the successful completion of the transaction, Cambior will issue approximately 16.3 million common shares to Ariane shareholders.

Subject to the approval of Ariane shareholders at a special meeting to be held November 26, 2003, this merger transaction is scheduled to close before the end of the fourth quarter of 2003.

Ariane`s principal asset is the Camp Caiman gold project. To date, more than 90,500 meters of diamond and reverse circulation drilling has been completed. It is estimated that the property has good potential for the discovery of additional resources. The mineable resources to date have been evaluated at 1.2 million ounces and a preliminary assessment study has indicated the potential for an open-pit mining operation averaging 96,000 ounces of gold per year over a ten-year period.

Cambior intends to continue an exploration program to increase mineral resources and prepare a final feasibility study and Environmental Impact Assessment (EIA) within the next year. It is anticipated that the project could commence production in 2007.

EXPLORATION

Westwood Project

On October 15, 2003, Cambior announced excellent results from the Westwood project located approximately two kilometers to the east of the Doyon mine. The second wedge from main hole 1158-02 intersected the north corridor, which contains Zones 1 and 2 of the Doyon mine, and the Westwood horizon. The north corridor was intersected between a vertical depth of 1,500 to 1,600 meters, approximately 140 meters to the east of the main hole. The second mineralized zone constitutes the Westwood horizon, which was intersected at a vertical depth of 1,720 meters, approximately 210 meters below the main hole.

The most significant results include:

-0-

North corridor
- 3.9 g Au/t, 8.9 g Ag/t and 0.2% Cu over 4.1 meters
- 12.1 g Au/t over 2.9 meters
- 36.1 g Au/t over 0.6 meter
- 2.5 g Au/t and 2.6 g Ag/t over 6.1 meters
Westwood corridor
- 5.2 g Au/t and 2.4 g Ag/t over 7.5 meter

The results to date indicate the presence of mineralized zones at depth in this little explored area east of the Doyon mine. The type of alteration and mineralization of the Westwood horizon is typical of the semi-massive or massive sulfide deposits found at the Bousquet and LaRonde mines. Work is currently underway on a third wedge from the initial hole. Assay results will be available towards the end of the fourth quarter of this year. By the end of this month, the Company will initiate a new deep drill hole (2,600 meters) from the surface to test the lower extension of the current mineralization.

It is also expected that a 2-kilometer long exploration drift will be driven from level 14 of the Doyon mine towards the Westwood area. This exploration drift will make it possible to establish drilling bases as the drift progresses in order to explore fully the eastern sector of the Doyon property.

BOARD OF DIRECTORS

The Company announces the resignation of Mr. Todd Bruce from the Board of Directors. Mr. Bruce has recently accepted a senior position in a gold mining company and the Board would like to thank him for his contribution and wish him well in his future activities.

CAMBIOR INCLUDED IN THE S&P/TSX INDEX

The increase in the market capitalization of the Company on the Toronto Stock Exchange (TSX) following its recent share issuance combined with the excellent performance of the share price since the beginning of the year, has allowed the Company to be included in the S&P/TSX Composite Index and the following sub-indices: the S&P/TSX SmallCap Index, S&P/TSX Capped Materials Index and the S&P/TSX Capped Gold Index. This inclusion will be beneficial for the Company`s shareholders, since it should increase the liquidity of the shares.

OUTLOOK

Louis P. Gignac, President and Chief Executive Officer of Cambior, stated, "we are continuing our efforts to generate shareholder value by improving our financial condition, increasing our producing assets and growing our reserve/resource base and our pipeline of mining prospects. We are focused on delivering profitable growth and are maintaining our production forecast of 522,000 ounces of gold in 2003."

MD&A and Consolidated Financial Statements

Cambior`s interim MD&A and unaudited Consolidated Financial Statements for the third quarter and the first nine months ended September 30, 2003 with the accompanying notes and comments are available in PDF format on our website at www.cambior.com or through the CCNMatthews website at http://www2.cdn-news.com/database/fax/2000/mdna1022.pdf

Reminder for the Third Quarter 2003 Financial Results Conference Call

Cambior will host a conference call on October 23, 2003 at 1:30 p.m., local time, to discuss its third quarter 2003 financial results.

Financial analysts are invited to participate in the call by dialing 1-800-346-5998 in North America. Outside of North America, please dial [phone]. Media and all other interested individuals are invited to listen to the live webcast on the Cambior website at www.cambior.com or through CCNMatthews at www.ccnmatthews.com/cambior.

The conference call will be available for replay for a period of 48 hours by calling [phone], reservation #21162187. The webcast will also be archived on the Company`s website.

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior`s shares trade on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior`s warrants (CBJ.WT.B. and CBJ.WT.C.) trade on the TSX.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources," that the SEC guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosure in Cambior`s Annual Report on Form 40-F. A copy of the 2002 Form 40-F is available to shareholders, free of charge, upon written request addressed to the Investor Relations Department.

Caution Concerning Forward-Looking Statements

This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company`s strategic plans, the use of hedging and non-hedge derivative instruments, future commercial production and financial results, production targets and timetables, the evolution of mineral reserves, the negotiation and the completion of the merger with Ariane Gold Corp., mine operating costs, capital expenditures, work programs, development plans and exploration budgets. Forward-looking statements express, as at the date of this press release, the Company`s plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, uncertainties related to the obtainment of all required approvals regarding the merger with Ariane Gold Corp., risks associated with foreign operations, environmental risks and hazards, uncertainty as to calculation of mineral reserves, requirement of additional financing, risks of hedging strategies, risk related to non-hedge derivative instruments, risks of delays in construction and other risks referred to in Cambior`s 2002 Annual Information Form filed with the Securities Commissions of all provinces in Canada, and with the United States Securities and Exchange Commission (under Form 40-F), as well as the Toronto Stock Exchange and the American Stock Exchange.

CAMBIOR INC.
HIGHLIGHTS
---------------------------------------------------------------------
(unaudited) Third Quarter Nine months
All amounts in US dollars ended September 30, ended September 30,
2003 2002 2003 2002
---------------------------------------------------------------------
RESULTS (in millions of $)
Revenues 48.7 52.6 138.7 150.8
EBITDA(1) 11.3 13.1 22.4 31.5
Cash flow from
operating activities 4.6 9.0 6.8 18.3
Adjusted cash flow from
operating activities(2) 7.7 12.1 16.0 27.5
Earnings (Loss) before
the undernoted items 3.1 3.2 (2.7) 5.3
Non-hedge derivative
gain (loss) and other (2.4) 0.8 (1.0) (14.8)
--------------------------------------------
Net earnings (loss) 0.7 4.0 (3.7) (9.5)
---------------------------------------------------------------------
PER SHARE ($)
EBITDA (1) 0.06 0.08 0.13 0.23
Cash flow from
operating activities 0.02 0.06 0.04 0.14
Adjusted cash flow from
operating activities(2) 0.04 0.08 0.09 0.20
Earnings (Loss) before
the undernoted items 0.01 0.02 (0.02) 0.04
Non-hedge derivative
gain (loss) and other (0.01) 0.01 (0.00) (0.11)
--------------------------------------------
Net earnings (loss) 0.00 0.03 (0.02) (0.07)
Basic weighted average
number of common shares
outstanding (in millions) 193.1 154.7 176.2 134.5
---------------------------------------------------------------------
GOLD
Number of ounces
produced (000) 124 150 378 436
Number of ounces sold (000) 119 145 372 438
Accounting realized
price ($ per ounce) 341 315 319 305
Average market price
($ per ounce) 363 314 354 306
Mine operating costs
($ per ounce) 238 216 245 218
---------------------------------------------------------------------
FINANCIAL POSITION
(in millions of $) September 30, 2003 December 31, 2002
---------------------------------------------------------------------
Cash and short-term investments 69 43
Total assets 389 279
Total debt 49 28
Deferred revenue 27 37
Shareholders` equity 256 163
---------------------------------------------------------------------
(1) Earnings before interest, taxes, depreciation and amortization,
non-hedge derivative gain/loss and other.
(2) Cash flow from operating activities presented without the impact
of deferred revenue.
---------------------------------------------------------------------
Third Quarter ended Nine months ended
GOLD PRODUCTION STATISTICS September 30, September 30,
(unaudited) 2003 2002 2003 2002
---------------------------------------------------------------------
Omai (100%)
Production (ounces) 62,200 90,100 193,800 245,600
Tonnage milled (t) 1,341,800 1,924,600 4,340,100 5,791,000
Grade milled (g Au/t) 1.57 1.58 1.52 1.43
Recovery (%) 92 92 91 92
Mine operating costs
($ per tonne milled) 10 10 10 9
Mine operating
costs ($ per ounce) 213 210 228 216
Depreciation ($per ounce) 34 39 35 40
---------------------------------------------------------------------
Doyon Division (1)
Production (ounces) 53,000 52,100 161,300 165,300
Tonnage milled (t)
Underground mines 282,700 308,400 822,900 941,300
Low grade stockpile 52,300 18,400 144,800 38,500
Total 335,000 326,800 967,700 979,800
Grade milled (g Au/t)
Underground mines 6.0 5.5 6.2 5.7
Low grade stockpile 1.0 1.0 1.0 1.0
--------------------------------------------
Average 5.2 5.2 5.5 5.5
Recovery (%) 95 96 95 95
Mine operating costs
($ per tonne milled) 42 36 44 37
Mine operating costs
($ per ounce) 267 224 265 222
Depreciation ($ per ounce) 73 65 71 64
---------------------------------------------------------------------
Sleeping Giant (50%)
Production (ounces) 8,800 7,500 23,300 24,900
Tonnage milled (t) 25,100 22,400 63,300 77,300
Grade milled (g Au/t) 11.2 10.7 11.8 10.3
Recovery (%) 97 97 97 97
Mine operating costs
($ per tonne milled) 85 76 91 69
Mine operating costs
($ per ounce) 246 227 249 213
Depreciation ($ per ounce) 52 50 51 46
---------------------------------------------------------------------
TOTAL GOLD PRODUCTION
(ounces) 124,000 149,700 378,400 435,800
MINE OPERATING COSTS
($ per ounce) 238 216 245 218
---------------------------------------------------------------------
CONSOLIDATED GOLD PRODUCTION
COSTS ($ per ounce)
---------------------------------------------------------------------
Direct mining costs 232 212 238 223
Deferred stripping costs 7 3 7 (6)
Refining and transportation 1 2 2 2
By-product credits (2) (1) (2) (1)
---------------------------------------------------------------------
Mine operating costs 238 216 245 218
Royalties 10 10 10 10
---------------------------------------------------------------------
Total operating costs 248 226 255 228
Depreciation 52 49 51 49
Restauration 4 3 4 3
---------------------------------------------------------------------
Total production costs 304 278 310 280
---------------------------------------------------------------------
(1) Includes the Doyon and Mouska mines

Contact:

CAMBIOR INC.
Robert LaValliere, 450-677-2699
Fax: [phone]
Email: [e-mail]
Internet: www.cambior.com


Source: Cambior Inc.

[Khampan]

und irgendwo hier muß ein Grund für den heutigen Absturz von 3,06 auf 2,87 USD versteckt sein.
Mist, kein Sovereign mehr da, der in solchen Fällen auf die Sprünge helfen kann.



Cambior Announces Shaft Deepening at The Mouska Mine and Extension of the Current Collective Agreement

15:20 EDT Wednesday, October 22, 2003

LONGUEUIL, QUEBEC--Cambior is pleased to announce the deepening of the internal shaft at the Mouska mine, located near Rouyn-Noranda in northwestern Quebec and adjacent to the Doyon mine. The internal shaft will be deepened by 210 meters to reach a total depth of 880 meters to allow access to high grade mineralized zones on three additional levels. The total investment will be approximately Cdn$11 million and will be incurred during 2004 and the first half of 2005. This investment also includes lateral and vertical development work as well as the establishment of related shaft infrastructure. Shaft deepening work will require a 10-month production shutdown, scheduled from January to October 2004, inclusively, since current infrastructure will not allow for the simultaneous hoisting of ore and shaft deepening work.

This decision follows the results of a significant drilling program which began in 2002 and allowed the confirmation of the extension at depth of lenses 40, 50 and 50 South. The Mouska mine has been in operation since 1991 and has produced 483,000 ounces of gold to date, including 293,000 ounces from the 40, 50 and 50 South lenses.

Mineral Reserves and Resources

The shaft deepening will allow access to the following probable mineral reserves and inferred mineral resources:

---------------------------------------------------------------------
Tonnes Grade Ounces of gold
g Au/t contained
---------------------------------------------------------------------
Below level 11
(with shaft deepening)
---------------------------------------------------------------------
Probable Reserves 142,000 15,4 70 300
Inferred Resources 173,000 14,6 81 100
---------------------------------------------------------------------


Collective Agreement

In addition, the Mouska mine is pleased to announce the signing of an extension of the current collective agreement with its employees affiliated with the United Steelworkers of America from October 2004 to October 17, 2007. Both management and the employees are proud of this new employment contract which demonstrates the commitment of all parties towards the success of the Mouska mine.

Louis P. Gignac, President and Chief Executive Officer of Cambior, stated "the drilling program at depth generated positive results and confirmed the extension of the high grade 40, 50 and 50 South lenses on three additional level. The shaft deepening will extend the mine life by three years, maintain the employment of 125 employees in the region and allow the continuation of exploration work on the western portion of the Doyon property. In addition, the extension of the collective agreement prior to its expiry clearly demontrates our employees` commitment to the success of their mine."

Qualified Persons(1)

The mineral reserve and resource estimates were calculated by the technical personnel of the Mouska mine, under the supervision of Mr. Pierre Levesque, Chief Geologist, and Mr. Patrick Sevigny, P. Eng., Chief Engineer of the Mouska mine. Both Messrs. Levesque and Sevigny are qualified persons employed by Cambior.

Results were subjected to a quality control program. This program includes rigorous control and a program of duplicate core sample assays from the mineralized zones by an independent laboratory, as well as the use of control samples. To date, all the results from the samples assayed by ALS Chemex-Chimitec Val d`Or Laboratory were corroborated by re-assaying by the Doyon mine laboratory. Both laboratories use the fire assay technique followed by the atomic absorption method or gravimetric analysis, as per industry standards.

...

A map is available at the following address: http://www2.cdn-news.com/database/fax/2000/moua1022.jpg
© CCNMatthews

Gruß,
Khampan

[Basic]

Das Geheimniss liegt in der Tiefe vergraben

Bis da aus 880 m die hochgradigen geborgen werden können fliesst wohl noch etwas Wasser die Elbe längs.

Gruß Basic

[Thoemsi]

keine Sorge, der Verlust von gestern ist bald aufgeholt...

[Khampan]

mir ist sowieso alles wurscht, meine über 100% werden bald steuerfrei, also was solls

Gruß und Kompliment an Sovereign, für den Fall daß er noch mitliest,
Khampan

[Thoemsi]

Dem Kompliment kann ich mich nur anschließen. Er hatte auch Semafo empfohlen, als diese im August noch bei ca. 0,50 CAD standen. Heute auch beinahe verdoppelt....

Sehr schade, daß er hier nicht mehr schreibt. Ein echter Verlust für das Board.

Einen Baron Philippe de Rothschild auf Sovereign

[Thoemsi]

Bei Cambior gibt es heute auch überhaupt keinen Grund schlecht gelaunt zu sein

[Khampan]

Cambior knabbert gerade wieder an der 3 USD Marke, wo auch der 50- und 100-Tage-Durchschnitt liegen. Spannend, aktuell schon drüber.



(grüne Linie = 200 Tage Durchschnitt)

Ich halte weiter. Will noch den Produktionsstart bei Gros Rosebel sehen, dann wird entschieden.

Khampan

[Thoemsi]

Hallo Khampan,

schön, daß Du einen der "alten" Threads mal wieder ausgegraben hast. Ich habe bei 3,30 rum die meisten meiner Cambior gegeben, ärgere mich aber nicht wieder eingestiegen zu sein. Ich erwarte noch ein High beim Euro (und Gold), dann aber ein Abgleiten. dort ließe sich evtl. wieder schön zukaufen. Denke ab 2,40, falls wir die nochmal sehen, fange ich CBJ wieder an zu kaufen. (allerdings lange nicht mehr in der Größenordnung, wie ich das bei 1,15-1,30 getan habe...)

Gruß

Thoemsi

[Khampan]

Hi Thoemsi,

gratuliere zur Gewinnmitnahme. Ich habe bisher meist alles viel zu billig verkauft, daher schalte ich mal versuchsweise ganz auf stur. Scheint jedenfalls besser zu funktionieren.

Wenigstens einen Sovereign-Thread müssen wir hochhalten, habe ich mir vorgenommen. Dieser eignet sich ja bestens.

Sollte Cambior mal an die grüne Linie zurückgehen, dann kaufe ich auch nach, ist ja klar. Ansonsten schaun mer mal, was anläßlich des Produktionsstarts so an News und Kursausschlägen auf uns zukommt.

Gruß,
Khampan

[Thoemsi]

Cambior Returns to Profitability
Wednesday February 18, 1:28 pm ET

LONGUEUIL, Quebec--(BUSINESS WIRE)--Feb. 18, 2004--Cambior Inc. (AMEX: CBJ - News; TSX: CBJ - News):

All amounts are expressed in US dollars, unless otherwise indicated.

Cambior is pleased to report profits of $4.4 million in the fourth
quarter of 2003 and $0.6 million for the year.

FOURTH QUARTER HIGHLIGHTS

- Gold production of 143,100 ounces
- Revenues of $59.7 million
- Net earnings of $4.4 million (2 cents per share)
- 39% increase in cash flow from operating activities to $17.4
million
- Increase in cash and short-term investments to $95.2 million
- 42% reduction of the hedge book
- Successful completion of the Ariane merger
- Substantial increase in mineral resources and renewal of
reserves
- Successful exercise of the Series B warrants for $30.8
million


For the fourth quarter ended December 31, 2003, revenues totalled $59.7 million as compared to $53.4 million for the same period last year. Cambior realized net earnings of $4.4 million (2 cents per share) compared to net earnings of $1.5 million (1 cents per share) for the corresponding quarter in 2002. Cash flow from operating activities for the quarter increased by 39% to $17.4 million, compared to $12.5 million for the same period in 2002. Adjusted cash flow (1) from operating activities was $20.5 million, up 32% from $15.5 million for the fourth quarter last year. Higher gold sales and lower unit mine operating costs contributed to the increases in revenues and cash flow from operating activities in the fourth quarter of 2003.

FULL YEAR 2003

For the full year 2003, revenues totalled $195.7 million as compared to $204.2 million last year. Cambior realized net earnings of $0.6 million compared to a loss of $8.1 million (6 cents per share) for 2002. Cash flow from operating activities was $24.2 million compared to $30.8 million in 2002. Adjusted cash flow (1) was $36.4 million compared to $43.0 million in 2002. Revenues and cash flow from operating activities were slightly lower than last year due to a planned decrease in Omai gold production, higher unit operating costs attributable to the stronger Canadian dollar, higher fuel costs and an increase in exploration and business development expenses.

STRENGTHENING THE BALANCE SHEET

In August 2003, the Company successfully completed an underwritten public offering for $72.2 million (Cdn $100 million). In addition, CBJ.WT warrants expiring on February 27, 2003 and Series B warrants (CBJ.WT.B) expiring on November 24, 2003 were both exercised, for total proceeds of $42.9 million to the Company. As a result of this substantial influx of cash in addition to cash flow from operations, the Company had $95.2 million in cash and short-term investments at the end of 2003.

Capital expenditures totalled $110.4 million in 2003 compared to $30.2 million in 2002. Investments were principally for the development and construction of the Rosebel project ($86.8 million) and for sustaining capital and exploration and development drilling at Cambior`s Canadian operations ($16.8 million).

At year end, Cambior`s financial obligations (2) stood at $88.6 million, up from $64.7 million a year earlier due to full drawdown of the term loan facility for the Rosebel construction and the inclusion of Ariane Gold Corp. debt in Cambior`s debt following the merger of the two companies in November 2003.

GOLD HEDGING PROGRAM

Continued Reduction in Hedging Program

Cambior reduced its hedging commitments by 42% or 540,500 ounces in 2003, through the delivery of gold production against existing hedging positions and the repurchase of positions.

As at December 31, 2003, the Company had total commitments of 746,000 ounces at an average price of $306 per ounce, including 103,800 ounces of call options sold at an average price of $301 per ounce. The Company`s total commitments for its gold hedging program at the end of 2003 represented 18% of mineral reserves.

PRODUCTION HIGHLIGHTS

Cambior produced 521,500 ounces of gold at a mine operating cost of $241 per ounce in 2003, compared to 568,000 ounces at $223 per ounce last year. The decline in production reflected a planned reduction at the Omai mine arising from the depletion of soft ore mill feed and reduced throughput. Unit costs were higher in 2003 mainly as a consequence of the stronger Canadian dollar and higher energy costs.

For the fourth quarter of 2003, gold production totalled 143,100 ounces at a mine operating cost of $231 per ounce compared to 133,000 ounces at a mine operating cost of $240 per ounce for the corresponding quarter in 2002. Decreased unit costs despite the stronger Canadian dollar are attributable to higher head grades at all of the Company`s operations.

Operations

The Omai mine produced 271,000 ounces of gold in 2003 at a mine operating cost of $220 per ounce. For the fourth quarter alone, the mine yielded 77,200 ounces at a mine operating cost of $199 per ounce, compared to 74,000 ounces at a unit cost of $236 for the same quarter a year earlier. This performance was achieved due to a higher head grade, and despite the lower mill throughput.

For 2003, the Doyon Division produced 217,200 ounces at a mine operating cost of $267 per ounce, which compares to 216,200 ounces at $228 per ounce in 2002. The milled grade of ore from the underground mines was 6.2 g Au/t, 11% higher than the grade from underground last year. The rise in operating cost was due to production slowdowns and repair costs, both arising from a hoist failure at the Doyon mine in the second quarter of 2003, as well as the stronger Canadian dollar. Fourth quarter production for this year was 55,900 ounces of gold at a mine operating cost of $273 per ounce, up from 50,900 ounces at $246 per ounce last year. The higher unit operating costs were mainly due to the stronger Canadian dollar. The milled grade from the underground mines was also higher (+13%) as compared to the corresponding quarter in 2002.

Cambior`s share of production from the Sleeping Giant mine amounted to 33,000 ounces at a mine operating cost of $246 per ounce, compared to the same number of ounces produced at $220 per ounce last year. For the fourth quarter, Cambior`s share totalled 10,000 ounce at $239 per ounce compared to 8,100 ounces at $244 per ounce a year earlier. Higher cash costs for the fourth quarter and the year overall, despite a higher head grade, were primarily due to the stronger Canadian dollar.

Cambior`s share of niobium sales from the Niobec mine declined slightly in 2003 to $22.2 million, due to a difficult steel market in North America in 2003 and a lower niobium price on world markets.

2004 PRODUCTION TARGETS

Cambior`s gold production target for 2004 is 705,000 ounces at an estimated mine operating cost of $221 per ounce. The higher target for 2004 reflects the start-up of the Rosebel mine in the first quarter of 2004, which will more than offset the planned production decrease at Omai and the temporary shutdown of the Mouska mine due to the deepening of the internal shaft from January to October 2004. Total capital expenditures for 2004 are estimated at $49.1 million, including sustaining capital of $39.6 million for the operating gold mines.

---------------------------------------------------------------------
2004 TARGETS
---------------------------------------------------------------------
Capital
Mine expenditures
Production operating (millions
Gold mine (ounces) cost ($/oz) of $)
---------------------------------------------------------------------
Omai 234,000 222 -
---------------------------------------------------------------------
Doyon Division (1) 192,000 263 17.8
---------------------------------------------------------------------
Sleeping Giant (50%) 34,000 255 3.0
---------------------------------------------------------------------
Rosebel Project (2) 245,000 184 18.8(2)
---------------------------------------------------------------------
TOTAL 705,000 221 39.6
---------------------------------------------------------------------
(1) Includes the Doyon and Mouska mines. The Mouska mine will be shut
down for 10 months in 2004 to allow for the deepening of the
internal shaft from January to October.
(2) Commercial production to begin in the first quarter of 2004.
Includes $6 million to complete construction in the first quarter
of 2004.


MINERAL RESOURCES AND RESERVES

Mineral Resource Increased Significantly and Reserves Renewed

At December 31, 2003, proven and probable reserves stood at 4.1 million ounces of gold contained, essentially unchanged from 2002. All mineral reserves and resources as at December 31, 2003, are based on a gold price of $350 per ounce. Reserves and resources, along with the identification of the qualified persons who prepared these calculations in accordance with definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum on August 20, 2000, are summarized in the consolidated financial statements and explanatory notes thereto.

Mine site exploration and development drilling at the Canadian operations added 157,100 ounces of mineral reserves, replacing 60% of production. The largest increases for the Canadian operations were at the Mouska and Sleeping Giant mines. Rosebel showed a gain of 239,000 ounces in its mineral reserves due to a $25 increase in the gold price used for the mineral reserve calculation.

Substantial gains were seen in all categories of resources. A 52% increase in measured and indicated resources was primarily attributable to the acquisition of the Camp Caiman deposit in November 2003.

A sensitivity analysis using a gold price of $325 per ounce indicates that mineral reserves would fall 5% to 3.9 million ounces of gold contained. Mineral reserves increase by 1% when calculated at a gold price of $375 per ounce.

At year end, Cambior`s share of proven and probable reserves at Niobec totalled 11.3 million tonnes at a grade of 0.65 % Nb2O5, which corresponds to at least 17 years of production at the current mining rate. The Niobec mine has had an excellent history of mineral reserve renewal since it first opened 27 years ago.

EXPLORATION AND BUSINESS DEVELOPMENT

In 2003, Cambior`s exploration activities targeted the Company`s mine sites, where the probability of finding extensions to existing deposits or new mineralized zones is considered very high. Exploration expenditures amounted to $14.9 million, including $7.6 million for offsite exploration. The success of the exploration program has led to the recently-completed mine deepening program at Sleeping Giant and the current deepening of the Mouska internal shaft to access the extensions to the mineralized zones at depth. It also brought encouraging results at depth on the Westwood property two kilometres east of Doyon.

In early 2004, the Company reported promising drilling results on the Gemini-Turgeon project (under option), located in the Abitibi region. Thirteen holes totalling 5,400 meters were drilled and the results show excellent gold and polymetallic potential for the entire area and the possible extension of Zone 51. The exploration program will continue with 3,000 meters of drilling in the first quarter of 2004 to test the extensions of the mineralized intersections and other interesting targets.

For 2004, exploration will remain focused on or near the Company`s mine sites and advanced projects. Given Cambior`s improved financial condition and the favourable gold market, the 2004 exploration budget has been increased to $25 million, of which approximately $16.4 million will be capitalized. On the Westwood property, Cambior will continue drilling to test the Westwood area at depth from surface. The Company will also drive a 2.6-km exploration drift from the 14th level to the eastern edge of the Doyon property to reach the Westwood area by the end of 2006, carrying out underground exploration drilling as the drift progresses. Cambior will continue exploring the Abitibi area, the Huamachuco region of Peru near the Alto Chicama gold discovery and its exploration properties in French Guiana and Guyana, and will initiate exploration programs on the properties adjacent to the Rosebel concession.

Ariane Gold Corporation (Camp Caiman)

Acquired on November 29, 2003, through the merger with Ariane Gold Corporation, the Camp Caiman property contains measured and indicated resources of 1.2 million ounces of gold. The Company is confident that the property has the potential for the discovery of additional mineral resources. For 2004, the Company has budgeted $5.2 million in capital expenditures to increase these mineral resources and prepare a final feasibility study and environmental impact assessment by year end.

SUCCESSFUL MILL STARTUP AT THE ROSEBEL PROJECT

On February 11th, 2004, the Rosebel mine, located in Suriname, initiated the processing of ore on a sustained basis. Over the next month, mill throughput will increase to reach design capacity. Commercial production is expected to begin in the first quarter of 2004. The mine currently has a stockpile of approximately 750,000 tonnes of ore available for processing. Cambior began the $95 million construction and development of the Rosebel project in January 2003. As of the end of January 2004, approximately $93.6 million had been spent on the project. The project schedule and capital expenditures are in line with the original plan.

From February to December 2004, Rosebel is expected to process 4.6 million tonnes of ore at an average grade of 1.8 g Au/t and a gold process recovery of 92 % to produce 245,000 ounces of gold. There is no plan to mill hard rock material in 2004. The primary source of mill feed will be the Pay Caro and East Pay Caro deposits, located in the north limb of the Rosebel property, and the Royal Hill deposit, located in the south limb. The mine operating cost for 2004 is estimated at $184 per ounce.

"The mill startup is in accordance with our plans, and is the culmination of the efforts of our construction and development team, suppliers and contractors as well as the Government of Suriname and the local communities," stated Louis P. Gignac, Cambior`s President and Chief Executive Officer. "We extend our appreciation to all stakeholders for their efforts in ensuring a successful startup, and we look forward to a continued positive relationship with them."

2004 OUTLOOK

"We are pleased to have regained profitability and to have thus attained the objective set at the beginning of 2003," Mr. Gignac added. "Our operations met their yearly production targets in spite of some upsets at certain locations. Mine personnel were also successful in partially containing strong cost pressures caused by a strengthening Canadian dollar, high energy prices and the resulting prices hikes for many consumables. Our greatest appreciation goes to our employees and contractors that contributed to the successful construction of the Rosebel project. The challenging schedule and budget were met through hard, long labor under difficult conditions considering the location of the project. This success is the result of their expertise and dedication. We are anticipating a record year in 2004, with gold production of 705,000 ounces at a mine operating cost of $221 per ounce. We are starting the year strong, with a $25 million exploration budget aimed at increasing our reserve and resource base. We are also searching for new deposits on our properties or through acquisitions in order to increase our production profile".

Appointment

The Company is pleased to announce that Mr. Francois Viens has rejoined Cambior as Vice President, Business Development and Exploration. Mr. Viens is a geological engineer from Ecole Polytechnique in Montreal. He has over 25 years of experience in the exploration, evaluation and development of multi-million ounce gold deposits in Canada and the Guiana Shield (Guyana, Suriname and French Guiana).

Consolidated Financial Statements

The consolidated financial statements and explanatory notes for the fourth quarter and for the year ended December 31, 2003 are available in PDF format on our website at www.cambior.com or through the CCNMatthews website at http://www2.cdn-news.com/database/fax/2000/cbja04q4.pdf.

Reminder for the Year-end 2003 Financial Results Conference Call

Cambior will host a conference call on February 18, 2004 at 4:00 p.m., local time, to discuss its fourth quarter results and year-end audited 2003 financial results.

Financial analysts are invited to participate in the call by dialing 1-800-428-5596 in North America. Outside of North America, please dial [phone]. Media and all other interested individuals are invited to listen to the live webcast on the Cambior website at www.cambior.com or through CCNMatthews at www.ccnmatthews.com/cambior.

The conference call will be available for replay for a period of 48 hours by calling [phone], reservation #21181241. The webcast will also be archived on the Company`s website.

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior`s shares trade on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior`s warrants, "CBJ.WT.C", trade on the TSX.

Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources," that the SEC guidelines strictly prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosure in Cambior`s Annual Report on Form 40-F. A copy of the 2002 Form 40-F is available to shareholders, free of charge, upon written request addressed to the Investor Relations Department.

Caution Concerning Forward-Looking Statements

This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company`s strategic plans, reduction of hedging, future commercial production, sales and financial results, production targets and timetables, evolution of mineral reserves, mine operating costs, capital expenditures, work programs, development plans and exploration budgets. Forward-looking statements express, as at the date of this press release, the Company`s plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, environmental risks and hazards, uncertainty as to calculation of mineral reserves, requirement of additional financing or additional permits, authorizations or licences, risks of hedging strategies, risks of delays in construction and production, and other risks referred to in Cambior`s 2002 Annual Information Form filed with the Securities Commissions of all provinces in Canada, and with the United States Securities and Exchange Commission (under Form 40-F), as well as the Toronto Stock Exchange and the American Stock Exchange.

(1) Adjusted cash flow is the cash flow from operating activities
presented without the impact of deferred revenue from the
delivery of gold on prepaid forward sales.

(2) Financial obligations consist of long-term debt and gold delivery
obligations under the prepaid gold forward sales agreement
(deferred revenue).



CAMBIOR INC.

HIGHLIGHTS
---------------------------------------------------------------------
(unaudited) Fourth Quarter Year
All amounts in ended December ended December
US dollars 31, 2003 31, 2002 31, 2003 31, 2002
---------------------------------------------------------------------
RESULTS (in millions of $)
Revenues 59.7 53.4 195.7 204.2
Cash flow from operating
activities 17.4 12.5 24.2 30.8
Adjusted cash flow from
operating activities(1) 20.5 15.5 36.4 43.0

Earnings before the undernoted
items 5.4 4.0 0.0 9.2
Non-hedge derivative gain
(loss) and loss on foreign
exchange from reduction in
net investment (1.0) (2.5) 0.6 (17.3)
---------------------------------------------------------------------
Net earnings (loss) 4.4 1.5 0.6 (8.1)
---------------------------------------------------------------------
PER SHARE ($)
Earnings before the undernoted
items 0.02 0.03 0.00 0.17
Non-hedge derivative gain
(loss) and loss on foreign
exchange from reduction in net
investment 0.00 (0.02) 0.00 (0.13)
---------------------------------------------------------------------
Net earnings (loss) 0.02 0.01 0.00 (0.06)
Basic weighted average number
of common shares
outstanding (in millions) 222.9 156.7 188.0 140.1
---------------------------------------------------------------------
GOLD
Number of ounces produced (000) 143 133 522 569
Number of ounces sold (000) 145 141 517 579
Accounting realized price
($per ounce) 349 320 320 308
Average market price ($per ounce) 391 322 363 310
Mine operating costs ($per ounce) 231 240 241 223
---------------------------------------------------------------------


FINANCIAL POSITION (in
millions of $) December 31, 2003 December 31, 2002
---------------------------------------------------------------------
Cash and short-term investments 95 43
Total assets 493 279
Total debt 64 28
Deferred revenue 24 37
Shareholders` equity 336 163
---------------------------------------------------------------------


MINERAL RESERVES AND RESOURCES (2) December December
GOLD (ounces contained) 31, 2003 31, 2002
---------------------------------------------------------------------
Proven and Probable Reserves 4,078,800 4,216,000
---------------------------------------------------------------------
Measured and Indicated Resources 2,804,500 1,842,300
---------------------------------------------------------------------
Inferred Resources 2,581,650 2,018,600
---------------------------------------------------------------------

(1) Cash flow from operating activities presented without the impact
of deferred revenue.
(2) Mineral reserves and resources were estimated using a long-term
gold price assumption of $350/oz in 2003 and $325/oz in 2002.



---------------------------------------------------------------------
Fourth Quarter Year
GOLD PRODUCTION ended December ended December
STATISTICS (unaudited) 31, 2003 31, 2002 31, 2003 31, 2002
---------------------------------------------------------------------
Omai (100%)
Production (ounces) 77,200 74,000 271,000 319,600
Tonnage milled (t) 1,408,300 1,936,300 5,748,400 7,727,300
Grade milled (g Au/t) 1.85 1.33 1.61 1.40
Recovery (%) 93 90 92 92
Mine operating costs
($per tonne milled) 11 9 10 9
Mine operating costs
($per ounce) 199 236 220 221
Depreciation, depletion and
amortization ($per ounce) 37 36 36 39
---------------------------------------------------------------------
Doyon Division (1)
Production (ounces) 55,900 50,900 217,200 216,200
Tonnage milled (t)
Underground mines 299,800 306,800 1,122,700 1,248,100
Low grade stockpile 10,800 - 155,600 38,500
---------------------------------------------------------------------
Total 310,600 306,800 1,278,300 1,286,600
Grade milled (g Au/t)
Underground mines 6.1 5.4 6.2 5.6
Low grade stockpile 1.0 - 1.0 1.0
---------------------------------------------------------------------
Average 5.9 5.4 5.6 5.5
Recovery (%) 95 96 95 96
Mine operating costs
($per tonne milled) 49 41 45 38
Mine operating costs
($per ounce) 273 246 267 228
Depreciation, depletion and
amortization ($per ounce) 70 60 71 63
---------------------------------------------------------------------
Sleeping Giant (50%)
Production (ounces) 10,000 8,100 33,300 33,000
Tonnage milled (t) 24,900 24,100 88,200 101,400
Grade milled (g Au/t) 12.8 10.8 12.1 10.5
Recovery (%) 97 97 97 97
Mine operating costs
($per tonne milled) 96 82 93 72
Mine operating costs
($per ounce) 239 244 246 220
Depreciation, depletion and
amortization ($per ounce) 59 44 53 46
---------------------------------------------------------------------

TOTAL GOLD PRODUCTION
(ounces) 143,100 133,000 521,500 568,800

MINE OPERATING COSTS
($per ounce) 231 240 241 223
---------------------------------------------------------------------
CONSOLIDATED GOLD PRODUCTION
COSTS ($per ounce)
---------------------------------------------------------------------
Direct mining costs 215 234 232 226
Deferred stripping
costs 15 6 9 (3)
Refining and
transportation 3 1 2 2
By-product credits (2) (1) (2) (2)
---------------------------------------------------------------------
Mine operating costs 231 240 241 223
Royalties 11 10 10 10
---------------------------------------------------------------------
Total operating costs 242 250 251 233
Depreciation, depletion and
amortization 51 46 51 48
Restoration 4 3 4 3
---------------------------------------------------------------------
Total production costs 297 299 306 284
---------------------------------------------------------------------
(1) Includes the Doyon and Mouska mines

[konradi]

obwohl die Rosebel Mine gerade den Betrieb aufgenommen hat keine Kursreaktion

Gruß K.

[Thoemsi]

@ Khampan

Ich hab mir heut mal ein kleines Päckchen Cambior gegönnt...

Gruß

Thoemsi

[Khampan]

Hi Thoemsi,

es erstaunt mich immer wieder, wie zielsicher der 200 Tage Durchschnitt erreicht wird. Lieder sitze ich zur Zeit urlaubsbedingt nicht staendig am Druecker und hab heute die geplante Aufstockung verpasst. Vielleicht gibt`s ja noch einen Nachschlag.

Wo mir THT so boese davongelaufen ist...

Gruss aus dem Hochsommer,
Khampan

[Thoemsi]

Salve Khampan,

aktuell sind noch keine Einkaufskurse. Ich denke der Euro wird kurzfristig noch unter Druck sein und Gold (leider) folgen. Das dürfte bei den Minen nochmal einen Abschlag von 20% oder mehr bringen.
Bei Thistle sieht die Sache schon wieder anders aus, denn ein schwächerer Euro heißt indirekt natürlich auch ein stärkerer Dollar gegenüber dem "ZAR"en

Mal sehen, vielleicht kann man auch bei Cambior nochmal bei 2$ zusachlagen.
Bei Thistle spielt es in ein paar Jahren nun wirklich keine Rolle ob dman bei 0,30 oder 0,35 gekauft hat...

Gruß aus dem verregneten Deutschland

Thoemsi

p.s. Wo lässt Du Dich denn bräunen?

[Khampan]

News from CCNMatthews
New Mine Boosts Cambior`s Net Earnings to $7.3 Million in First Quarter of 2004

10:34 EDT Wednesday, May 12, 2004
LONGUEUIL, QUEBEC--(CCNMatthews - May 12, 2004) -

All amounts are expressed in US dollars, unless otherwise indicated.

HIGHLIGHTS

- Net earnings of $7.3 million ($0.03 per share)
- 13% increase in gold output to 152,000 ounces, following
start-up at Rosebel
- Cash flow from operating activities increased to $7.8 million
from $0.5 million
- Gold hedging reduced to 246,000 ounces
- Offer to consolidate Niobec ownership

ganzer Text:
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=Glo…

Ich bin zu 2,66 raus und zu 2,25 wieder rein. Naja, Profis können das noch besser, aber ich übe noch.

@Thoemsi, dein Tip mit 2 $ war gar nicht so schlecht.

längst ausm Urlaub zurück,
Khampan