Tagesbericht: Gold, Analyse: Cambior - 500 Beiträge pro Seite

[Goldhotline]

Tagesbericht

Gold bei 272 $/oz (±0), Goldaktien nachgebend, Analyse: Cambior (Nordamerika)

Im Vorfeld der heute stattfindenden Londoner Goldauktion stand der Goldpreis im gestrigen New
Yorker Handel erneut unter Druck und fiel um 1 $ auf 271 $/oz zurück. Heute morgen zeigt sich
der Goldpreis im Handel in Sydney und Hongkong bei 272 $/oz wieder etwas freundlicher. Die
Goldaktien tendieren weltweit weiterhin zur Schwäche.

Der nordamerikanische xau-Goldminenindex fiel um 1,2 % oder 0,6 auf 50,6 Punkte zurück und
notiert damit nur noch etwa einen Punkt über dem 12-Monatstief. Bei den Standardwerten
verloren Freeport 4,4 % und Homestake 2,3 %. Gegen den Trend konnte sich Newmont um 1,1 %
befestigen. Bei den kleineren Werten fiel Kinross um 9,1 % zurück. Cambior konnte nach
Anstiegen um 33,3 % und 20,0 % an den Vortagen um weitere 12,5 % zulegen. Der Platin- und
Palladiumproduzent Stillwater gab weiter um 3,7 % nach.

Die in New York gehandelten südafrikanischen Werte zeigten sich ebenfalls schwächer. Gold
Fields und Durban Roodepoort Deep verloren jeweils 5,3 %. Anglogold (GB) konnte sich gegen
den Trend mit einem Anstieg um 0,7 % behaupten.

Der australische Goldminenindex fiel um 1,7 % oder 12,5 auf 709,2 Punkte zurück. Bei den
Standardwerten gaben Delta Gold 3,4 %, Lihir 3,1 %, Newcrest 2,7 % und Normandy NFM 2,2 %
nach. Bei den kleineren Werten bröckelte Croesus um 5,4 % ab.


Die aktuellen Topempfehlungen der Goldaktien (maximale Kauflimite in Klammern):

Nach dem Kursrückgang wurde Newcrest zu einer Kaufempfehlung.

Australien:
Sicherheitsorientiert:
Delta Gold 1,15 A$ (2,40 A$), Normandy Mining 1,05 A$ (1,20 A$, aktuelle Dividendenrendite 5,7
%), Pacmin 1,40 A$ (1,60 A$), Lihir 0,62 A$ (0,70 A$), Newcrest 3,93 A$ (4,00 A$), Sons of
Gwalia 5,25 A$ (4,80 A$, jetzt eine Halteposition)

Spekulativ:
New Hampton 0,215 A$ (0,26 A$), Hill 50 0,90 A$ (1,10 A$), Spinifex 0,12 A$ (0,15 A$), Tribune
Resources 0,69 A$ (0,25 A$, jetzt eine Halteposition), Aquarius Platinum 7,00 A$ (2,80 A$, jetzt
eine Halteposition).

Südafrika:
Sicherheitsorientiert:
Harmony 5,75 Euro (6,50 Euro), Gold Fields 4,00 Euro (4,50 Euro), Anglogold (ADR zu 1/2Aktie;
GB) 22,00 Euro (28,00 Euro)

Spekulativ:
Durban Roodepoort Deep 1,45 Euro (1,80 Euro)

Nordamerika:
Sicherheitsorientiert:
Placer Dome 9,1875 $ (12,00 $), Freeport 9,50 $ (16,00 $), Homestake 5,3125 $ (8,00 $),
Newmont 18,00 $ (22,00 $), Barrick 15,375 $ (18,00 $), Battle Mountain 1,8125 $ (2,00 $)

Spekulativ:
TVX 1,875 $ (5,00 $), Kinross 0,625 $ (1,25 $)

Bemerkungen:

-Achtung: Wegen der Marktenge vieler Werte müssen alle Orders limitiert werden!

-Alle Werte werden auch in Deutschland gehandelt.

-Bei New Hampton wurden am 24.12.99 Mineral Deposits Limited (MDL) Aktien im Verhältnis von
5 MDL für 18 New Hampton Aktien und Gratisoptionen im Verhältnis von 1 Option, Laufzeit
31.05.01, Basis 0,23 A$ für 2 New Hampton Aktien abgeschlagen.

-Die Dividende der Delta Gold entfällt wegen außerordentlicher Abschreibungen der Projekte in
Simbabwe und auf den Solomonen Inseln.

-Am 31.07.00 wurden die Aktien der TVX im Verhältnis von 5 alten Aktien zu 1 neuen Aktien
zusammengelegt.


Unternehmensmeldung
(AUS=Australien, NA=Nordamerika, SA=Südafrika, $=US$, MKP=Marktkapitalisierung),
Marktkapitalisierung immer in A$, Produktionskosten immer in US$

18.09.00 Cambior (NA, MKP 73,5 Mio A$) meldet für das Juniquartal einen Anstieg der
Goldproduktion um 6,5 % auf 158.300 oz, was einer Jahresrate von 630.000 oz entspricht. Bei
einem Verkaufspreis von 324 $/oz und Nettoproduktionskosten, die von 223 auf 209 $/oz gesenkt
werden konnten, stieg die Bruttogewinnspanne auf 115 $/oz. Dennoch verzeichnete Cambior
einen Verlust von 3,1 Mio $, was 20 $/oz entspricht. Cambior gelang zum 30. Juni 2000 die
Rückzahlung von Krediten über 75 Mio $. Damit konnte die erste Hürde bei der Rettung der
Gesellschaft überwunden werden. Vor allem durch die Verkäufe der Beteiligungen an
Basismetallprojekten konnte die Verschuldung von 214 auf 165 Mio $ abgebaut werden. Mit dem
Verkauf des La Granja Kupferprojektes in Peru soll die Verschuldung weiter auf 128 Mio $
abgebaut werden. Bislang konnte die Goldproduktion komplett erhalten bleiben. In der Doyon
Mine konnten im Juniquartal 61.800 oz bei Nettoproduktionskosten von 199 $/oz gefördert
werden. In der Omai Mine erreichte die Produktion für 86.300 oz bei Nettoproduktionskosten von
221 $/oz. In der Sleeping Giant Mine lag die Produktion bei 10.000 oz (Cambior Anteil) und
Nettoproduktionskosten von 169 $/oz. Zusätzlich förderte Cambior 546 t Niobium. Cambior verfügt
über Vorwärtsverkäufe von 1,5 Mio oz, was der Produktion von 2,4 Jahren entspricht. Der
unrealisierte Verlust der Vorwärtsverkäufe lag am 30. Juni 2000 bei 31,8 Mio $.

Beurteilung: Mit einer Lebensdauer der Reserven von 8,3 Jahren, einer Lebensdauer der
Ressourcen von 10,6 Jahren und einem Hebel von 97,1 auf den Goldpreis bleibt Cambior ein
Investment mit einem weit überdurchschnittlichen Kurspotential bei einem steigenden Goldpreis.
Die Vorwärtsverkäufe konnten mittlerweile auf ein zu bewältigendes Niveau reduziert werden. Die
Verschuldung bleibt jedoch problematisch.

Empfehlung: Cambior bleibt als Hoffnungswert eine Halteposition, sollte wegen der
unkalkulierbaren Risiken aus der Verschuldung jedoch noch nicht nachgekauft werden, aktueller
Kurs 0,5625 $.

http://cdpixel1.teledata.de/informer2/cdcharttcl?symm=CBJ.AS…

Die Goldhotline

[Sovereign]

Danke für die Analyse ;-)
Wenn es mir gestattet ist, vielleicht eine Ergänzung: Zu den Vorwärtsverkäufen addieren sich 784.000 Oz. naked calls mit Basispreisen zwischen 350 und 400 $.
Positiv ist anzumerken, daß Cambior noch über 2 weitere Kupferprojekte verfügt, die nun ebenfalls zum Verkauf stehen:
El Pachon (50 % Anteil) in Chile und Carlota (100%) in Arizona.

Übrigens, die sonstige Finanzwelt wird auch langsam positiver bzgl. Cambior:
Der kanadische Broker RBC Dominion hat Cambior gerade von "SELL" auf "UNDERPERFORM" hochgestuft.
Bis zu einem strong buy ist es zwar noch ein weiter Weg; der Trend ist aber richtig...

Gruß

Sovereign

[Sovereign]

Der Kurs von Cambior ist um etwa 10 % zurückgekommen und liegt nach wie vor unverändert auf niedrigem Niveau.
Nun hängt alles davon ab, daß sich die Banken angesichts der Reduktion von Cambiors`s Schulden kooperationsbereit verhalten und bei ablaufen der aktuellen deadline am 30. September den Refinanzierungsplan des Managements akzeptieren (aktuell sind die Schulden von Cambior über 128 Mio. US-$ (nach Minenverkäufen) zum 31.12.2000 fällig und müssen entsprechend refinanziert werden).
Ich bleibe optimistisch und investiert und vertraue darauf, daß Cambior`s turnaround Erfolg haben wird:


Es könnte klappen,
es sollte klappen,
es muß klappen,
es wird klappen.
Verdammt, es klappt bereits!

Gruß

Sovereign

[Sovereign]

Cambior hat einen weiteren Monat "Galgenfrist" bekommen, um die ausstehenden Kredite zu restrukturieren.
Da Cambior aus der Goldproduktion einen positiven cash flow erzielt und das hedge book sukzessive abgebaut wird,
arbeitet die Zeit m.E. für Cambior. Die Kupferprojekte stehen nach wie vor zum Verkauf.
Fazit: Die Zitterpartie geht eben noch einen Monat weiter; ich bleibe nach wie vor optimsitisch.

Gruß

Sovereign

P.S.: Hier die Meldung:

Friday September 29, 7:11 pm Eastern Time

Press Release

SOURCE: Cambior Inc.

Cambior Is Granted An Extension To Submit A
Restructuring Plan

All amounts are in U.S. dollars

MONTREAL, Sept. 29 /PRNewswire/ - Cambior Inc. (``Cambior``) announces that it has obtained from its lenders a
one-month extension pertaining to the submittal of committed arrangements to repay or refinance the balance of its bank loan
by December 31, 2000, in accordance with the December 22, 1999 amended and restated credit agreement (the ``Credit
Agreement``). The obligation to submit these arrangements to the lenders was initially scheduled for September 30, 2000 and is
now set for October 31, 2000.

On June 30, 2000, the Company met its $75 million repayment obligation thereby completing Phase I of its financial
restructuring. Cambior announced on September 14 and 15, 2000, the entering into of an agreement with a third party for the
sale of the La Granja copper project in Peru, which is expected to result in the payment of net proceeds to Cambior in excess
of $34 million. The closing of this sale is expected to occur shortly after the conclusion of a bidding process pertaining to the
purchase of the La Granja royalty held by Empresa Minera Del Peru S.A., scheduled during the fourth quarter of 2000.

The sale of La Granja will allow Cambior to reduce its debt level to approximately $128 million and assist the Company in
complying with its obligation to repay or refinance the balance of its loan by December 31, 2000. Cambior continues to pursue
aggressively its efforts to meet its financial obligations. While there can be no assurance in that respect, management continues
to feel that its efforts are likely to be successful and are appropriate under the current circumstances.

Under the terms of an agreement amending the Credit Agreement and dated as of today`s date (the ``Amending Agreement``),
the Company has agreed to convert, immediately upon the Amending Agreement becoming effective, each LIBOR loan
outstanding into a U.S. Base Rate Loan. In addition, the Amending Agreement increases the supplementary interest charges
payable on the loan by 0.5% so that, as a result, the Company will be required to pay interest on the balance of the loan at the
rate of the U.S. Base Rate + 6.5% in October 2000, the U.S. Base Rate + 7.5% in November 2000 and the U.S. Base Rate
+ 8.5% in December 2000.

FILING OF FORM 20-F

Cambior also announced today that it will file, at the beginning of next week, its Annual Report on Form-20-F for its fiscal year
1999 as requested by the United States Securities and Exchange Commission on September 1, 2000.


Cambior Inc. is an international diversified gold producer with operations, development projects and exploration activities
throughout the Americas. Cambior`s shares trade on the Toronto and American (AMEX) 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 are 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

[Sovereign]

Auch zu Cambior gab`s auf der Denver Gold-Konferenz neue Nachrichten:

Tuesday October 3 9:13 PM ET
Cambior Expects to Finish Asset Sales by 2001


By Scott Anderson

DENVER (Reuters) - Brought to its knees by a gold hedging program that went awry one year ago and forced to jettison most of its non-gold assets to stay alive, Cambior Inc.`s president said on Tuesday the company should have its asset sale completed by the end of 2001.

``All will be targetted for completion by 2001,`` said Louis Cignac, president and chief executive at Montreal-based Cambior. ``The sooner the better, but we have given ourselves 12 months.``

The Montreal-based gold miner was forced to sell its assets to try to shave about $225 million in debt it had accumulated when it got caught in a bad hedge position. This included its La Granja copper project in Peru as well as other base metals properties in Canada and Mexico.

Gignac said the sale of its two remaining copper projects -- Carlotta in Arizona and El Pachon in Argentina -- should be completed shortly, netting the company an estimated additional $30 million.

Gignac said there are about six North American companies who have expressed interest in the assets, but refused to term the sales final.

``There`s no final offer on the table at this stage and with everything that I`ve lived through in the last 12 months, until there`s a firm offer on the table, it`s not worth talking about,`` Gignac told reporters at a Denver-based gold industry show.

Gignac said the company, which recently obtained a one-month extension from its creditors to submit its restructuring plan, expects to gain about $120 million to $125 million from all its assets and reduce the original $225 million in debt to $85 million by the end of 2001.

When the garage sale of mining assets is completed, it will leave the company with just a portion of its original holdings including all its gold properties, its Niobec ferroniobium mine and its exploration properties.

Cambior`s debacle began in October 1999 when the company revealed it had hedged a significant portion of its future production. The mid-sized gold producer had hedged, or forward sold, 2.7 million ounces of gold at an average price of $318 an ounce through to the year 2007.

Gold, which sank to a low of $251.70 an ounce in August 1999 amid concern about British central bank gold sales, soared the following month after European central banks pledged to cap future gold sales.

A year later gold is trading at about $270 an ounce in London. It trades in a 52-week range of $252.80 to $326.25.

Hedging, a common practice among larger producers in the gold industry, allows a company to cushion the effect of a falling gold price by selling future production at a fixed price.

With Cambior caught extremely oversold and unable to deliver on the short positions, the company was forced to renegotiate the terms of the hedging contracts and its credit facilities as well as to jettison assets.

Despite its problems with hedging, Gignac said the company would continue to hedge, however, it would limit its involvement to forward contracts and gold loans


Fazit: Auch wenn Cambior z.Z. ein extrem risikoreiches Investment ist (noch risikoreicher als Ashanti würde ich sagen), so ist das Chance-Risiko-Verhältnis doch m.E. vielversprechend. Basierend auf den Fundamentaldaten ist Cambior klar überlebensfähig (cash flow reicht aus um die Kredite zu bedienen) und obwohl diese Aktie mittlerweile das Niveau eines penny stocks hat, so sind die Minen (allen voran die Doyon-Mine in Quebec) doch definitiv werthaltig und können auch die Phase der gegenwärtig niedrigen Goldpreise überstehen. Ich bleibe investiert, da ich nach wie vor an diese Firma glaube und sehe allen Unkenrufen zum Trotz optimistisch in eine hoffentlich goldene Zukunft.

Gruß

Sovereign

[Sovereign]

riday October 27, 10:29 am Eastern Time

Press Release

SOURCE: Cambior Inc.

Cambior Announces Third Quarter Results -
Extension to Submit a Committed Restructuring Plan
to November 30, 2000

All amounts are expressed in US dollars

MONTREAL, Oct. 27 /PRNewswire/ - Cambior Inc. today announces financial and operating results for the three months
ended September 30, 2000. Gold production was 150,000 ounces for the quarter, the same production level as for the
corresponding quarter last year, and direct mining costs were $214 per ounce, down slightly compared to the third quarter of
1999.

Total revenues for the third quarter amounted to $51.8 million compared to $56.6 million in the third quarter of 1999. The
operating margin (EBITDA(1)) was $17.8 million (24 cents per share) compared to $17.1 million (24 cents per share) for the
corresponding period in 1999. Total revenues were lower than in the third quarter of last year due to a lower realized gold
price of $318 per ounce compared to $371 per ounce for the same period in 1999. These amounts include only gold and
niobium activities and exclude the base metals sector.

Exploration and corporate administrative expenses were $0.3 million and $0.6 million respectively for the third quarter of 2000,
down from $2.3 million and $1.0 million for the comparable 1999 quarter. Financing expenses increased to $4.3 million for the
third quarter of 2000 compared to $1.9 million for the third quarter of 1999 due to the increased interest payments under the
Company`s Credit Facility.

Cash flow from operating activities was $3.9 million (5 cents per share) compared to $22.8 million (32 cents per share) in the
third quarter of 1999. Continuing operations generated net earnings of $1.1 million (1 cents per share) for the quarter
compared to a net loss of $27.5 million (39 cents per share) for the corresponding period in 1999. Following the
announcement of an agreement for the sale of the La Granja copper project in Peru, and based on the expected net realizable
value of the project, Cambior has charged, as discontinued operations, an amount of $10.0 million to earnings during the
quarter, which amount includes a writedown of mining assets and a provision for the estimated care and maintenance expenses
for the next 12 months related to the remaining assets held for sale.

Revenues for the first nine months of 2000 totaled $157.7 million compared to $174.3 million for the first nine months of 1999.
The operating margin (EBITDA(1)) was $46.5 million (64 cents per share) compared to $53.7 million (76 cents per share) for
the corresponding period in 1999.

Cash flow from operations was $22.0 million (30 cents per share) compared to $42.7 million (61 cents per share) for the first
nine months of 1999. The net loss for the first nine months of 2000, including $7.9 million related to discontinued operations,
was $10.3 million (14 cents per share) compared to a net loss of $26.2 million (37 cents per share) for the corresponding
period in 1999.

Capital investments totaled $7.1 million for the third quarter of 2000 compared to $16.5 million for the same period in 1999,
and were principally for development at the Doyon Division, stripping costs at Omai and the expansion of the Niobec Mine.

At September 30, 2000, cash and cash equivalents were $9.4 million and shareholders` equity was $206.8 million or $2.74
(Cdn $4.12) per share based on 75.6 million common shares outstanding. The total number of outstanding common shares
increased from 70.6 million to 75.6 million in the third quarter 2000 as a result of the conversion by Jipangu Inc. on July 17,
2000 of its 5 million Class I Preferred Shares, Series 1 of Cambior into 5 million common shares without par value.

SUBMITTAL OF A COMMITTED RESTRUCTURING PLAN EXTENDED TO NOVEMBER 30, 2000

Cambior also announces today that the deadline to submit committed arrangements to repay or refinance the balance of its
bank loan, initially extended from September 30 to October 31, 2000, has been extended to November 30, 2000. This new
extension entails no additional financial charge or cost to Cambior and the interest rates previously disclosed remain applicable.

AGREEMENT FOR THE SALE OF LA GRANJA

On September 14 and 15, 2000, Cambior announced that it had entered into an agreement with a third party for the sale of the
La Granja copper project in Peru, which is expected to generate net proceeds in excess of $34 million for Cambior. This sale is
expected to close shortly after the conclusion of the bidding process pertaining to the purchase of the La Granja royalty held by
Empresa Minera Del Peru S.A., scheduled to take place during the fourth quarter of 2000.

RESULTS FROM ONGOING OPERATIONS - GOLD AND NIOBIUM

In the third quarter of 2000, Cambior produced 149,600 ounces of gold at an average direct mining cost of $214 per ounce,
compared to 150,200 ounces at $217 per ounce for the corresponding quarter in 1999. For the first nine months of 2000, the
Company produced 458,300 ounces of gold at an average direct mining cost of $215 per ounce.

The Omai mine performed strongly during the quarter to produce 84,600 ounces of gold, a 15% improvement over the third
quarter of 1999 due to a 12% increase in head grade and better gold recovery. During the quarter, the mill processed
1,937,000 tonnes (21,000 tonnes per day), including 499,000 tonnes at a grade of 1.0 g Au/t from soft rock ore and the low
grade stockpile and 1,438,000 tonnes of hard rock at a grade of 1.6 g Au/t. Due primarily to the increase in fuel prices, direct
costs were $9.68 per tonne milled compared to $9.31 per tonne milled in the third quarter of 1999. Despite the increase in fuel
prices, direct mining costs improved 9% to $222 per ounce in the third quarter due to cost reductions in general services and
milling consumables and to higher grade and better gold recovery. For the first nine months of 2000, the Omai mine produced
243,200 ounces of gold at an average direct mining cost of $224 per ounce.

For the quarter, the Doyon Division processed 314,200 tonnes of ore at a grade of 5.5 g Au/t from its underground mines and
32,300 tonnes from low- grade stockpiles (1.7 g Au/t), to produce 55,300 ounces of gold at an average direct mining cost of
$212 per ounce. For the first nine months of 2000, the Doyon Division produced 173,000 ounces of gold at an average direct
mining cost of $216 per ounce.

The Sleeping Giant mine had an improved quarter due to a higher grade milled and a slight increase in tonnage milled.
Cambior`s 50% share of production was 9,800 ounces of gold at an average direct mining cost of $166 per ounce compared
to 8,800 ounces at an average direct mining cost of $218 per ounce for the third quarter of 1999. For the first nine months of
2000, Cambior`s share of production from the Sleeping Giant mine was 29,900 ounces at an average direct mining cost of
$173 per ounce.

Cambior`s 50% share of production from the Niobec mine in the third quarter of 2000 totaled 261 tonnes of niobium. The 30%
Phase I expansion was completed on schedule and on budget during the quarter and will be gradually brought on stream during
the fourth quarter of 2000. For the first nine months of 2000, Cambior`s share of production from the Niobec mine was 807
tonnes of niobium.

MARKETS AND HEDGING

During the quarter, gold markets traded within a range of $270 to $288 per ounce with an average price of $277 per ounce.
For the quarter, Cambior`s gold hedging program generated an average realized price of $318 per ounce, a premium of $41
per ounce over the average market price, providing additional revenues of $6.2 million. In the corresponding quarter of 1999,
Cambior had a realized price of $371 per ounce compared to a market price of $259 per ounce, for a premium of $112 per
ounce.

As of September 30, 2000, Cambior`s gold hedging program consisted of a total of 1.1 million ounces at an average price of
$322 per ounce. These hedged positions include fixed forward contracts and the minimum quantity of the variable volume
forward contracts with fixed delivery dates. Total commitments over eight years add up to 2.5 million ounces at an average
price of $333/oz for a reduction of 1.0 million ounces since the beginning of the year.

During the third quarter, with no cash outlay, the Company restructured its variable volume forward contracts maturing in 2001
to reduce its total commitments by 96,000 ounces for the year 2001.

The estimated mark-to-market value of Cambior`s total gold sales commitments as at September 30, 2000, excluding the
deferred hedging gains, is positive $170,000 in favour of the Company using a gold price of $274 per ounce and the market
conditions prevailing at that date.

OUTLOOK

Louis P. Gignac, President and Chief Executive Officer of Cambior, stated that ``the closing of the sale of the La Granja
copper project scheduled for November 2000 will reduce our aggregate indebtedness to approximately $128 million. We
expect to further reduce the debt level by year-end through a share offering or private placement and/or sale of the remaining
copper assets. We also intend to submit a committed financial restructuring plan to our creditors in the fourth quarter of 2000 to
refinance our debt at a level of $115-120 million and thus stabilize our long-term financial position.`` Subject to the success of
its financial restructuring, Cambior will focus on gold mining in the future, having retained all of its core gold assets, and will be
able to develop its gold properties to the benefit of its shareholders. Cambior continues to aggressively pursue its efforts to
meet its financial obligations. While there can be no assurance in that respect, management continues to feel that its efforts are
likely to be successful and are appropriate under the current circumstances.

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) 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 20-F) and other regulatory authorities.

(1) EBITDA: Earnings before interest, taxes and depreciation, depletion
and amortization.

<<

CAMBIOR INC.
HIGHLIGHTS
_________________________________________________________________________
Third Quarter First nine months
ended September ended September
30, 30,
All amounts in US dollars 2000 1999 2000 1999
_________________________________________________________________________
RESULTS (in millions of $)
Total revenues(1) 51.8 56.6 157.7 174.3
EBITDA(1)(2) 17.8 17.1 46.5 53.7
Cash flow from operating activities 3.9 22.8 22.0 42.7
Net earnings (loss) - continuing
operations 1.1 (27.5) (2.4) (23.8)
Net earnings (loss) - discontinued
operations (10.0) 0.2 (7.9) (2.4)
------ ------ ------ ------
Net loss (8.9) (27.3) (10.3) (26.2)
_________________________________________________________________________
PER SHARE ($)
EBITDA(1)(2) 0.24 0.24 0.64 0.76

Cash flow from operating activities 0.05 0.32 0.30 0.61

Net earnings (loss) - continuing
operations 0.01 (0.39) (0.03) (0.34)
Net earnings (loss) - discontinued
operations (0.13) - (0.11) (0.03)
------ ------ ------ ------
Net loss (0.12) (0.39) (0.14) (0.37)

Weighted average number of common
shares (in millions)(3) 75.6 70.6 72.3 70.6

_________________________________________________________________________

GOLD PRODUCTION(4)
Number of ounces (000) 150 150 458 463
Realized price ($ per ounce) 318 371 324 368
Market price ($ per ounce) 277 259 282 273
Direct mining cost ($ per ounce) 214 217 215 219
_________________________________________________________________________

FINANCIAL POSITION (in millions of $) September 30, December 31,
2000 1999
Cash and cash equivalents 9 6
Total assets 418 522
Total debt 164 214
Net debt 155 208
Shareholders` equity 207 219
_________________________________________________________________________

(1) This data concerns continuing operations only. The comparative data
has been reclassified accordingly.
(2) Earnings before interest, taxes and depreciation, depletion and
amortization.
(3) As at September 30, 2000, Cambior had a total of 75.6 million common
shares outstanding.
(4) The production data includes all operations (continuing and
discontinued).



CAMBIOR INC.
_________________________________________________________________________
CONSOLIDATED EARNINGS Third Quarter First nine months
(in thousands of US dollars) ended September ended September
30, 30,
(unaudited) 2000 1999 2000 1999
$ $ $ $
_________________________________________________________________________
REVENUES
Mining operations 51,616 56,344 157,106 173,361
Investments 202 265 603 917
_________________________________________________________________________
51,818 56,609 157,709 174,278
_________________________________________________________________________
EXPENSES
Mining operations 36,046 34,831 108,687 107,123
Depreciation, depletion and
amortization 12,292 13,485 37,328 40,300
Royalties 1,257 1,030 3,716 3,336
Exploration 327 2,342 1,748 5,533
Administration 587 1,027 2,233 3,622
Capital tax 358 283 928 776
Financial expenses 4,324 1,863 11,721 5,137
Unrealized gain on derivative
instruments (4,619) - (6,152) -
Loss (Gain) on foreign exchange - (3) 22 (38)
Restructuring charge - 33,000 - 33,000
_________________________________________________________________________
50,572 87,858 160,231 198,789
_________________________________________________________________________
Gain (Loss) before the
undernoted items 1,246 (31,249) (2,522) (24,511)
Income taxes and mining duties 102 (3,845) (116) (1,389)
_________________________________________________________________________
1,144 (27,404) (2,406) (23,122)
Minority interest - 151 - 694
_________________________________________________________________________
Earnings (Loss) from continuing
operations 1,144 (27,555) (2,406) (23,816)
Results of discontinued
operations (Note 3) (10,003) 255 (7,902) (2,385)
_________________________________________________________________________
Net loss (8,859) (27,300) (10,308) (26,201)
_________________________________________________________________________
Per share (in dollars)
Continuing operations 0.01 (0.39) (0.03) (0.34)
Discontinued operations (0.13) - (0.11) (0.03)
_________________________________________________________________________
(0.12) (0.39) (0.14) (0.37)
_________________________________________________________________________
Weighted average number of
common shares outstanding
(in thousands) 75,563 70,563 72,278 70,563
_________________________________________________________________________



CAMBIOR INC.
_________________________________________________________________________
CONSOLIDATED CONTRIBUTED Third Quarter First nine
SURPLUS AND DEFICIT ended months ended
(in thousands of US dollars) September 30, September 30,
(unaudited) 2000 2000
$ $
_________________________________________________________________________
CONTRIBUTED SURPLUS
Balance, beginning 22,922 361,542
Elimination of December 31, 1999 deficit - (338,620)
_________________________________________________________________________
Balance, ending 22,922 22,922
_________________________________________________________________________

DEFICIT
Balance, beginning (1,508) (338,620)
Net loss (8,859) (10,308)
_________________________________________________________________________
(10,367) (348,928)
Elimination of December 31, 1999 deficit - 338,620
Share issue expenses (10) (69)
_________________________________________________________________________
Balance, ending (10,377) (10,377)
_________________________________________________________________________



CAMBIOR INC.
_________________________________________________________________________
CONSOLIDATED CASH FLOW Third Quarter First nine months
(in thousands of US dollars) ended September ended September
30, 30,
2000 1999 2000 1999
(unaudited) $ $ $ $
_________________________________________________________________________
OPERATING ACTIVITIES
Net loss (8,859) (27,300) (10,308) (26,201)

Non-cash items:
Depreciation, depletion and
amortization 12,292 17,108 38,904 51,036
Discontinued operations (Note 3) 8,581 - 8,581 -
Restructuring charge - 33,000 - 33,000
Unrealized gain on derivative
instruments (4,619) - (6,152) -
Amortization of deferred gains (2,412) (3,294) (10,358) (12,214)
Future income taxes and mining
duties (30) (3,749) 261 (3,015)
Minority interests - 151 - 694
Other 478 612 1,968 573
_________________________________________________________________________
5,431 16,528 22,896 43,873
Changes in non-cash working
capital items (1,469) 6,319 (864) (1,131)
_________________________________________________________________________
Cash flow from operating
activities 3,962 22,847 22,032 42,742
_________________________________________________________________________
INVESTING ACTIVITIES
Investments - (17) (249) 48
Property, plant and equipment (5,976) (16,464) (18,065) (56,385)
Discontinued operations and sale
of assets (1,137) - 43,455 -
_________________________________________________________________________
Cash flow from (used in)
investing activities (7,113) (16,481) 25,141 (56,337)
_________________________________________________________________________
FINANCING ACTIVITIES
Long-term debt
Borrowings - - 13,000 20,000
Repayments (36) (5,154) (62,781) (5,489)
Share issue (Note 8) (10) - 5,056 -
Dividends - - - (1,764)
_________________________________________________________________________
Cash flow from (used in)
financing activities (46) (5,154) (44,725) 12,747
_________________________________________________________________________
Foreign exchange gain (loss) on
cash held in foreign currency 67 (68) 1,046 (409)
_________________________________________________________________________
Net increase (decrease) in cash
and cash equivalents (3,130) 1,144 3,494 (1,257)
Cash and cash equivalents,
beginning of period 12,555 19,617 5,931 22,018
_________________________________________________________________________
Cash and cash equivalents, end of
period 9,425 20,761 9,425 20,761
_________________________________________________________________________
Cash flow from operating activities
per share (in dollars) 0.05 0.32 0.30 0.61
_________________________________________________________________________
Weighted average number of common
shares outstanding (in thousands) 75,563 70,563 72,278 70,563
_________________________________________________________________________



CAMBIOR INC.
_________________________________________________________________________
CONSOLIDATED BALANCE SHEETS September 30, 2000 December 31, 1999
(in thousands of US dollars) $ $
(unaudited) (audited)
_________________________________________________________________________
ASSETS
Current assets
Cash and cash equivalents 9,425 5,931
Settlements receivable and others 14,590 33,675
Supplies inventory 18,407 22,885
Prepaid expenses 1,307 1,233
_________________________________________________________________________
43,729 63,724

Investments 1,559 1,310
Property, plant and equipment 372,497 456,640
_________________________________________________________________________
417,785 521,674
_________________________________________________________________________
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 20,626 31,166
Provision for restructuring charge 244 13,996
Estimated mark-to-market of
derivative instruments 1,874 8,026
Current portion of long-term debt 152,786 212,623
_________________________________________________________________________
175,530 265,811

Long-term debt 11,806 1,750
Deferred gains 11,421 21,779
Provision for environmental
obligations and other 11,961 13,205
Future mining duties 254 -
_________________________________________________________________________
210,972 302,545
_________________________________________________________________________
SHAREHOLDERS` EQUITY
Capital stock 210,086 204,961
Contributed surplus 22,922 361,542
Deficit (10,377) (338,620)
Cumulative translation adjustment (15,818) (8,754)
_________________________________________________________________________
206,813 219,129
_________________________________________________________________________
417,785 521,674
_________________________________________________________________________


NOTES AND COMMENTS TO CONSOLIDATED FINANCIAL STATEMENTS


1. GENERAL

The accompanying unaudited consolidated financial statements do not include all the disclosure required by generally accepted
accounting principles for annual statements and should be read in conjunction with the notes to the Company`s audited
consolidated financial statements for the year ended December 31, 1999, specifically Note 1 on incorporation, 1999 events
and going concern.

2. EXCHANGE RATE

The average exchange rate for the third quarter of 2000 was 1.4822 (Cdn $0.675/US $) and the closing rate on September
30, 2000 was 1.5035 (Cdn $0.665/US $). These rates were 1.4860 (Cdn $0.673/US $) and 1.4674 (Cdn $0.682/US $)
respectively in 1999.

3. DISCONTINUED OPERATIONS AND AGREEMENT FOR THE SALE OF LA GRANJA

Subsequent to the March 2000 agreement for the sale of the Bouchard- Hebert and Langlois mines, the Company decided to
actively pursue the process of reducing its level of indebtedness by concentrating on the disposal of base metal assets.

Consequently and in accordance with generally accepted accounting principles in Canada, the Company now presents its base
metal sector as discontinued operations.

The elements of the earnings statement relating to discontinued operations are detailed as follows:

_________________________________________________________________________
Third Quarter First nine months
ended ended
September 30, September 30,
2000 1999 2000 1999
$000 $000 $000 $000
_________________________________________________________________________
Revenues from mining operations - 28,463 32,435 76,612
Depreciation, depletion and
amortization - 3,623 1,576 10,736
Income taxes and mining duties - 375 372 (565)
_________________________________________________________________________


Assets and liabilities relating to the discontinued operations are
detailed as follows :
_________________________________________________________________________

September 30, December 31,
2000 1999
$000 $000
_________________________________________________________________________
Currents asse

[Sovereign]

Um die 3. Quartalszahlen zu kurz zusammenzufassen:
Der ausgewiesene Verlust ist aus Abschreibungen von 10 Mio. $ auf die zum Verkauf stehenden Kupferprojekte zurückzuführen.
Operativ wurde ein Gewinn von 1,8 Mio. $ erwirtschaftet.
Der EBITDA (quasi der "Rohertrag") ist mit 17,8 Mio. $ höher als in den vorangegangenen Quartalen (14,8 und 13,9).
Die hedges wurden seit Beginn des Jahres um 1 Mio. Oz heruntergefahren (aus laufender Produktion bzw. cash neutralen Umstrukturierungen)
Und nun das Beste: Das Markt to Market value des hedge books war am 30.9. mit 0,2 Mio. $ positiv!
Da dies bei einem Goldpreis von 274 galt, dürfte es inzwischen sogar mit ca. 12 Mio. $ positiv sein!

Nun hängt alles von den Verkäufen der Kupfer-Projekte und der Refinanzierung der Kredite ab...Ich bleibe positiv gestimmt!

Gruß

Sovereign

P.S.: Was ist von der Meldung zu halten, daß AngloGold sein hedge book um 1 Mio. Oz ausweiten will?

[Goldhotline]

Wenn das stimmen sollte (uns liegt die Nachricht nicht vor), würden wir das als üble Abhängigkeit der Anglogold (Sitz in London) von den Investmentbanken interpretieren, wobei die Gesellschaft verpflichtet wird, Verlustpositionen zu Gunsten der Spekulation der Investmentbanken auf der Shortseite im Goldbereich zu übernehmen.

Die Goldhotline

[Sovereign]

Hier die zugehörige vollständige Nachricht (erschienen am 29.10. auf miningweb.com, die ich i.A. als sehr zuverlässig erachte):

AngloGold builds hedge book but is more positive on gold

AngloGold has increased its hedge book by more than a million ounces owing to the limited price range and lower spot gold price.

The size of its book has been increased to 16.581 million ounces up from 15.367 million ounces in the previous quarter. "Hedge cover remains concentrated primarily in the two years immediately ahead," the group said. Relatively low levels of cover are in place for the company thereafter.

The increased level of hedging is also to protect the group as it continues to spend cash on acquisitions in Mali and Tanzania and a number of capital projects in South Africa.

"This cover is consistent with the company`s policy of actively managing revenue risk in the short to medium term, and with the company`s commitment to paying appropriate returns to shareholders on capital invested in the company," the group said.

Although rand depreciation has helped buoy the rand gold price, it is the dollar denominated price which continues to dictate AngloGold`s share price.

Marketing director Kelvin Williams believes gold has started to trade like "an out of favour currency". "The latest weakness is related to the Euro (which has wilted amid a strong dollar). We will have to watch this linkage carefully in the future," he said.

Williams` words are oddly favourable for gold. Gold`s decline in recent years has been based on changing perceptions; namely that it is no longer viewed as a currency and more as a commodity. If gold is acting like a currency, then dollar weakness, whenever that might be, could be the source of its long-awaited recovery.

"A setback in equity markets, or in the value of the US dollar could lead to more favourable interest in gold," Williams said.

Meanwhile, the physical market for gold is currently in balance with demand matching supply. Williams believes total official sales of gold will be higher this year than in 1999 notwithstanding the Washington Agreement, a moratorium on gold sales by some of the world`s central banks. "The market has had to absorb opportunistic sales of gold from a number of official sellers outside of the Washington Agreement during the past nine months ...," he says.

On the positive side, it is likely that gold supply will decline owing to cutbacks in exploration spending: "... supply and demand fundamentals are more positive for the price than they have been for a long time," Williams says.

By: David McKay

Gruß

Sovereign

[Sovereign]

Wie wär`s mit dieser Erklärung für die Nachricht?
Die Investmentbanken haben Ashanti an den Rand der Pleite getrieben und zwangen Ashanti zum Verkauf eines 50%-Anteils an der Geita-Mine an AngloGold. Im Gegenzug muß AngloGold nun die Investmentbanken (allen voran Goldman Sachs) bei deren miesen Spiel unterstützen den Goldpreis weiter zu drücken: Also werden die short positions weiter ausgeweitet...

[Sovereign]

Cambior hat gestern an der AMEX zeitweise auf einem neuen all time low notiert (1/4 $) womit die Marktkapitalisierung unter 20 Mio. US-$ gefallen ist: Und dass für einen 600.000 Oz p.a. Produzenten mit 1800 Arbeitern und Goldreserven und -ressourcen von 7 Mio. Oz...das entspricht lausigen 3 $ je Unze. Diesen Monat wird sich`s entscheiden, ob Cambior überlebensfähig ist: Am 17.11. soll der Verkauf des La Granja Kupfer-Projekts in Peru für 34 Mio. $ besiegelt werden. Die dann noch verbleibenden Schulden über 128 Mio. $ dürfetn refinanzierbar sein (Cambior arbeit schließlich operativ profitabel).

Hoffen wir das Beste, und nu zu einer für mich erfreulicheren Nachricht:
Ein Arbeitskollege hat heute seine "Spielschuld" aus einer Wette bei mir eingelöst (es ging um eine Meinungsverschiedenheit bzgl. des handelsrechtlichen Aktivierungswahlrechts eines Disagios). Der Einsatz war eine Flasche guter Rotwein (was auch immer das heissen mag) und was steht heute auf meinem Schreibtisch?...Eine Flasche 97er Duhart-Milon, Pauillac, Grand Cru Classe aus dem Hause Lafite Rothschild...Ich weiß: Eigentlich müßte er noch ein paar Jahre im Klimaschrank lagern, aber ich schätze kaum, daß er das Wochenende überleben wird...Wettschulden sind schließlich Ehrenschulden und auf die Ehre sollte man anstossen. :-)
In diesem Sinne: À votre santée!

Gruß

Sovereign

[Sovereign]

Peru`s La Granja Copper Mine Seen Drawing Wide Interest
LIMA -(Dow Jones)- Seven companies have bought the forms that would allow them to take part in the sale of the La Granja copper project in Peru, the Ministry of Energy and Mines said late Monday.

In September Canada`s Cambior Inc. (CBJ:TSE) reached an agreement with state-owned mining holding company, Minero Peru SA, to sell its indirect 100% interest in the La Granja copper project to a third party.

The Ministry of Energy and Mines said U.K`s Anglo American PLC and Billiton PLC, Australia`s BHP Ltd. and Mexico`s Grupo Mexico are the most interested potential bidders.

The ministry also said that Mexico`s Minera Penoles as well as Noranda Inc. (NOR:TSE) and Rio Tinto PLC have bought the forms to take part in the sale. Sources close to Rio Tinto said the company would be unlikely tender an offer for the project.

La Granja, one of the world`s biggest copper deposits, will be awarded to the highest bid. Bids must be submitted to the Peruvian government Nov. 20. Cambior expects to receive US$34 million from its sale of its holding in La Granja. It has sunk an estimated US$60 million in the project.

Cambior has been shedding some of its holdings in Latin America in order to reduce its debt load.

[Sovereign]

Langsam aber sicher wird`s selbst mir bei Cambior ungemütlich! Da warte ich darauf, daß der Verkauf des La Granja Projekts endlich abgeschlossen wird, damit Cambior einen Teil seiner Schulden tilgen kann, und dann kommt mir justament die Politik dazwischen, weil Peru`s Präsident Fujimori nach 10 Jahren exakt an dem Tag zurückgetreten ist, wann ich es am wenigsten gebrauchen kann!
Verdammt noch mal, hat sich denn die ganze Welt gegen Cambior verschworen? Was kommt als nächstes? Bürgerkrieg oder gleich die Enteignung aller ausländischen Minengesellschaften in Peru? Vielleicht ist das ja auch nur ein Vorgeschmack und morgen schlägt ein Meteor in Ashanti`s Geita-Mine ein, nur um mir den Tag so richtig zu versauen?
Bei dieser Lage kann man doch nur zum Fatalisten und Zyniker werden und die ganze Welt zum Teufel wünschen!

Na ja, vielleicht wird`s ja wieder

Grummelige Grüße

Sovereign


Peru Govt Postpones La Granja Copper Project Auction
By Inti Landauro

Lima, Nov. 20 (Bloomberg) -- Peru postponed today`s sale of an option on its La Granja copper deposit until next week after President Alberto Fujimori announced he`d quit today or Tuesday, deepening the country`s political crisis.

Officials said Britain`s Billiton Plc., Grupo Mexico SA and other mining companies had expressed interest in bidding on the right to mine La Granja. Canada`s Cambior Inc., which is being restructured, dropped its exploration of the project in September to focus on gold mining.

``The auction was postponed to allow further coordination between the bidders and current owner of the mining rights,`` said a government statement. The delay was declared minutes before the auction`s scheduled 10 a.m. start.

Billiton and Grupo Mexico were seen as the most likely bidders of 21 foreign companies that initially expressed interest in the 6 billion metric ton copper deposit in Peru`s northern Andes Mountains. The deposit is one of the world`s largest copper ore bodies. The state set a base price of $15 million for the option on the project, which would need $1.25 billion in investment, according to government officials.

Copper is Peru`s No. 2 export and mining is considered crucial to the country`s struggling $52 billion economy, providing half of its $7 billion in annual exports.

Fujimori confirmed Sunday from Japan that he planned to send a resignation letter to Congress today or Tuesday, ending his 10- year rule tainted by mounting corruption scandals. Fujimori`s resignation prompted his Cabinet to resign and Second Vice President Ricardo Marquez to announce he would assume the presidency, although opposition members in Congress may block Marquez.

[Sovereign]

Nun ist mir zum Glück die politische Situation in Peru nicht um die Ohren geflogen, und Cambior hat einen weiteren Meilenstein der Restrukturierung erreicht!
Nun, verbleibt es noch, die restlichen Verbindlichkeiten bis Ende Dezember umzuschulden und das hedge book zu bereinigen.
Es bleibt spannend und ich bleibe investiert!

Gruß

Sovereign


Monday November 27, 11:47 am Eastern Time

Press Release

SOURCE: Cambior Inc.

Cambior Inc. - Sale of La Granja for $35 million

All amounts are expressed in US dollars

MONTREAL, Nov. 27 /CNW/ - Cambior announces today the sale of its 100% interest in the La Granja copper property in
northern Peru to Billiton Investment 9 B.V. ("Billiton"), a wholly owned subsidiary of Billiton Plc, for a consideration of
approximately $35 million. Billiton is the winning bidder (and the purchaser of La Granja property) of the public auction
launched by Empresa Minera Del Peru S.A. ("Minero Peru") on September 18, 2000 for an option to purchase Minero Peru`s
royalty interest in the La Granja property.

This transaction is scheduled to close shortly and the net proceed of the sale will be applied to reduce Cambior`s debt level.
The closing of the sale is subject to, among other things, completion of final documentation.

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) 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 are 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 20-F) and other regulatory authorities.

[Sovereign]

Cambior hat die Refinanzierung geschafft!
Auf diese Nachricht habe ich fast ein Jahr lang gewartet!
Es bleibt zwar noch ein weiter Weg zu gehen, doch die Konkursrgefahr ist vom Tisch und die Aktie fängt an sich zu erholen (heute + 40% in Toronto).
Da ich vor zwei Wochen allen Risikominimierungsregeln und Expertenmeinungen zum Trotz auch noch mein diesjähriges Weihnachtsgeld in Cambior investiert habe, könnt Ihr Euch nicht vorstellen, was mich diese Meldung freut.
Wäre Cambior nämlich doch pleite gegangen, wäre bei mir ein gesamter Jahresnettoverdienst zum Teufel gegangen!
Also werde ich heute Abend einen Toast auf Cambior aussprechen (nicht mit Wein, heute ist 12year Macallan Single Higland Malt angesagt; leider darf ich es heute nicht übertreiben weil ich morgen um 8:00 Uhr ein Meeting habe).
"Lang lebe Cambior! Den Mutigen gehört die Welt!"

Gruß

Sovereign

Cambior lenders approve restructuring plan

(UPDATE: Adds background, details throughout, company quote and share price. In
U.S. dollars unless noted)

By Scott Anderson

TORONTO, Nov 30 (Reuters) - Troubled Canadian gold miner Cambior Inc.
(Toronto:CBJ.TO - news), which teetered on the brink of collapse after its gold hedging program went awry last year, said on
Thursday its key lenders had approved a restructuring plan to refinance its mountain of debt.

The company said in a release that the arrangement includes a $65-million credit facility, a prepaid gold forward sale agreement
for proceeds of $55 million and the conversion of a $10-million loan into equity through a private placement.

The plan is contingent on the completion of the $34-million sale of its stake in the La Granja copper project in Peru, announced
earlier this week.

``This enables the company to move forward, and go back to doing its business in a more normal fashion,`` Cambior president
Louis Gignac, told Reuters.

``It`s still a tough business to be in. Gold prices are still on the low side, but at least we are in control of what our future will be,
and we have to make sure that we do the right thing.``

Cambior rang up more than $225 million in debt in October, 1999 when it revealed it had hedged a significant portion of its
future production. The mid-sized gold producer had hedged, or forward sold, 2.7 million ounces of gold at an average price of
$318 an ounce through to the year 2007.

Gold, which sank to a low of $251.70 an ounce in August 1999 amid concerns about Bank of England gold sales, soared the
following month after European central banks pledged to cap future sales.

Gold was trading in New York on Thursday at $267.80 an ounce.

Hedging, a common practice among larger producers in the gold industry, allows a company to cushion the effect of a falling
gold price by selling future production at a fixed price.

With Cambior caught extremely oversold and unable to deliver on the short positions, the firm was forced to renegotiate the
terms of the hedging contracts and its credit facilities, and to jettison most of its non-gold assets.

The new $65-million credit facility announced on Thursday will be from a group of international banks including Chase
Manhattan Bank of Canada (NYSE:CMB - news), Bank of Nova Scotia (Toronto:BNS.TO - news), National Bank of
Canada (Toronto:NA.TO - news) and Societe Generale . It consists of a $55-million non-revolving term loan and a
$10-million revolving credit facility.

Cambior also agreed to a $55-million prepaid gold forward sale with Credit Suisse First Boston for of 233,685 ounces of gold
to be delivered over a five-year period. Total proceeds will be applied to Cambior`s debt repayment.

The credit facility and the prepaid gold forward sale agreement are scheduled to close in December, soon after the La Granja
closing.

Cambior has already been forced to sell most of its non-gold assets to try to shave its debt, including its holding in La Granja,
which it bought for about $7 million in May 1997. It invested more than $50 million developing the project.

When the La Granja transaction closes later this week, Cambior`s debt will be reduced to $129 million from the current $164
million.

When the company completes all its asset sales, including its El Pachon project in Argentina and the Carlota project in the
United States, it will resurface as mainly a gold mining company with operations in North and South America and annual
production of about 600,000 ounces of gold.

Cambior, which was halted earlier on Thursday, was up 16 Canadian cents, at 61 Canadian cents on the Toronto Stock
Exchange.

($1 equals $1.53 Canadian)

[Big-Apple]

Schön, daß jeder einmal Erfolg hat. Da ich mich mit nordamerikanischen Unternehmen nicht beschäftige, kann ich außer dem Glückwunsch nichts Konstruktives beitragen ...

[Sovereign]

Nach nunmehr 14 Monaten der Ungewißheit ist klar, daß Cambior wirtschaftlich überleben wird.

Ich möchte mit einem meiner Lieblingszitate schließen, daß wich ich meine die Maxime jedes Contrarian-Investors ist:

(Richard Adams: Watership Down)

All the world will be your enemy, Prince with a thousand enemies. And whenever they catch you, they will kill you.
But first, they must catch you!