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Mining Sector on the Brink of Collapse, 1.7 Million Jobs at Risk

Story Filed: Friday, March 17, 2000 9:00 PM EST

MEXICO CITY, Mar. 17 (Reforma/Infolatina)-- The Mexican mining industry is on the brink of collapse, placing 1.7 million jobs at risk, said the president of the Mexican Chamber of Mining, Jose Rivero. Rivero blamed the crisis on the overvaluation of the Mexican currency, the lack of financing and the high level of costs. The rise in crude oil prices have increased costs for mining companies by an average of 30 percent. A major number of small and medium companies in the industry have already collapsed, said Rivero.

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-- (Dee360Degree@aol.com), March 17, 2000

Answers

Which begs the question,

What do Mexican miners mainly mine?

-- Sam (Wtrmkr52@aol.com), March 17, 2000.

Oh,no.More breeding Graesballs coming here ?

-- Had Enough (Greasball@stay.home), March 18, 2000.

Mexico is a major silver producer along with various base metals.

-- Zdude (zdude777@hotmail.com), March 18, 2000.

On the subject of silver heres an interesting snipet from yesterdays Midas report from Le Metropole Cafe

"An Apex Silver director on Feb 4th sold 666,210 shares at $10 leaving him with 590,554 shares. That would normally sound bad except that the other side of the trade was taken by couple of guys you've probably never heard of before.100,000 were bought by Paul Soros and the other 566,210 by George Soros.

"I think you're correct that a silver moon shot is around the corner. Especially with the likes of Soros and Gates taking huge positions in the silver stocks and presumably the Oracle of Omaha still on board with the physical, one has to conclude these guys know something. Time will tell.

-- Zdude (zdude777@hotmail.com), March 18, 2000.