PSE Circular for Brokers No. 2613-98
PSE Circular for Brokers No. 2613-98 • Philippine Stock Exchange • Circulars for Brokers • Nov 19, 1998
Full text
November 19, 1998 PSE CIRCULAR FOR BROKERS NO. 2613-98 November 18, 1998 PHILIPPINE STOCK EXCHANGE INC . 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Disclosure Department Listings and Disclosure Group Gentlemen : It has been a difficult year for the Company because of a serious depletion of economic reserves above level 800. The serious depletion of economic reserves is attributed to extremely heavy fractured ground and strong ingress of water in the underground. As temporary stopgap assistance in gold production, the Company resorted to open pit operations in areas with indicated resources. A vast amount of exploration and development work is required for the areas. The Company has been delayed in payments to the local power cooperative, CANORECO. The cooperative has indicated that it will cut the power at the minesite soon. The company will then have to resort to the use of its generators, but this will not allow the mine to operate at full capacity. In this situation, the mine will have to reduce manpower because of the reduced capacity. Seven to eight hundred workers may be retrenched. Thank you. Very truly yours, (SGD.) AUGUSTO B. SUNICO Corporate Secretary
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.