However some opposition Parliamentarians demanded a debate on the allegation.Prime Minister Ranil Wickremesinghe responded saying the Government is prepared to debate the matter in Parliament. However Leader of the House Lakshman Kiriella insisted that there was no such move and that the US Embassy in Colombo had also issued a statement on the matter. Eelam People’s Democratic Party (EPDP) leader Douglas Devananda told Parliament today that it was reported the base was going to be established in Trincomalee. On Sunday the United States had rejected claims it was in the process of establishing an army camp in Sri Lanka.The US Embassy in Colombo had said that a base had never been a part of the US relationship with Sri Lanka nor have there ever been discussions aimed at establishing one.US Embassy Spokesperson Nancy VanHorn said that the claims were categorically false. The Government today insisted that the US has not sought to establish a military base in Trincomalee.The opposition raised concerns in Parliament over alleged moves by the US to establish a military base in Sri Lanka. “The US Embassy is aware of erroneous reports that the United States intends to establish a military base in Sri Lanka. These reports are categorically false. While the US-Sri Lanka military partnership has included disaster preparedness and relief, maritime security training, and exercises to enhance interoperability, a base has never been a part of the relationship nor have there ever been discussions aimed at establishing one,” she said. (Colombo Gazette)
Hecla Mining Co is to sell its subsidiaries engaged in Venezuelan activities to Rusoro Mining (Rusoro) for $25 million, consisting of $20 million in cash and 4,273,504 shares of Rusoro common stock. The transaction is dependent upon regulatory approval. Hecla President and CEO, Phillips S. Baker, Jr., said, “The sale of our Venezuelan properties is part of our strategy to reduce the financing put in place to acquire Greens Creek. Prior to this transaction, Hecla repatriated approximately $39 million in cash that generated a $14 million foreign exchange loss. This transaction generates immediate cash from both the sale of the assets and the repatriation of $25 million of cash from our Venezuelan subsidiaries.”Hecla currently carries the Venezuelan properties at a book value of $39 million, so the transaction is expected to result in a pre-tax loss on the sale in the range of $10 million to $12 million, subject to normal post-closing adjustments. The $14 million foreign exchange loss will also be reported in second quarter 2008 results. Baker said, “Our operations in Venezuela were very important to Hecla in the early 2000s, during a time when precious metals prices were depressed. But more recently that operation has become a much smaller proportion of our company’s value, as revenues from our US silver properties grew. In fact, in 2007, the La Camorra unit contributed just 3% of our annual gross profit.”The sale of the La Camorra unit is expected to reduce Hecla’s 2008 gold production estimate to approximately 70,000 oz (from earlier guidance of 115,000 oz), with the majority of that production coming as a by-product from the Greens Creek mine. Baker said, “2008 is a transition year for Hecla as we see a reduction in gold production but an increase in silver production. And while we will not own a primary gold mine, we will continue to consider gold properties in politically secure countries that leverage our expertise as an underground miner.”
← Previous Story Ognjen Backovic in German Ludwigshafen Friesenheim Next Story → Lino Cervar: “We can reach the Champions League group stage” Atletico Madrid handballBarcelona handballBM Atletico MadridF.C Barcelona Intersporthandball supercup The ASOBAL leadership announced that Madrid will serve as the opening for this year’s Spanish handball spectacle, and that is the Supercup. The 26th Supercup will see the teams of Barcelona and BM Atletico (formerly Ciudad Real) matched up in this one-game final. The game is scheduled for the 4th of September, and it is expected that slightly over 10,000 people will follow the final at “Palacio Vistalegre”.