Financial Insights newsletter explains the real gold market

Section:

By Jerry Norton and Karima Anjani
Reuters
Saturday, October 23, 2004

http://www.reuters.com/financeQuoteCompanyNewsArticle.jhtml?
duid=mtfh24487_2004-10-23_14-42-11_jak68061_newsml

JAKARTA -- Five officials of a unit of U.S.-based gold
miner Newmont Mining Corp accused of dumping toxic
waste in Indonesia left jail on Saturday after being held
since late September.

Newmont Minahasa Raya, a unit of the world's largest
gold mining company Denver-headquartered Newmont,
is under investigation over accusations its gold mine
dumped toxic waste that poisoned local residents.

The case became a diplomatic issue after the officials
-- an Australian, an American and three Indonesians --
were detained.

"The status of five detainees will be changed to city
detention under the supervision of the North Sulawesi
police," Brigadier General Suharto, director of the
national police special crime unit, told Reuters on
Saturday.

Their movements will be restricted to the areas they live
in and they will have to report to police regularly, as
prosecutors in North Sulawesi consider whether to
charge them.

Suharto said the men would likely be flown from Jakarta
to North Sulawesi on Sunday.

"Our colleagues displayed tremendous courage and
patience during this detention," said Robert Gallagher,
Newmont Mining Corp's vice president for Indonesian
operations, a company statement said on Saturday.

The U.S. embassy has said jailing the men for
questioning was inappropriate because they and the
company were cooperating fully in the investigation.
The move could harm Indonesia's investment climate,
it said.

Newmont Minahasa Raya has said it followed all
government regulations and has strongly denied
accusations it dumped toxic waste into Buyat Bay in
North Sulawesi, some 2,200 km (1,400 miles) from
Jakarta, making villagers in the area sick.

Environmental groups argue otherwise, and a police
study found dangerously high levels of pollution in the
bay, the basis for the detention of Minahasa site
manager U.S. citizen Bill Long, Australian production
and maintenance manager Phil Turner and the three
Indonesians.

Several government and independent studies found
no evidence of serious pollution.

Charges of breaching environmental regulations carry
jail terms of up to 15 years in Indonesia if people are
proven to have died or become seriously ill as a result
of pollution, police say.

Despite having some tough regulations on the books,
Indonesia often comes under fire from environmental
organisations as being too soft in practice on
problems caused by mining and timber operations in
the resource-rich country.

Miners complain it is getting harder to do business in
Indonesia's outlying regions. Investment in mining has
slumped because of vague regulations, competition
from illegal mining, and environmental rules.

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

To subscribe to GATA's dispatches, send an e-mail to:

gata-subscribe@yahoogroups.com

To unsubscribe, send an e-mail to:

gata-unsubscribe@yahoogroups.com

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

RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS

Free sites:

http://www.jsmineset.com

http://www.cbs.marketwatch.com

http://www.mineweb.com/

http://www.gold-eagle.com/

http://www.kitco.com/

http://www.usagold.com/

http://www.GoldSeek.com/

http://www.GoldReview.com/

http://www.capitalupdates.com/

http://www.DailyReckoning.com

http://www.goldenbar.com/

http://www.silver-investor.com

http://www.thebulliondesk.com/

http://www.sharelynx.com/

http://www.mininglife.com/

http://www.financialsense.com

http://www.goldensextant.com

http://www.goldismoney.info/index.html

http://www.howestreet.com

http://www.depression2.tv

http://www.moneyfiles.org/

http://www.howestreet.com

http://www.minersmanual.com/minernews.html

http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html

http://www.goldcolony.com

http://www.miningstocks.com

http://www.mineralstox.com

http://www.freemarketnews.com

http://www.321gold.com

http://www.SilverSeek.com

http://www.investmentrarities.com

http://www.kuik.com/KH/KH.html
(Korelin Business Report -- audio)

http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)

http://www.resourceinvestor.com/

Subscription site:

http://www.lemetropolecafe.com/

http://www.hsletter.com

Eagle Ranch discussion site:

http://os2eagle.net/checksum.htm

Ted Butler silver commentary archive:

http://www.investmentrarities.com/

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

COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS

Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com

Centennial Precious Metals
3033 East 1st Ave., Suite 403
Denver, Colorado 80206
www.USAGold.com
Michael Kosares, Proprietor
US (800) 869-5115
Canada 1-800-294-9462
European Union 00-800-2760-2760
Australia 0011-800-2760-2760
cpm@usagold.com

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net

El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net

Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com

Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com

Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com

Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel

Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com

Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com

Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com

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

HOW TO HELP GATA

If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.

By check:

Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA

By credit card (MasterCard, Visa, and
Discover) over the Internet:

http://www.gata.org/creditcard.html

By GoldMoney:

http://www.GoldMoney.com
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L

Donors of $750 or more will, upon request,
be sent a print of Alain Despert's colorful
painting symbolizing our cause, titled "GATA."

GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.