LETTER TO THE EDITOR — Junk dealers

You referred to the US$427-million issue of Anaconda Nickel in 1997 as being the first junk bond issue in U.S. capital markets for a large-scale mining project (“Anglo American buys into Aussie nickel miner,” T.N.M., Aug. 16-22/99).

Please note that in 1996, Royal Oak Mines issued an 11% senior subordinated note due in 2006 in the U.S. capital market, raising US$175 million for construction of the Kemmess South mine in British Columbia. This was referred to by many as a junk bond.

Graham Eacott

Kirkland, Wash.