FOX Translator
No data currently available.
No data currently available.
TITLE
We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
Home / Markets / Industries / Industrials
Wednesday, May 07, 2008
Installation of EMEW plant in Zambia by Q4 of 2008 - on schedule
Comtex
ABBOTSFORD, BC, May 7, 2008 /PRNewswire-FirstCall via COMTEX News Network/ ----ICS Copper Systems Ltd. (ICX:TSX.V) is pleased to announce that the company is on track to complete the installation of its EMEW plant by Q4 of 2008 at the Mokambo site in Mufulira, Zambia. The plant is designed to produce approximately 600 tonnes of finished copper and approximately 100 tonnes of cobalt carbonate annually. The Company will initially be processing third party ore, purchased from small local mining companies.
The purpose of the EMEW plant operation at this stage of the Company's history is to provide the Company with quick access to cash flow to reduce dependency on the markets and the subsequent dilution in share capital. The company's issued share capital remains at 26,963,869 shares.
The 270 cell EMEW plant that was acquired before the IPO is on site and the shipment containing the EMEW rectifiers is presently in Zambia en route to site. The plant will be assembled on the concrete structure that has already been built for it. An acid-proof membrane is being laid down under the EMEW plant as well as under the heap leach area, pregnant leach solution pond, and the raffinate pond. A crusher, stainless steel belt filter (for cobalt carbonate recovery), and an appropriately sized diesel generator have been sourced and acquired. This operation is scheduled to start in Q4 of 2008.
Graham Chisholm, President and CEO of ICS comments "One of the Company's key objectives is to bring this project to production as soon as possible with minimal capital by using the modular EMEW plant. The cash flow will assist the company to progress its larger projects to achieve the Company's vision of becoming a major mining company centred on the Central African Copper Belt".
Sulphide Confirmation Drill Program
-----------------------------------
ICS is nearing completion of its confirmation drill programs for the oxides and the sulphides of the Mokambo Deposit with an NI 43-101 Compliant Technical Mineral Resource Report to be completed by summer 2008.
Trans African Minerals
----------------------
The company wishes to advise that Trans African Minerals has not complied with the payment schedule as set out in the Letter of Intent signed between ICS and Trans African Minerals dated the 4th March 2008 and accordingly ICS has withdrawn from the agreement.
Resignation of Director
-----------------------
Michael Halvorson has resigned from the Board of Directors effective April 30th 2008. Mike wishes to reduce his work load and commitments to be able to spend more leisure time on his ranch. The board has expressed their appreciation to Mike for his services over the last year.
ICS COPPER SYSTEMS LTD. Signed "Graham Chisholm" Graham Chisholm, President & CEO
This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CONTACT: Graham Chisholm, graham@icscopper.com, Office: (604) 859-3007; Cell: (604) 302-0746; For Investor Relations: Brett Whitelaw, brett_whitelaw@telus.net, Tel: (604) 662-8633; Web Page: www.icscopper.com
SOURCE ICS Copper Systems Ltd.
Copyright (C) 2008 PR Newswire. All rights reserved
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
