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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: gold$10k who wrote (1921)	8/24/2001 10:53:22 AM
From: russwinter	of 4051

Here's a little TVX postscript on the balance sheet progress so far this quarter. Company communicated back that a share buyout will be discussed and considered at their Sept board meeting. As per my usual modus operandi of, "Show me the beef", I'll wait for it, before "averaging down". As of June 30, the TVX had cash and short-term investments of ~$56 M (~$50 M to TVX) and export prepayment contracts are ~$69 M ($35 M to TVX) for a total cash and investment position of ~$125 M (TVX's share ~$85 M). Current and long-term debt at June 30, 2001 was ~$105 M (TVX's share ~$66M). Since the end of the second quarter, ~$30 M has been removed from the total debt (all TVX's share); ~$13 M due to the conversion of the notes and ~$17 M from the hedge restructuring. Net cash of ~$0.8 M was spent to reduce the debt load. TVX operationally is cash flow positive (US 4.8 in second quarter) so no bleeding going on. Cash costs are about $180, right smack at the median of worldwide gold production. Not a "great" company, but certainly not a "dog" either. If you were go go back over my mine life and reserve work, TVX is one the best out there. And now a put buyer, not a raw hedger. 46 cents? Don't think so. Home run if Hellas surprises. May be a buyout target at a premium from here.

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