ARP - V Argentina Gold Message Board

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Gold/Mining/Energy : ARP - V Argentina Gold

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To: marcos who wrote (2451)	1/31/1999 10:21:00 PM
From: Claude Cormier	of 3282

<<Pierina is expected to come onstream with cash costs of $50/oz>> True. But that is only for the first 2 years... And they really invested close to $150/ounces in this project... If gold prices stay at current levels they will have a loss on this project... Pierena becomes a legit investment for Barrick only because it allowed them to enter additional forward gold sales that are now paying good money. That is one reason why Barrick is not boosting rapidly its offer. They know that with ARP controlling only 3M ounces so far...their bid make sense... In time they will increase it...but it will never match Arequipa's bid...

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