Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	11/15/2001 12:08:15 PM
From: Frank Pembleton	Read Replies (1) of 36161

RESEARCH ALERT-Newmont Mining raised to ``outperform'' NEW YORK, Nov 15 (Reuters) - Morgan Stanley said on Thursday it raised its investment rating on Newmont Mining Corp. (NYSE:NEM - news) to ``outperform'' from ``neutral,'' the day after the Denver company offered to buy Canada's Franco-Nevada Mining Corp. Ltd. (Toronto:FN.TO - news) and Australia's Normandy Mining Ltd. (Australia:NDY.AX - news). The brokerage said in a brief research note that the merger would form the world's largest gold mining company, and it believes the combined entity would be liquid and relatively unhedged, with a strong balance sheet. The deals are worth a combined $4.42 billion in cash and stock. Newmont topped a Sept. 5 bid by South Africa's AngloGold Ltd. -- currently the world's biggest gold miner -- for Normandy. Newmont shares closed on Wednesday at $20.30 on the New York Stock Exchange. biz.yahoo.com

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