> Yes, that 43,000 oz was for fourth quarter. ELD goal for 2000 is 185,000 oz at $200.
Don't mean to be too picky but I used first quarter 2000 numbers
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> I guess my point is that juniors and intermediates have historically been the explorers and developers for the majors
... and the majors have bought several for their reserves, such as Homestake/Argentina Gold, Barrick/Sutton, Normandy/Great Central, Harmony/Randfontien, Placer/Getchell, Newmont/Sante Fe, etc..
Barrick owns good pieces of Opawica, IMA, Tan Range, and Pangea - all in key exploration areas, all targets. Barrick got their shares by providing funding for drilling, a win-win situation if the juniors hit it big.
> , I do agree that consolidation is needed for many to get to the required critical mass
South Africans are about as consolidated as they can get with only four major firms left: Anglogold, Goldfields, Harmony, and Durban. The Australian firm looks like cheap targets. I'm suprised Homestake and Placer haven't bought several of them, given their history/experience in the region. Harmony bought 20% of Goldfields Limited.
Normandy got rid of all of its non-gold ops and made itself even more vulnerable as a takeover (which also makes me wonder when they will buy the rest of TVX ?) |
