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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: goldsheet who wrote (247)	4/26/2000 9:27:00 AM
From: russwinter	Read Replies (1) of 4051

TVX is good example of what we are talking about. Produces about 400,000 at 170-180 cash cost, and has 24 1/2 million reserves and resources. After subtracting debt and liabilities from working capital they have US56 million left over, so they are solvent. 179.6 mil share out at 62 cents is US112 million or US$56 net after taking off liquid assets. The market in effect is putting little if any value on this company. This is odd since their assets are decent enough. Is this because they have limited themselves to only one company for a takeover? Are they being rerated lower because of the risk smaller producers face in developing major projects (Greece)? If the answer to the last question is yes, then clearly a company like TVX needs to be consolidated with a major, and apparently there is only one for them, NDY.

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