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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: Ptaskmaster who wrote ()6/7/2000 10:22:00 AM
From: russwinter  Read Replies (1) of 4051
 
Normandy: Wishing for a pot of gold at the end of a rainbow.

Hoping for 2 million this year @ 192, but have continual production glitches, usually blamed on things like "weather" and I guess just bad kharma. But they love to trade derivatives and like the addict are trying to wean themselves off their habit through a controlled "withdrawal program" (i.e like ABX, PDG delivering production to maturing contracts). Problem is they have 14 million oz of various "income enhancements" outstanding and 150,000 oz a month to deliver (if they are lucky).

Of note in a recent presentation is the following intellectually dishonest statement or spin: "by not replacing maturing contracts, we have no negative impact on the spot market today, whilst an unhedged producer delivering at spot certainly does". GIVE ME A BREAK, GAG!

What is NDY game plan to meet all this previously sold gold. Well, there's Wandoo, generally considered to have poor economics. There's Perama in Greece considered a good project but only 1.2 million reserves. There's Yamfo-Sefwi in Ghana, but NDY seems to be more absorbed in gamesmanship with their partner Moydow than any thing. There's the so called TVX/ Normandy deal, but's that's been more hype than substance. If they ever pick up the pace these projects are still years away. Other than that they just generally mine out the sweet areas of an unripened watermelon.

No wonder the market has rewarded this company with an extremely depressed stock price. They just don't get it.
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