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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Horgad who wrote (20895)	9/27/2000 12:15:07 AM
From: Aloysius Q. Finnegan	Read Replies (1) of 436258

DROOY Bites The Big One! Here's more Horgad: "Even at a gold price of $275 per ounce, two South African companies – Western Areas Ltd and Durban Roodepoort Deep (DRD) – are thought to be underwater thus hindering corporate activities." ... "South African stockbroker Chase Fleming Martin estimates in a published report that the net present value of DRD's hedge book is negative R556 million (assuming a gold price of $275 million). This compares with DRD's own estimation of negative R250 million on an npv basis. At $300 per ounce, Chase's loss estimate of DRD's hedge book increases to about R728 million and creeps ominously towards the company's market value of R742 million." mips1.net

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