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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.99

+0.3%

Nov 11 4:00 PM EST

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To: goldsheet who wrote (63269)	2/3/2001 3:34:22 PM
From: russwinter	Read Replies (1) of 116753

Anglo would be a prime example of what I'm talking about on the production question. They report that they have five "poorly performing" SA mines. They also have Matjhabeng, described as winding down (368K) production. I wouldn't exactly call Jerritt Canyon (320K @ 243 cash cost) a winner either. Incredibly these poor performers constitute 3,440,000 oz, or 48% of their 7 1/4 million total and about 4.2% of world wide production. So what's happening? Apparently Great Noligwa(971K) and Tau Tona (600K) limp along surviving on old heroin fixes (translate old higher price hedges). Junk like Elandstrand and Deelkraal gets sold and recycled for HGMCY to try and bleed a little more out of. In this last quarter they pretty much admitted that Joel (210K) and Bambanani (441K) need to be "rationalized". Does that mean closed, or "sold" to Anglo wannabees? And the hedge book? Kind of grist for currency speculation more than anything and loaded to bear with every exotic derivitive imaginable. This one's sort of wired and glued together, strutting around calling itself a gold company. It is one of my "Great Turd" candidates. Their clueless counterparties will deserve what they get.

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