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Gold/Mining/Energy : Gold Price Monitor

GDXJ 92.99

+2.9%

Nov 7 4:00 PM EST

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To: goldsheet who wrote (63269)	2/4/2001 11:25:30 AM
From: russwinter	Read Replies (1) of 116753

Homestake's Aussie production is questionable: Plutonic 240K @ 188-214, Lawler 100K @ $227, Kalgoorlie 370K @ $200ish Close read of third quarter is another broken record: Kalgoorlie, lower grades and higher sulfer content (translate environmental costs). Plutonic ditto on grades. HM does not have higher priced hedges to help, and in fact has shelled out capital for put protection below 265. They have kept cash costs in line (and this is key) because of the LOWER AUSSIE $ in the third quarter. They should still be OK there in the fourth. However, into the new year the story has changed as the Aussie has reversed to the 55 cent area. Another 5 or 10% advance against the US will put HM's 710K there in the crapper. Conclusion: US Dollar addiction. NO ROOM FOR ERROR: customcharts.com Round Mountain's 616K ($228 cash cost/ first three quarters) is another question mark. Quote from report: "costs increased due to lower ore grades and recovery rates". Do I detect a trend?

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