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Gold/Mining/Energy : Gold Price Monitor

GDXJ 128.56

+6.1%

4:00 PM EST

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To: russwinter who wrote (67879)	4/19/2001 1:06:45 PM
From: goldsheet	Read Replies (1) of 116972

Harmony is interesting, since all of the anti-hedgers love its idealistic policies, yet as you have correctly pointed out they bought two sick mines (Elandsrand and Deelkraal) from Anglogold and they appear to not being a very good job of day-to-day management based on their most recent quarterly report. Sure Harmony is a sign of mining industry problems, a greater sign of specific problems related to mining in RSA, and now maybe bad company management ??? I thought Harmony was going to target 3 million ounces, diversify into Australia, and be a survivor, now I wonder what they are doing. It is starting to look like they acquired a bunch of marginal stuff in the hopes of higher prices, but that is what Royal Oak Mines did, and we know how well that worked out.

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