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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: Claude Cormier who wrote (1687)	7/22/2001 9:23:56 PM
From: russwinter	Read Replies (1) of 4051

<mineable ounces that have been discovered > I've seen only 20 million mentioned by a few sources for 2000, and exploration this year is down yet again. And I'd guess much of that is additions to the better long life mines/deposits, or projects owned by juniors that the majors will have to buy. The problem for production will be at the many marginal, high cost, short life mines where reserves aren't being replaced at all. As I keep telling Bob, I'm not debating him about the merits of superlative projects like Yanacocha, Bulyanhulu, or Moab Khotsong. I'm talking about the many old dying dogs like Bambabani, Bousquet and Omni. It's real fierce natural selection at this POG, with few surviving. There simply aren't enough superlative economic ounces around to replace the marginal stuff on the way out over the next couple years. And as you well know given that we own many of the better replacement deposits out there, they aren't being valued at much yet. The reason is that even 150ish cash costs deposits don't especially work now. And that's revealing. To prove my point I'll ask the question, "Would Goldstrike (in total) or Kalgoorlie be built today?"

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