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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.59

+2.2%

Dec 26 4:00 PM EST

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To: baystock who wrote (73804)	7/23/2001 1:04:50 PM
From: goldsheet	Read Replies (1) of 116832

<< In retrospect, losing the bid for Argentina Gold was the best thing that could have happened to ABX. Homestake is effectively selling Veladero to ABX for less than they paid for it.>> > Huh ?! By what logic is paying $2 billion for something they could have got for under $500 million a good deal ? You are looking at the wrong numbers, I was just talking about the Argentina Gold (Veladero) acquisition. In April 1999 Homestake issued about 21 million shares which were trading at about $9.5 to acquire Argentina Gold, making the effective purchase price around $200M. Barrick will acquire those same 21 million shares for a current price of about $8, worth about $170M. Not only is the purchase price less, but resources have doubled in the last two years, aka "good deal"

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