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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: tyc:> who wrote (1724)	7/27/2001 10:52:40 AM
From: baystock	Read Replies (1) of 4051

<This marginal mine is producing 140,800oz gold per annum. A $10 increase in the POG, would therefore increase cash flow by US$1,408,000,> Not if they have engaged in hedging. Also for this 140K oz marginal mine, Inmet's market cap is $60 million...where's the leverage in that ? From their quaterly press release: "In spite of lower spot gold prices in the quarter, earnings continue to be positively impacted by the gold hedges in place. In the quarter, 48 per cent of Troilus' production was hedged. Through the remainder of the year, approximately 41 per cent of gold production is hedged. The hedges are recognized in revenue at an average hedge price of U.S.$327 per ounce of gold. "

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