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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: baystock who wrote (1745)	7/27/2001 12:25:37 PM
From: tyc:>	Read Replies (1) of 4051

>>Also for this 140K oz marginal mine, Inmet's market cap is $60 million...where's the leverage in that ? Would you please explain ? IMN has a market capitalisation of C$76 million (@ today's C$2.35). Its working capital is C$93million. The market apparently ascribes little value to the Troilus gold mine; where do you find the market capitalisation of $60 million for this mine? But you are correct; my original memo did not take into account forward sales, and forward sales certainly reduce "leverage" both up and down. Are forward sales @ $340 an asset or a liability for this marginal mine ? (Incidentally, the annual report indicates that the reference to "calls" refers to calls PURCHASED.) This market capitalisation ignores long term debt and liabilities such as reclamation

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