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Strategies & Market Trends : Strictly: Drilling II
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To: Roebear who wrote (486)8/23/2001 9:27:03 PM
From: Frank Pembleton  Read Replies (1) of 36161
 
Roebear, me again... One last word on RGLD and I really mean it this time :)

I am surprised they didn't do even better

Royal does use hedging, about a quarter of their production is sold forward at an average price of $258 for the next 3 years.

There's also the issue of reserves, they're mining in the neighborhood of 1 million ounces a year and they have less than 5 years of mining life. They need some M/A and they only have $4 million in cash to do it with -- share dilution?

Regards
Frank P.
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