Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: re3 who wrote (953)	8/31/2001 4:04:33 PM
From: jim black	Read Replies (1) of 36161

Basically it is their huge cash position and clearly stated committment to capitalize on industry consolidation. I was definitely against their intention to merge with Goldfields because I want nothing to do with unstable Africa, been there, seen it, have several friends and family members of patients still trying to get out of S. Africa, Zimbabwe and Zambia. Their recvord of earnings growth is fairly consistent and they are positoned with absolutely no leveraged assetts outside their recent Normandy venture, stating that now on that Bd of Directors they are intent on stearing Normandy away from hedging. If the price of gold pops as I suspect it will as panic selling hits the dollar they appear well positoned to do well. In the meantime, with nearly a billion in cash they are ready and actively looking for good properties to buy. FWIW, BWDIK jim black

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