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Gold/Mining/Energy : Ivanhoe Mines (IVN.T > formerly Indochina Gold)
IVN.TO 14.02-2.7%Oct 31 9:30 AM EST
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To: Bruce Robbins who wrote (20)10/16/2001 9:34:11 AM
From: NPValue  Read Replies (1) of 51
 
Bruce, The stock action is puzzling, no doubt.

I have been tracking this stock for the past three years. In the good ol days of 96-97, this stock actually got as high as Cdn $20. Its low has been around Cdn $0.95. Obviously, it has seen the best and worst of times.

I think Friedland has done some amazing things to keep the company going. He has done that knowing that they have indeed obtained some choice properties. The Monywa mine in Myanmar has been a decent cash cow, but Leptadung (sp) is the real prize there, where they expect to produce around 275 million pounds annually by 2005. Unfortunately, they need $300 million just to build the infrastructure, and the prices of both gold and copper have not been kind over the past three years.

The main risk I see with this stock is being able to continue to weather the poor copper/gold prices. If the prices remain depressed for another two years, then this company will be in real trouble. If copper gets back to 85 - 90 cents a pound, and gold finally makes it to $310 - $320 an ounce, then things could start taking off.

Until then, the exploration and discoveries will keep things interesting. If they are truly world class, it will be interesting to see Friedland's next moves.

People can say what they want about Friedland, but there is no doubt that he is a shrewd businessman. One does not become a billionaire without those talents.
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