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Gold/Mining/Energy : Precious and Base Metal Investing

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To: tyc:> who wrote (791)	12/9/2001 9:53:46 AM
From: russwinter	Read Replies (3) of 39344

Sort of shows the downside of owning old depleted mines. IR didn't give the details, but I'm assuming this is mostly Troilus? That's why I assigned little value to it in our prior discussion, because of the high cost and depletion. Shouldn't affect future cash flow except that production ends, but it does impact the long term balance sheet as a liability. At least it's honest accounting, and I'm actually getting to be a fan of Inmet. They just need to get moving on new projects, while the cycle is at a low point. There is 35% participation in a Peruvian deposit (Magistral:IP) with their name written on it. They could just trade shares and keep that treasury intact. Two bucks worth per IP share looks about right. Other topic: Prudent Bear Fund junior holdings: 177,000 FGX 800,000 GNG 406,000 MFL 238,000 SWG 1,333,000 SUL 762,000 SRU

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