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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.64

+1.2%

Dec 17 4:00 PM EST

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To: PAUL ROBERTSON who wrote (80331)	12/28/2001 1:19:40 PM
From: goldsheet	Read Replies (2) of 116815

> The cash flow which FN provides Barrick provides much (most?) of the FN cash flow via Goldstrike royalties. They will want to do something to avoid paying Newmont. Of course, Newmont currently has so much debt that most of their cash flow goes to paying interest. Adding more debt, via the extra cash payment for Normandy, just might suck up any extra cash flow from FN. > It is as you know, a battle of visions, hedged vs unhedged, money vs commodity That's what folks want to make it about because it makes for easy to write "good vs. evil" news stories. The gold mining business is actually much more complicated than that. I think it is more like, will the company that financed itself via hedging implode before the company that financed itself via debt ? Both companies are at the mercy of their bankers, just different banking divisions.

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