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Gold/Mining/Energy : Gold Price Monitor

GDXJ 112.58

-1.5%

Dec 15 4:00 PM EST

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To: tyc:> who wrote (80363)	12/30/2001 8:48:12 PM
From: goldsheet	Read Replies (2) of 116815

Mining royalties were $172M out of FN's $447M in assets in March 2001. After selling Midas, however, FN's total assets are now $215M. Goldstrike is not broken out in assets, but it accounted for 44.6M out of 71.9M in mining royalties in 2001. Since Goldstrike now accounts for 60% of mining revenues and 45% of total revenues, similar percentages would seem reasonable for assets. When one considers the royalties on Meikle, Rodeo, and Eskay Creek, FN is even more dependent on ABX royalties/assets. For a company who brags they are "100% unhedged", they are seriously invested in a company that does hedge. FN sounds like someone who doesn't drink, tells everyone else not to drink, but has 50%+ of their investment portfolio in beer stocks <grin> Barrick should try to buy all the royalties back.

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