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Gold/Mining/Energy : Franco-Nevada (FN - TSE) - zero debt, cash rich royalty co.
FN 438.00-1.3%Oct 30 4:00 PM EDT
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To: Bearcatbob who wrote (500)1/22/2002 12:33:42 PM
From: IngotWeTrust  Read Replies (1) of 511
 
A couple of thoughts came to mind as I read your reply, BearcatBob. Far be it for me to defend Snyder's "reinvestment" into INCO and Aber, but have you considered:
1) INCO's primary product has suffered a severe downdraft pricing wise in their primary product. That product has recovered remarkably and sharply in recent weeks. This sell-off and recovery was anticipated by Snyder. No one, even pro managers pick the exact bottoms of a base metal product cycle. Heck, even Greenspan couldn't read his own economic tea leaves and we've had 11, E-L-E-V-E-N rate cuts in a row...a remarkable missed analysis by anyone's standards.

2) Aber's primary product ALWAYS takes longer to generate robust revenues, as the timelines of these projects are long and drawnout and do not match the sexy story. Again, I believe history will bear out Snyder was "early" to the Aber royalty generating party.

The not yet revealed fact that NEM stepped up to the plate to grab FN and Normandy was certainly NOT in Snyder's mind when he had to make the recommendations and decisions to participate in INCO and ABER, albeit early.

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