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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (150861)2/12/2002 4:50:50 PM
From: Joan Osland Graffius  Read Replies (1) of 436258
 
KT,

Agree with you that the best management for the hedges at Normandy is to let them play out and use the Franco cash to pay down debt. This would give them very little income from the Normandy acquisition, but would eliminate the large cost of interest. The management at NEM has been touting that they are not hedged and racked up debt to high heaven. Wonder if their ego's would let these hedges play out. Most of the cash at Franco has come from their investments in hedgers.

As you know no one in their right mind would hire me as a manager in the mining industry. <ggg>

Joan
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