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Gold/Mining/Energy : Precious and Base Metal Investing
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To: TheBusDriver who wrote (2187)3/7/2002 10:54:46 AM
From: Elizabeth Andrews  Read Replies (2) of 39344
 
If we dream a bit and look out three years or so and Marlin and El Susie both come on stream, GLG's cost to produce an ounce will drop to about $150 producing cash flow of $US70 million on production of about 475,000 ounces or about $0.70 per share. It is worth paying 12 times cash flow that's at least three years out now? And, this is all based on the current capital structure of GLG. Both mines have to be financed. Debt? Equity? So, my view is that GLG is fully priced here at least for now or until the going forward plan is clear. Also, gold is struggling here and the move above $300 is not certain and may not happen until later in the year or 2003. Risk abounds here in my opinion.
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