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Gold/Mining/Energy : Newmont Mining(NEM) & Newmont Gold(NGC)
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To: freeus who wrote (522)5/27/2002 11:24:42 AM
From: jim black  Read Replies (1) of 587
 
free, interesting observations! I too held FN and worried about LaSonde going with Harmony. I too worry about the location of most of HGMCY's assetts in sub-Saharan Africa. As a physician who saw what HIV/AIDS
did to a whole subculture in this country to the gay community in large cities I stand in absolute horror at teh HIV infection rate and persistent ignorance rampant in Africa about the virus. African males abhor the use of condoms, many (according to WHO stats the number is staggering) believe the only way to rid themselves of "slim" disease is to have sex with a child under three!!, the outlook for the stability of the mining workforces is shaky at best. The community of gold miners in S. Africa openly discusses and grapples with ways to address the health issues of their miners with respect to the unique threat of AIDS. It is a problem that will not go away.
I too miss good old reliable Franco-Nevada, offal most everyone's radar screen here in USA until Newmont made a bid for them. But then again FN was not perfect and LaSonde not omnicient.
As much as I admire the man I was relieved when Franco's bid to merge with Goldfields (S. Africa again!) was rejected by Praetoria as an event that would take Goldfields control to Canada. I stick with my converted FN->NEM shares because LaSonde's ass in on the line with all the other NEM shareholders and he is an articulate spokesperson for the longterm outlook for yellow. I do worry about the hedged positions NEM inherited from Normandy but they are small in comparison to American Barrick and Anglogold. Dangerous in any case in my view. I have also taken the plunge on GG and have more than doubled my money and occassionally think of it as a buyout candidate but the CEO and his family are heavily invested in the stock, the Red Lake mine is the best in the world ( gold production cost under $US 70/oz) and adjacent to promising properties which GG owns. I do not believe he would sell his Goldcorp short of astronomical prices. And he knows as well as anyone in the business that most gold in the world is within sight of existing rich mine sites. So wwith some reluctance I for one continue to hold GG and NEM.
Jim Black
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