NORTHGATE EXPL (NGX.TO) Message Board

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Gold/Mining/Energy : NORTHGATE EXPL (NGX.TO)

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To: John Dally who wrote (8)	6/6/2002 11:37:36 AM
From: peter snowdon	Read Replies (2) of 158

i'm not sure a hedging position is an 'operating blunder' in the context of NGX's history. the debt came with the purchase of the Kemess mine, and the hedges came with the debt. eliminating one makes it possible to eliminate the other. many junior producers are more hedged than i would personally like, because that was the only way they could raise debt finance. more relevant perhaps is what is BNN going to do with its shares when it gets them? something is weighing on the share price today. personally, i prefer NGX less financially leveraged (and cheaper!), but that is partly because i do not yet have a position. whether it will ever revisit my buying price, tho, is another question....

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