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Gold/Mining/Energy : Gold Price Monitor

GDXJ 113.76

-6.4%

4:00 PM EST

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To: dean poets who wrote (90034)	9/26/2002 11:55:21 AM
From: goldsheet	Read Replies (1) of 116834

Gold mines have a terrible habit of being variable in grade and recovery, and one can not know exactly what ore zone you are going to deal with. Freeport has the worst problem at Grasberg, where 600,000 ounces per quarter would be normal, but they had to go through low grades zones in Q1 (336,000) and Q2 (444,000) to get to high grades zones (Q3 should be 840,000) Newmont has had the same problem as Barrick on the Carlin Trend, making it a regional operational problem, not a company specific problem.

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