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Gold/Mining/Energy : Golden Eagle Int. (MYNG)
MYNG 0.0700+5.7%Feb 21 4:00 PM EST
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To: JEB who wrote (29157)10/22/2002 11:57:09 PM
From: american dreamer  Read Replies (3) of 34075
 
Well, let's stick to what are believable facts shall we. Let's even give you the benefit of some doubt here and allow for the mill processing 2,000 tons of ore per day thereby producing a little over 32 ounces of gold. The real problem here is the cash cost. $75 is purely and simply not a believable figure. I will be the first to admit that costs can be a little lower in South America than Alaska when it comes to mining but those savings are more than offset by economies of scale yet Fort Knox and True North which are owned by Kinross and are strip mining ore that is averaging 1.09 grams per ton, more than twice as rich as that of Golden Eagle and who are processing 14.8 million tons of ore annually with the incredibly efficiency that comes with an international operation, have a cash cost of $210 per ounce of gold.
kinross.com
Given these hard facts, there is no way in the world that I am going to believe this company, with a history of misinforming its shareholders is being honest in reporting $75 per ounce in cash costs. It simply isn't possible. With ore that is less than half as rich as the Kinross properties, I would estimate that their cash costs exceed the price of gold on a per ounce basis simply because they need to process more than twice as much dirt to get the same amount of gold. $75 per ounce cash costs??? That is just plain stupid as is anyone who believes it.
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