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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Wyätt Gwyön who wrote (34828)	6/27/2005 12:05:52 PM
From: Douglas M. Benedict	Read Replies (1) of 110194

Shulich is originally Franco-Nevada and, granted, continues his policy regarding royalty acquisitions...we're talking semantics... Here's a link...suggesting the source of the strategy...I leave the rest of the investigation to you...Like I said... BWTHDIK (as a former Franco Nevada shareholder)... "Newmont Mining Company When it rains, it pours. Newmont has had a run of bad karma. In Indonesia, Newmont has been unfairly accused of environmental damages and its workers have been "detained". At Yanacocha, Newmont has been hit with a workers' strike where water is a big issue and production has been adversely affected. Ironically little has been written about Newmont's royalty business and oil & gas interests, which were inherited from Franco-Nevada. Little attention is being paid to those assets, but those assets are an effective hedge. Newmont's dilemma in the near term is the replacement of depleting reserves. For too long, the Street has been abuzz that Newmont would acquire Placer Dome. Even though such an acquisition might excite the Street but such a merger would bring little benefit to either company and frankly would not solve both companies' problem, the need to replace of reserves. We continue to like Newmont as a core holding, particularly for its' strong balanced sheet, lack of hedges and strong core asset, at Yanacocha and Nevada. A $10 change in the gold price causes a $50 million bottom line improvement to Newmont's earnings." safehaven.com

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