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Gold/Mining/Energy : Bema(Bgo) and Arizona Star
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To: Feline who wrote (8065)10/27/1997 8:36:00 PM
From: Terry Swift  Read Replies (2) of 10482
 
Feline:

Not so. Placer does not get its money back up front. My understanding is that, to the extent there is free cash flow; i.e., after operating costs and debt payments, it will be split 51-49 by PDG and, I predict, a merged BGO/AZS. With operating costs at $79/oz and total costs at $182/oz (possibly lower after economies of other sites are brought in) there will be immediate cash flow to BGO/AZS.

I've got a call in to Bema to clarify whether the distinction between "senior project financing" and "subordinated debt" will affect cash flow to BGO/AZS.

Terry
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