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Gold/Mining/Energy : Crystallex (KRY)

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To: Larry P. who wrote (7102)	3/19/1998 12:38:00 AM
From: Greg Ford	Read Replies (1) of 10836

A JV may be an alternative. As for Barrick or Freeport, I don't think so. Freeport is committed to Grasberg. They already have a great deal of political risk attached to their operation. Their stock price has suffered recently and they are highly leveraged. Why would they want to get more in debt for another copper/gold deposit. As for Barrick they are spending their money on an announced share buyback. This implies they see no value in the market regarding acquisitions. They also have a capital commitment of over $800 million to 100% of Pascua. Pascua is located a more favorable tax and operating jurisdiction and is a gold/silver deposit not a copper/gold deposit. As for a crappy senior, Bema has a partner than can bring forward a bankable feasibility study and arrange the financing. Newmont - no they are focusing on Indonesia. Homestake - still trying to digest Plutonic acquisition. Echo bay - No. Cambior - no technical ability or financing ability. South African producers - no copper expertise. Ability to finance might also be an issue. Normandy - financing issues and expertise re low grade deposit. Maybe Pegasus can JV with KRY. They seem to have the same strengths. Greg

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