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Gold/Mining/Energy : Kinross Gold

KGC 28.22

+2.8%

11:01 AM EST

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To: Peter Neidhardt who wrote (170)	5/28/1998 10:30:00 PM
From: Peter Neidhardt	Read Replies (1) of 530

Glad to see Kinross shareholders chatting it up so hard. Well I was present at the annual shareholders meeting today. Next to the good food and complimentary bar (with a fine selection of wines and liquor), the meeting was simple and not too in-depth. I was sorta hoping for a more in-depth look at the properties and operations but no such luck. Kinross, with $330 million dollars in CASH, will now have the responsibility to take care of AMAX's half-billion dollar debt. By the time a good chunk of Amax's(now Kinross's) debt is paid down, Kinross (and Amax) will have $100 million cash. More importantly, Kinross will now have the large Fort Knox and Kubank (sp?) mines that have huge reserves and are long life properties. I must admit, when looking at the financials this debt-take-on scenario isn't too great but with these properties now on hand, a production of 1.2 million ounces of gold a year will provide one hell of a cash flow to pay-off the remaining debt. Now if other exploration projects pan-out like Mirandor and Greystar, we will have one hell of a senior producer in the making! CHEERS KINROSS!!!!

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