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Gold/Mining/Energy : ARP - V Argentina Gold
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To: Daytek77 who wrote (1641)12/13/1998 3:05:00 PM
From: Claude Cormier  Read Replies (1) of 3282
 
BTW,

On the Pierena acquisition:

Based on the work done at the time of the first Barrick bid at $27 for each share of AQP....ABX knew that the odds were extremely strong for the deposit to reach 8M ounces...otherwise they would not have bid $250/ounce. It is for this reason that they hold on their first bid and never went to a lower offer after being rejected once. The second bid was only 11% higher and came after deeper drill holes confirmed what ABX and AQP had tought the first time. The deposit was going to 200m and would contain 8M ounces.

On ARP:

The fact that Barrick went back to a $4.00 bid after being rebutted at $5.50 tells me that ABX is not convinced at all that they can find enough ounces to justify the higher price...otherwise they would have kept their bid at $5.50 and continue discussion following the next set of results...exactly as they did qith AQP. The $5.50 is justifies only because they own Pascua...otherwise ..it is not....at least for now. We can always get some big surprises...mining is mining...I think ABX knows what they are likely to get...and they think it is worth $4-$5.50 in the current market. Some new favorable results may bring this to $6 and possibly $6.50.. but that would be it...IMVHO.

Of course, that is an opinion..time will tell if it comes out near the truth.
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