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Gold/Mining/Energy : ARP - V Argentina Gold
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To: Gord Bolton who wrote (2828)2/18/1999 11:30:00 PM
From: Elizabeth Andrews  Read Replies (1) of 3282
 
Gord, there's no need to get in a flap. I'm not short ARP anymore and I'm actually looking for the right spot to buy it. The Amable deposit is still not big enough to be a stand-alone greenfield project and everybody knows that. The keep saying it's open to the east but they never put a drill down there to prove it? Why, Gord, oh why? The Lundins played roulette with Barrick knowing that Barrick has an accounting issue with the Lac Minerals takeover. They are carrying some goodwill on their balance sheet that they don't want to write off so the Lundins tried to extort them. End of story. If Barrick had won they could have moved the Pascua problem from one reserve category to a higher one but now they have to wait. The goodwill from Lac can sit for now. This accounting issue really negatively effects ABX's earnings. The street would not like the write-off. That's why I suggested that ARP was fully valued at $4. Where are we? $4? The accounting problem Barrick has is still there and ARP can solve it for them but ABX is not going to adhere to the Lundin mandate. Have you noticed Newmont stepping up? And, they won't. Be patient. And, buy the 100 shares that you want, okay, but Gord make sure it's in your 401 plan as Barrick is probably a little pissed and may take a while to revisit these greedy people who just abused their shareholders.
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