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To: GST who wrote (92078)	1/24/2000 10:09:00 PM
From: IceShark	Read Replies (1) \| Respond to of 164684

Good evening GST, -g- Regards, Ice

To: GST who wrote (92078)	1/25/2000 2:32:00 PM
From: Robert Rose	Read Replies (2) \| Respond to of 164684

On the tree top: Tuesday January 25, 2:17 pm Eastern Time RESEARCH ALERT- Lehman rates gold companies NEW YORK, Jan 25 (Reuters) - Lehman Brothers said on Tuesday it had cut its price targets for the gold companies Homestake Mining Co. (NYSE:HM - news) and Battle Mountain Gold Co. (Toronto:BMC.TO - news) (NYSE:BMG - news), raised its earnings estimates for Barrick Gold Corp. (Toronto:ABX.TO - news), and cut its profit forecasts for Newmont Mining Corp. (NYSE:NEM - news). Homestake Mining -- cut its price target to $6.50 from $8. -- said it is concerned about further downside for Homestake's share price as it is currently trading at a 17-year low. -- said the company's sharply declined market cap puts it at risk of being dropped from the S&P 500 index, as last year Battle Mountain Gold was dropped when its market cap plummeted. -- Homestake shares were down 1/8 at 6-1/2 in afternoon composite trading on the New York Stock Exchange. Battle Mountain -- cut its price target to $1.75 from $2. -- said it is lowering the price target to reflect its concern about the viability of the company's long-term mineral reserves at $280 per ounce. -- said the company received an adverse ruling related to permitting the Crown Jewel Project in Washington State. -- said the Phoenix project, which represents half of the company's reserves, is at a gold price of $325 an ounce. But Lehman is concerned that the company will not earn its cost of capital at today's price of $287. -- Battle shares were down 1/16 at 1-7/8 in afternoon composite trading on the New York Stock Exchange. Barrick Gold -- raised it 2000 earnings per share estimate to $0.83 from $0.77. -- said it expects the company's 2000 annual performance to mirror 1999. -- said the company is forecasting production of 1.6 million gold ounces in the first half of this year, and 2.0 million ounces in the second half. This change in production is the reason for the quarter-to-quarter fall and rise in Lehman's earnings per share estimate. -- Shares of Barrick were down 0.15 at 23.85 on the Toronto Stock Exchange in afternoon trade. Newmont Mining -- cut its 2000 earnings per share estimate to $0.30 from $0.32. -- cut its 2001 estimate to $0.40 from $0.42. -- said it expects 2000 interest expense will increase to $88 million. When the mine Batu Hijau became operational in December, the interest on Newmont's loan to its Indonesian subsidiary began to expense rather than capitalize. -- said the outlook for copper is bullish. -- said the company will directly benefit from higher copper prices through its Batu Hijau mine, expected to produce 281 million pounds of equity copper in 2000. -- said although it expects the mine to generate an equity loss in 2000, it expects positive equity income form the project in 2001. -- shares of Newmont were down 15/16 at 19-9/16 in afternoon composite trading on the New York Stock Exchange.