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To: Ken Benes who wrote (58095)	9/12/2000 1:57:45 PM
From: long-gone	Read Replies (1) \| Respond to of 116760

In all fairness Ken, There were times(though few) during the that period the HM mine showed a profit.

To: Ken Benes who wrote (58095)	9/12/2000 6:22:05 PM
From: goldsheet	Respond to of 116760

> The industry should close every unprofitable mine as expeditiously as possible removing uneeded supply and improving the companies cash flow. A mine can be unprofitable (total costs > revenues), but can have positive cash flow (cash costs < revenues ) Therefore, closing a mine can actually reduce NOT improve cash flow. This is a reason many marginal mine are still operating, along with the eternal hope gold goes up. I agree Homestake could have been closed two years ago, but it isn't significant since it only produces 180,000 ounce (less than 10% of HM's total) Besides, when Veladero is online and HM's production moves from the curent 2.2Moz near the 2.5Moz we will have all have dim fond memories of the Homestake Mine.