Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ken Benes who wrote (58848)	9/25/2000 11:00:29 AM
From: Rarebird	Read Replies (1) \| Respond to of 116764

Good News for NEM but hardly any one seems to care at the moment: PT Newmont Nusa:Batu Hijau Gives Twice Expected Cash Flow Thursday, September 21, 2000 04:11 AM Mail this article to a friend MELBOURNE (Dow Jones)--PT Newmont Nusa Tenggara's Batu Hijau copper and gold plant in Sumbawa, Indonesia, produced around 265.8 million pounds of copper and 165,000 troy ounces of gold in its first year of production, Tom Enos, the company's president-director, told reporters Thursday. Cost of production after taking into account gold credits was 59 US cents a pound of copper, Enos said. The mine started production in September 1999 during a period of political instability in Indonesia. "Batu Hijau has ramped up to design rate. It's generating twice the cash flow we expected and this is without a swing in copper price," Enos told delegates at the Mining 2000 conference in Melbourne. Batu Hijau generated around US$46 million in cash in its first year of production, Enos said. NTT is 45%-owned by U.S.-based Newmont Mining Corp. (NEM, news, msgs), the world's third largest copper producer. The US$1.8 billion Batu Hijau, marks Newmont's return to the copper business for the first time in ten years. Newmont is partnered in the project by a Japanese consortium led by Sumitomo Corp. of Japan (J.SUT, news, msgs) and an Indonesian company, PT Pukuafu Indah. While the socio-political issues and soon-to-be- implemented Regional Autonomy regulations will be "major external challenges" to mining companies in Indonesia, the situation in Indonesia will improve, Newmont's Enos said. "I have a lot of faith in the (Indonesian) government and the people of Indonesia. Things will turn around, Indonesia will get on track and the economy will grow," Enos told delegates. "We are in for the long haul," Enos said. The Regional Autonomy program involves the decentralization of decision-making to the provincial governments in Indonesia. For mining companies, this means paying royalties directly to provincial governments and dealing directly with them. But such a program may cause legal tangles because mining companies such as Newmont are bound by the Contract of Works, or COWs, which they signed with the central governments. "The Contract of Works is a bankable document," Enos said. It also means they can't make payments to the provincial or district governments directly. After East Timor's independence recently, and on continued separatist violence in resource-rich Aceh province, the Indonesian government is taking another look at Regional Autonomy. "The government is looking at this and is asking whether this is really what they want. By the end of the year, they'll decide on which way they want to go," Enos said.

To: Ken Benes who wrote (58848)	9/25/2000 12:24:07 PM
From: Enigma	Read Replies (2) \| Respond to of 116764

XAU actually higher since you predicted it would go lower! What else is new? I'm amused my your minute by minute commentaries. Now, you say Barrick is going lower - to $12 even - well I remember you saying that months ago - now lets see if you have the courage of your convictions - short the hell out of it, buy puts, but let us know when you do it and how you get on. Otherwise I'm not sure why you make this sort of running commentary - other than to vent your continuing obsession with this company. Read Russett's post on the Barrick thread. And Nickle 61 would make an ideal playmate for you amongst all the turds in the sandbox - a hater of Barrick and of me! - what more could you wish for? Unless you have two aliases and are the one and the same 'not a clue'. But I have him on 'ignore'?