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

To: Edmund Lee who wrote (777)	1/24/2001 3:04:51 PM
From: Efthymios H. Zacharias	Respond to of 905

Yes the Council of State has the final say in the matter as far as the particular case is concerned. I'm not sure if there are other pending cases but this ruling seems very positive for TVX as objection from the local population where a major hurdle and angry protests had made the news here in Greece a few times.

To: Edmund Lee who wrote (777)	3/12/2001 2:20:44 PM
From: russwinter	Read Replies (1) \| Respond to of 905

Here is Northern Miner article: TVX board swept clean of Batista 03/09/2001 Flamboyant Brazilian millionaire Eike Batista is resigning as chairman, chief executive officer and director of TVX Gold (TVX-T), effective April 1. Directors Nigel Lees and Ian Rugeroni are also resigning, following the lead of Paul Soros, who resigned as director on Feb. 23 and was replaced by Sean Harvey. Batista will remain on selected boards of TVX's South American joint-venture operations. Sean Harvey stepped in as chairman and CEO after being involved with TVX as a financial advisor and consultant for more than five years. The changes have their roots in a special committee that was set up seven months ago to work with TVX's board and financial advisors NM Rothschild & Sons to review strategic alternatives for the company. The board will be reduced to five people from nine. They will be Harvey, John Craig, Greg Martyr, Mark Young and an unnamed independent director. "The management and directors of TVX will continue to explore strategic alternatives while pursuing a program of cost reduction," says Harvey. "With the support of management, the board and TVX's shareholders, I hope to shepherd TVX through these difficult times until a solution can be found that is acceptable to all stakeholders of TVX." TVX reported that it turned a profit in 2000 of US$12.4 million (or nil per share after an adjustment for its gold-linked convertible notes) on revenues of US$170 million, compared with a net loss of US$47.6 million (US$1.73 per share) on revenues of US$1.63 million during 1999. The improvement was primarily attributed to lower writedowns, lower depreciation charges and reduced corporate and interest expenses. The results from 1999 included a US$64-million writedown on the Stratoni operations in Greece and a US$4.2-million gain on the creation of the TVX Normandy Americas partnership with Australia's Normandy Mining (NDY-T). TVX's share of production in 2000 from its five mines in the Americas was 257,100 gold-equivalent oz. (208,000 oz. gold and 2.8 million oz. silver). This was 35% lower than the 397,800 gold-equivalent oz. (234,400 oz. gold and 8.7 million oz. silver) achieved in 1999. The decline stemmed from two factors: the sale of 50% of TVX's interests in the Americas operations to Normandy in mid-1999; and lower production from the La Coipa mine in Chile. Total cash costs were US$178 per gold-equivalent oz. sold during 2000 -- a 5% increase principally due to increased cash costs at La Coipa. Thanks to hedging, TVX realized an average US$351 per oz. for gold and US$3.85 per oz. for silver during 2000, compared with average spot prices of US$279 and US$4.95 per oz., respectively. In 1999, realized prices were US$393 and US$4.17 per oz. for gold and silver, respectively. Cash flow from operations was US$32.6 million in 2000, down from US$46.6 million in 1999. TVX's share of capital spending declined in 2000 to US$41.8 million, with US$10.1 million spent on existing mines and US$31.7 million earmarked for development projects in Greece. Effective July 31, 2000, TVX's common shares were consolidated on a five-to-one basis in order to meet listing requirements on the New York Stock Exchange and thereby remain in compliance with the terms of its 5% gold-linked convertible notes. In 2001, TVX expects to produce an attributable 253,800 gold-equivalent oz. from the Americas operations (the La Coipa, Crixas and Brasilia mines in Brazil and the Musselwhite and New Britannia mines in Canada) and 30,600 tonnes zinc, 28,700 tonnes lead and 1.8 million oz. silver from its Stratoni operation in Greece. Cash costs in 2001 are expected to be US$180 per oz. In December 2000, consultants SNC Lavalin estimated that the initial capital cost to bring the stalled Olympias gold project in Greece into production would be US$258 million, up US$10 million from a feasibility-study estimate. TVX says various petitions brought by opponents of the project were presented to Greece's highest court on Jan. 12 and the Judge Rapporteur recommended their dismissal. The court's final decision is expected in early 2001. The company says its previous commitments remain in place for Olympias' development of US$130 million of limited-recourse debt financing and US$40 million of grant bridge financing.