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

To: goldsheet who wrote (67385)	4/8/2001 8:31:35 PM
From: Alan Whirlwind	Respond to of 116791

280 for the average.

To: goldsheet who wrote (67385)	4/9/2001 9:44:34 AM
From: russwinter	Read Replies (1) \| Respond to of 116791

Excepted this from: minesite.com I see this as an extraordinary development in terms of a sea change in the philosophy of gold mining, in turn leading to a very bullish POG environment. I am surprised that most observers are missing this? I know you've been calling for something like this, and would imagine if it occurred you would have to revisit your price prediction? "The board at Franco has long abhorred hedging and discussions on the prevalence of hedging in Australia will be high on the agenda when Pierre Lassonde joins the Normandy board.. All of which brings us to the possibility that Franco Nevada and Gold Fields, who plighted their troth but were stopped from marrying by the Reserve Bank of South Africa, may now be engaged on a pincer movement in Australia. So far the only asset Gold Fields has outside South Africa is the Tarkwa mine, but it surely will not be long before it follows Harmony Gold down the track - it might even buy its 19.9 per cent holding in Goldfields of Australia. It could then join in with Franco Nevada in a pincer movement Down Under.Gold Fields and Franco Nevada share this dislike of hedging and the concomitant impact of forward selling on the gold price and will be pointing out to Australian investors the advantages of investing in unhedged companies such as themselves. Plenty of Australian gold producers are walking wounded, anyway, with self sustained wounds from currency hedging. There should be plentiful pickings for Franco Nevada and Gold Fields, either together or separately. And as both companies are known to favour consolidation, what better at the end of the day than all their accumulated Australian interests, plus Normandy Mining. Robert Champion de Crespigny is getting no younger - he even accepted the chancellorship of Adelaide University which tends to be an older man's prerogative - and if the price of Normandy improved significantly he could cash in his options. This could be the start of a fascinating era in Australian gold mining."