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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Roebear who wrote (486)	8/23/2001 9:27:03 PM
From: Frank Pembleton	Read Replies (1) \| Respond to of 36161

Roebear, me again... One last word on RGLD and I really mean it this time :) I am surprised they didn't do even better Royal does use hedging, about a quarter of their production is sold forward at an average price of $258 for the next 3 years. There's also the issue of reserves, they're mining in the neighborhood of 1 million ounces a year and they have less than 5 years of mining life. They need some M/A and they only have $4 million in cash to do it with -- share dilution? Regards Frank P.