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To: 200ma who wrote (125553)	9/25/2001 4:41:12 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

i've mentioned this on previous occasions, i like it very much...pristine balance sheet, completely unhedged, and including the latest acquisition over 80 million oz. in proven reserves, as well as a record of profitability even at low gold prices. you get all this for $2 billion...which is amazingly cheap. for comparison, a 40 cent move in Cisco's share price amounts to $2 billion in market cap change. and since Goldfields has a stated policy of paying out 50% of its net earnings as dividends, one gets a decent pay-out while waiting for a reversal in gold's fortunes. it also means that when that reversal occurs, the buyers of Goldfields shares will recoup their original investment relatively quickly in the form of dividends. one only needs to look at the pay-outs of the leading SA platinum producers in the wake of strong PGM prices last year to see this. a buyer of Implats a few years ago has his shares for free by now.