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To: Jacob Snyder who wrote (12691)	1/3/2002 3:14:06 PM
From: Bocor	Respond to of 74559

Wish I did....I am not a big gold bug...been a trader of NEM a few times last year and many SI posters for whom I have undying respect seem to like its prospects longer term. Unfortunately I am not informed enough about this acquisition to know if they are enhancing their position or digging a grave for themselves.

To: Jacob Snyder who wrote (12691)	1/3/2002 9:29:14 PM
From: jim black	Read Replies (1) \| Respond to of 74559

Jacob, Pardon please if I butt in, but I am a holder of FN, the other part of this deal and if NEM is successful in this bid for Normandy it is crucial in my view not to overlook the part contributed by FN. It also brings one savvy gold executive in the person of Pierre Lassonde. FN has forever virtually been committed against hedging and it was clearly FN's stated intent when they bought a nearly 20% share of Normandy to decouple Normandy from hedging. The beauty of including FN in this deal is that FN is a ROYALTY company that makes money from many companies, including (and this must really piss 'em off, American Barrick, also Stillwater mining in PGM as an aside)) FN has an excellent website with a good presentation of their finances and business plan, a review of their revenue stream and in my view an idea of why the THREE companies under one Newmont roof will be a force to worry the hedgers long term. My current additional desire is that after NEM digests Normandy and FN they will go after Goldcorp who can and does produce gold at <$US 70/oz!!! And GG is totally unhedged and as with FN, totally debt free! Appears to me its not much of a pissing match yet since the numbers offered by NEM are just enough beyond Anglogold to scare 'em away. FWIW Jim Black BTW One need not be a gold bug to be positive on the industry as is S&P in its review, considering how many miners have been or are being forced out by low prices of gold. One could buy into an unhedged company with decent fundamentals even if one hated yellow metal. The central banks are going to have to stop disengorging their supplies sometime in forseeable future. Cheap insurance in my opinion. Again FWIW