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To: LLCF who wrote (150887)	2/12/2002 8:22:44 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 436258

Dak, that is exactly where they got the cash. I have no idea how far forward they have sold. I'd like to hear the details on that.

To: LLCF who wrote (150887)	2/12/2002 8:55:30 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 436258

LLCF, Re: NEM NEM is in debt. The cash I was talking about was the cash at Franco. This cash at Franco would cover most of the debt at NEM. They could also take this cash and buy back the hedges at Normandy. There is no cash to speak of at Normandy, at least as far as I can tell. It is also my perception that forward production at Normandy is sold to the tune of the cash at Franco. Last time I looked the cash at Franco is around a billion dollars. This is probably in Canadian $'s. In order to stay alive Normandy has got themselves in the death spiral where they have to sell production forward to keep the operation going. I think the AU management was smart and forced NEM to pay a high price for Normandy. Of course I am biased as have never thought the management at NEM has done a good job. Joan