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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: tyc:> who wrote (2513)	3/18/2002 3:34:37 PM
From: Miner	Read Replies (1) \| Respond to of 39344

Tyke, Visit this link, it might help you with your questions on costs. goldinstitute.org The industry is supposed to be getting it's act together and following this standard, many people make the statement "based on the gold institute reporting standard our cash costs are..." or something to that effect in their press releases. regards, john

To: tyc:> who wrote (2513)	3/18/2002 3:45:37 PM
From: Elizabeth Andrews	Read Replies (3) \| Respond to of 39344

The answer lies in understanding the accounting. The answer is revealed by the NGX 2001 statements, wether you like it or not. Was that a pun by the way? If you don't accept the fact that there's $24.2 missing then we are going to get nowhere. Even if you don't believe it agree that there's $24.2 missing because that's what the annual report says. Then hold on and I'll explain the whole thing and how it works. There's a settlement process that that concentrate producers go through that affects the accounting. Most dore producers also have to pay a smelting charge and it is hidden as well. Some like Inco who are vertically integrated provide refining for their own product which complicate things even further. In addition, many dore producers pay a net smelter return royalty that is also hidden from the equation. I can't apologize for my compatriots insensitivity to you or for Ex Pres Nixon who on several occasions called Pierre Trudeau an "asshole". I don't remember hearing one Canadian, who also ascribes to democracy, complain about that. Shall we carry on? I'm certainly learning lots.