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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (11838)	1/16/2003 1:06:11 PM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

jw: The world can be a crazy place... We hear all kinds of stories about AOL/TimeWarner's trouble but they continue to spend BIG BUCKS to entertain clients...There is a girl I have gone out with recently who helps direct marketing for Northern Trust's mutual fund group -- they spend a lot on advertising in The Wall Street Journal and in financial magazines like Time Inc.'s Money magazine...The guy who runs MidWest advertising for Money came up with some tickets to the recent Bulls vs. Nicks game the other night and my friend invited me to go. We got parking passes to park right up next to The United Center...took a special elevator up to the Club Level and soon found The Time Inc. sky box -- a great view from the middle of the 4th level. It had plenty of fine wine, a fully stocked bar, perrier, all kinds of appetizers and during the game dinner and deserts showed up that were both amazing...We saw The Bulls win and had fun hanging out with some clients from different Time Inc. magazines. TimeWarner sure doesn't seem to be cutting back much on their marketing efforts BUT I talked to one of the good looking caterers and she told me that a number of companies have dropped their sky boxes (others are splitting them with partners more often)...This should not be surprising with the current economy. Several of the Time Inc. Ad folks told me that advertising is slowly coming back for their big books...I think its actually 'the AOL part of the firm' that is a real drag on the company's earnings...Who would have ever expected that back in 2000.??...Today Time Inc. could have bought AOL for next to nothing and they would have treated it as a subsidiary...Yet, we all know what happened in the boom period...;-)

To: Jim Willie CB who wrote (11838)	1/16/2003 1:11:32 PM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

Canadian junior to buy Rio's Peak mine, Alumbrera stake By Greg Tubby MiningNews.net 16 January 2003 LITTLE-known junior Wheaton River Resources will soon rank among Canada's top 10 gold producers after it signed a letter of agreement to buy Rio Tinto's Peak gold mine in New South Wales and 25% stake in Argentina's Alumbrera mine. The US$210 million deal will transform the company from a gold and silver producer to Canada's eight-largest gold miner with estimated production in 2003 of 371,000 ounces of gold and 6.4 million ounces of silver. It also adds copper to Wheaton's production through the Alumbrera copper-gold mine. MiningNews.net reported in November that Wheaton had run its ruler over Peak and made an offer, which Rio was expected to accept. The Anglo-Australian giant had approached a number of potential buyers as early as mid-1999, but the parties were unable to agree on a price and the mine was taken off the market. The transaction, which remains subject to Wheaton and Rio reaching a definitive agreement, will quadruple the Canadian's proven and probable resources to 3.3 million gold equivalent ounces, from 800,000 gold equivalent ounces. Wheaton also expects the acquisitions to significantly reduce its estimated cash cost per gold equivalent ounce in 2003 to US$124 (including by-product copper credits) from US$187. Wheaton said Alumbrera is expected to produce an average 540,000oz of gold and 180,000 tonnes of copper a year, of which its share would average 135,000oz of gold and 45,000t of copper a year. Peak, located near Cobar, consists of several underground mines, a small openpit mine, and a gold and copper concentrator. Production in 2001 totalled 100,800oz oz of gold at a cash cost of US$189/oz, and in the first nine months of 2002 totalled 77,100oz at a cash cost of US$203/oz. Wheaton said further exploration may extend the mine life. At the end of 2001 it had proven and probable reserves of 731,000oz of gold. Under the terms of the transaction, Wheaton can defer payment for 24 months of up to US$70 million of the total purchase price. It said the deferred consideration would not require any gold hedging, and the company would remain unhedged. It expected to be in a positive net cash position by the end of 2004. miningnews.net