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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: L M who wrote (2696)	2/9/1999 4:59:00 PM
From: Enigma	Read Replies (1) \| Respond to of 3282

Don't think ARP know much about mining and mining costs, etc., whereas Barrick are consistently conservative in their estimates. For all their brave talk the Lundin's must recognise that Barrick still controls the board here - not saying that they will bid again - but they have 40% of the J/V and 10% of the stock - slightly diluted by Lundin of course. A cute trick. A huge advantage Barrick have with Pascua is that they have provided for the infra-structure already. Barrick may now just take their lumps and ride with 40% - if the results are as good as some dream of here then 40% of X could be very attractive indeed - and who knows Barrick may still finish up with more than 50% of the joint venture by dealing and swapping and providing access. dd