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Gold-this is of interest...
"miningmx.com] -- THE gold price had been lent further momentum by investors anticipating central banks would make good on comments they would buy gold, Bloomberg News reported.
"Some investors are buying gold partly in anticipation of central bank buying," Stephen Briggs, a London-based analyst at Societe Generale, said in an interview with Bloomberg News.
"The market believes that central banks such as in Asia are or are going to start buying, although we have not seen any evidence of this," Briggs said. "Bad facts are ignored, good hopes are focused on. That's what happens in a bull market."
Last year, the Russian central bank said it was interested in adding to its gold reserves. Analysts have also speculated on the increase to gold demand were China to increase its gold holdings from its current 1% of total assets.
Meanwhile, the gold price was subject to increasingly larger price swings. "It took 45 minutes yesterday to decide the afternoon fix, because they couldn't agree on a price," Briggs said. "The fix normally takes about 10 minutes."
Societe Generale, HSBC Holdings, Bank of Nova Scotia, Barclays and Deutsche Bank conduct the fix, which sets a worldwide benchmark for gold prices, Bloomberg said."
Central Bank Gold Sales
http://www.investorshub.com/boards/read_msg.asp?message_id=8327291
My figures show 147.43 Tonnes sold YTD vs. 144.23 Pro-Rata Plan
01/06/06...€ 77,000,000....147.43....144.23
Good for Condi...!
Central Bank Gold Sales
http://www.investorshub.com/boards/read_msg.asp?message_id=8327291
Bonanza mine is included in transaction. RNC management buying for $500K, Yamana has right to buy back within 2 years for $2M is my understanding.
so you want to order a pizza...?
http://www.aclu.org/pizza/
Ok, Louis, how about an interpretation... PLEASE!!
http://www.investorshub.com/boards/read_msg.asp?message_id=5191980
Still selling ANO, Farralon, and Taseko in first week of January...? Please advise.
On vacation in Jupiter FL, coming back home to Dallas tomorrow afternoon... Tax season awaits...
Okay...update on CKG...
12/16/2005 4:55:35 PM
From: TheSlowLane
Drilling is finished for 2005. They have some holes in the lab but not all of them, some holes still need to be logged. Since the last press release, eight holes have been drilled. These are all step-outs, all on Cerro di Oro. Some are several hundred metres out, so...big steps. They are trying to get a real feel for this thing. He cautioned that they may not hit on every hole, but that they are quite pleased with the appearance of some of the holes. All of the holes are to the south of previous drilling, at various elevations.
The weather is excellent and they are moving fast now. The drillers did not finish the last hole, but will complete it when they return in January. There is another drill pad that is ready, so they will probably drill one more new hole after returning. He is looking at end of January, early February to be able to release the results. They have gotten more done in the last few weeks than they have in the preceding months (due to weather).
At Pena Blanca...lots of work has been done recently. Trenching, chip sampling, base camp, road access (4 wheel drive). Some of the samples from PB will get to the lab before Christmas. They can already tell that there are targets that are definitely worth drilling there.
Second rig will not be brought in until they have finished their step-outs and have their arms around this beast. They will start drilling the La Gitana vein when the second rig is running.
Lots of work has been done on La Calavera. 25KM of mag survey has been done, they have more to do in January, but that is the last work that needs to be done before it is drill ready. There are three companies waiting on the mag survey results who are JV candidates. It is likely that La Calavera will be JV'ed because it is higher base metal content than the other targets and RR wants CKG to concentrate on the precious metal deposits.
Other JV's may be done on some of the properties in the north, El Volcan and/or El Patos.
As far as Cerro di Oro goes, the core looks pretty darn good and they are fast approaching a million ounces (on CDO alone) and there is a lot more to go. They are getting good numbers on Pena Blanca, it is a big, oxidized system. So, in other words, the stock is at the same level as it was a year ago and the company is way further along.
More stock available at this level than he had expected, but it is getting absorbed. He knows who bought half of the volume today, but I did not press him to divulge. It was a friendly buyer is all he could say.
So...that's it, boys and girls! We gonna rock and roll in 2006, is my guess
____________________
From: TheSlowLane Read Replies (1) | Respond to of 39187
ogi - Pena Blanca is referenced in the NR before the latest one:
"The La Gitana Project lies along a major northwest trending Regional fault that extends for more than one hundred kilometers along strike. During the past several months reconnaissance work has identified 6 potential bulk tonnage target areas which led Chesapeake to stake an additional 350,000 hectares along this trend. The first prospect targeted, Pena Blanca, is an area that consists of several square kilometers of argillic alteration hosting disseminated gold mineralization in clay-quartz zones. Pena Blanca was discovered through stream sentiment sampling with values up to 1.3 g/t gold followed by a rock chip sampling program that returned up to 5.4 g/t gold. Pena Blanca is located 15 kilometers northwest of La Gitana."
_________________
TheSlowLane Read Replies (2) | Respond to of 39187
ogi - one more thing, I don't think we'll see a JV on La Calavera until January at the earliest. Randy wants to complete the mag survey work there before sitting down with the three interested parties. Of course, we want to get the best possible deal, so a little more information first...then they will determine with whom they want to work.
____________________________
From: Claude Cormier Read Replies (1) | Respond to of 39187
Ogi,
First reference to Pena Blanca is page 3 in:
http://www.chesapeakegold.com/download/News_Release_June23_2005.pdf
Second reference to Pena Blanca is page 3 as well as first references to Nopales, Pena Larga, and Sanata Maria in:
http://www.chesapeakegold.com/download/PR%20Nov-21-05.pdf
Merry Christmas to you too Frank!!
Thanks for all your sage advice, much appreciated.
Martin Murenbeeld, chief economist of the Dundee Group of Companies with a specialty in gold, has no trouble believing the price of gold will reach $850.
“We’re probably in a period of time,” he said recently, “that is a little bit like 1934, when President Franklin D. Roosevelt revalued the gold price from $20.67 to $35 an ounce and a little bit like 1971, when President Richard M. Nixon took the dollar off the gold standard, which allowed the gold price to float freely. We’re in what I believe what could possibly be a fundamental shift in the gold market, which makes a particular price target very difficult to anticipate. The best one can say is that the gold price is going to go higher on an irregular basis.”
Murenbeeld said five broad reasons convince him of a gold price rise ahead. The first is a longstanding relationship between the U.S. dollar and the gold price.
“The U.S. dollar must inevitably decline against many of the overseas currencies,” he said. “It should also decline against the Euro, which is tough to argue because in France they may charge $10 for a cup of coffee, leaving you to wonder why the Euro is so expensive. The reality, however, is we don’t trade cups of coffee; what the U.S. and Europe actually trade leaves the US with a $120 billion trade deficit with Europe. The dollar is accordingly overvalued against the Euro, and it has to go down a lot against the Asian currencies as well.”
Next, the impending retirement of the baby boom generation will aggravate the huge budget deficits of governments. Murenbeeld believes governments will have to decide how to deal with past promises they made to the boomers in their youth – particularly regarding pension and health. Great Britain currently is dealing with a proposal that its national retirement age be pushed back to 68.
“The governments could renege on these promises and they could raise taxes. But this will have the net effect of slowing economic growth. And that brings the monetary authorities into play: if economic growth is slow, the monetary authorities are likely to keep interest rates low. In other words, we’re likely to see easier monetary policies. And that raises the specter of monetary authorities directly or indirectly validating these promises through the printing press. And this would be a huge development for gold.”
Murenbeeld said that mine supply is unlikely to rise in the near future. “Our models show that there is a huge lag between the price of gold and mine output, because of permitting and the red tape, the finding of gold, etc. It takes a long time for high gold prices to stimulate actual output. Furthermore, the gold price at the moment is, believe it or not, still below the average gold price since 1970, in today’s dollars. The price from 1970 to now is about $540 in today’s currency. So miners are not yet getting the average gold price, but they’re certainly feeling it on the cost side. So the margins in the mining industry are still fairly narrow and this is one of the things that is holding up rallies in gold equities. From a miner’s perspective, the gold price really isn’t that high yet; so all of that argues for no significant increase in mine supply.”
With respect to the demand side, he added that new commodity exchanges are opening up. Probably the most noteworthy one is the Dubai commodity exchange, just opened on Nov. 22, 2005. “Dubai postures itself as ‘the city of gold’. It was historically the staging centre of gold smuggled to India, so Dubai has a long history in the gold market. Dubai wants again to become a major gold centre in the world, serving the Middle and Far East. The largest bullion traders live in the Middle East, furthermore, and a Dubai commodity exchange is more efficient for them. The commodity exchange is also in a time zone that is more attractive for Asian traders.” he said.
All of this argues that the demand curve is shifting outward. Asian countries are also getting richer. Murenbeeld says the two countries that are very interested in gold, India and China, are growing by leaps and bounds.
“When you make it easier for consumers and investors to buy gold, when there are better channels of distribution, like advertising, it helps gold demand at any given price level.“
speaking of Santa Claus, have you gotten the Nigerian Santa Scam letter this year....
http://www.lettersfrombadsanta.com/nigerian1.html
this entire website is great...
http://www.lettersfrombadsanta.com/
only if you make another buy or sell decision on BNK...
like the BNK fundamentals (even Albania operations are ok with me comparatively), but would appreciate a heads up on your technical work if something changes...
thanks!
P.S. How about giving us your "pick of the week" each week... and if you can locate Michael Soucie, how about a torquester every once in a while...
Nope, not getting scared... But if it's the pick of the week, seems like you owe us a daily update until the end of the week...!!! Then we are on our own...
Yes, that release is good news... These results from the Texas "Palo Duro Basin, an area that is currently experiencing a resurgence of exploratory shale gas drilling."
And you know how I do like gas in US/Canada better than in Yemen and Egypt, but TGA outperformed BNK today so obviously Bay Street doesn't follow my posts...
For BNK, this first well has hit and a second well to now be drilled, with 3 more likely next year, all in Texas...
"These two wells will be the first of five in the Company's proposed 2006 exploration drilling program to test subsurface structures for the presence of hydrocarbons in primary shale targets and other secondary targets."
How about an update on your pick of the week...
The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 4-1/4 percent.
Despite elevated energy prices and hurricane-related disruptions, the expansion in economic activity appears solid. Core inflation has stayed relatively low in recent months and longer-term inflation expectations remain contained. Nevertheless, possible increases in resource utilization as well as elevated energy prices have the potential to add to inflation pressures.
The Committee judges that some further measured policy firming is likely to be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance. In any event, the Committee will respond to changes in economic prospects as needed to foster these objectives.
Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; Richard W. Fisher; Donald L. Kohn; Michael H. Moskow; Mark W. Olson; Anthony M. Santomero; and Gary H. Stern.
In a related action, the Board of Governors unanimously approved a 25-basis point increase in the discount rate to 5-1/4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
Central Bank Gold Sales Updated
http://www.investorshub.com/boards/read_msg.asp?message_id=8327291
12/09/05
148,413
€ 138,000,000
YTD Sales Tones....113.45
Expected YTD Sales Tonnes....105.77
Thanks for the info eaglebarret and welcome to the board.
Ok, thanks for the discussion. Coal would likely be ok, and nuclear likely better if this is feasible. But using natgas as energy source is a big problem for the near future, until very many LNG facilities are built in US/Canada, and LNG facilities are a classic NIMBY (not in my back yard) for most of the US port cities and likely the same for Canada...
Thanks John, your comments much appreciated.
We have this likely PP coming up and the terms and conditions will be insightful... Mangement owns 38% of SHY, so they have some incentive not to dilute too much and/or otherwise get too slaphappy with the warrants, especially if SHY management is not participating in over 38% of this PP (to increase their ownership at existing shareholder expense)... We'll see, I feel comfortable with my initial SHY position right now, and if the terms and conditions of the PP are decent, it appears a viable investment.
Thanks much for posting your comments on management's prior involvement with Czar/Orbit...
Thanks KastelCo...
Just let me know when you find a Oil Sands project that has a fully permitted nuclear power plant... The economics and politics of using natgas to derive oil from oil sands will not happen anytime soon...? First, natgas prices are going higher (economics). Second, consumers will be whining about natgas being used for tar sands oil when they want to heat their homes this winter and all subsequent winters (politics).
I like tar sands a lot to generate oil, but the only viable solution is via nuclear power, IMO, and that takes a permit and a few NGO battles...
Let me know if you believe this analysis above is not accurate, I am looking for a viable oil sands project after the upcoming 2006 recession...
just my opinion...
Frank, out of curiousity, do you have an opinion on SHY...?
My initial DD is favorable. Only downside is SHY will likely conduct a PP in near future...
platinum & palladium still hanging in there...
New gold from SA now possible
David McKay
Posted: Sun, 11 Dec 2005
[miningmx.com] -- FERDI DIPPENAAR claims to be “emotionally drained” after deciding to quit Harmony Gold, the company that he’s marketed for the past eight years. “It’s been a very difficult decision. I was approached in June but couldn’t have jumped ship at that point.”
That was when Harmony was in the throes of retrenchments and still reeling from the dual impact of its failed takeover attempt of Gold Fields plus a sub-R85 000/kg rand gold price.
Great Basin Gold, the listed Canadian firm that Dippenaar will now lead, approached him on two previous occasions. He broke the news of his departure to long-standing friend Bernard Swanepoel, Harmony Gold CEO, a few weeks ago.
It’ll be SA’s first new gold mine in yearsThe strategy now is to set down plans to grow Great Basin Gold at a time when there’s a growing interest in marginal gold projects. Great Basin, which is one of several exploration firms owned by Canadian firm Hunter Dickinson Inc, has control over the Burnstone project, a relatively shallow but marginal gold prospect near Balfour. At R85,000/kg it starts to make “a decent margin,” says Dippenaar.
The mine will cost R600m to develop and may be preceded by a secondary JSE listing. “We can’t issue stock without reason,” says Dippenaar. “Not with a market cap of about R700m.”. The idea then is to set about a feasibility programme concerning Burnstone. “It’ll be SA’s first new gold mine in years. What surprises me is the amount of data already gathered,” Dippenaar says.
Steve Shepherd, an analyst at JP Morgan, says that Burnstone was originally Gencor’s and has been on someone’s radar since the Sixties. “It’s super marginal, but we’re getting into a gold market where out of the money option value is really becoming interesting. Gold investors sick over gold will go for it.”
We’re in a gold market where out-of-the-money gold options are interesting. That’s one of the reasons Witwatersrand Consolidated Gold Resources (Wits Gold), another gold exploration firm, is hoping to list on the JSE, possibly in the first quarter of next year, says CEO Marc Watchorn.
“We’re working towards a listing. The two outstanding matters are a competent persons report (authorising technical assumptions with regard to the gold properties owned by Wits Gold) and new order prospecting rights. We expect the prospecting rights very shortly,” says Watchorn, who adds that empowerment partners are in place.
It owns properties in the “Potch Gap” – a geological expression between the gold fields of Klerksdorp and Carletonville. Exploration on the regions that Wits Gold has bought is $100m in today’s money, Watchorn said in an interview last year.
Thanks, I established an initial position.
Who in the heck are you eaglebarret...? How long have you been following this board. Are you a friend of Frank's or someone else. Please advise. And don't tell us you follow this board because you like classical musical or everything classical... LOL I hate acting on someone's post without ever having seen them post before, are you over on SI?
In any event thanks for recommending SHY, it fits the bill for what I was looking for...
thanks much, seems to fit the bill. Anyone have a US Ticker...? only problem with this one is Schwab does not have a ticker symbol I can find...
Frank, believe natgas for sale in USA/Canada is headed much higher this winter, would not be surprised to see US$20.
Having natgas in Yemen does not give you this US$20.00 selling price. Appears natgas in Yemen is likely US$1.00
TGA, I prefer a company that can sell its natgas output into N American market, so please give me another pick as TGA does not fit this profile...
"TransGlobe Energy Corporation, through its wholly owned subsidiaries, engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas. The company has exploration and production operations in Canada and in the Republic of Yemen, and an exploration project in the Arab Republic of Egypt. It has interests in three production sharing agreements in the Republic of Yemen that include Block 32 area covering 591 square kilometers; Block S-1 covering 1,152 square kilometers; and Block 72 that encompasses 1,822 square kilometers. The company also has interests in Nuqra Block 1 property in the Arab Republic of Egypt, as well as has operations in Canada."
thanks.
yes, I like uranium, what's your current pick...
actually, I like US Natural Gas more than oil, any recommendation on a US/Canadian company that is primarily gassy...?
You know me, I just cannot get too excited about copper unless it's a copper/gold deposit...
ok, am now in your pick of the week @ US$1.24
please keep us posted on when to lighten up...
Ok, thanks. How about EDV...?
Here's an entertaining video for European Smart car owners...
From 70 miles per hour to nought in one second...
http://video.google.com/videoplay?docid=6605730767077503480
Frank-EDV chart
Nov-05
FMV.... $5.45
share price.... $3.95
discount....$1.50 = 27.5%
http://www.endeavourminingcapital.com/nav.php
nice decline in discount from 44.6% in May to 27.5% now, I was buying more in May-July, this is a core position.
over a 50% increase in share price of which about 20% derived from drop in discount...
This is the second year in a row I have made this trade, i.e. buy in Summer and sell in Dec/Jan. I have not sold any yet, was waiting on this latest NAV released today, but likely will sell some here shortly... Discount usually falls to below 25%.
Note to myself, make sure to make this trade every year...
thanks much!, always like to read a Martin M freebie...
thanks Louis.
As for the Russian Central Bank, they will NOT be buying gold on the open market, literally.
Instead, my understanding is Russians will not permit all Russian gold to be exported/sold. The Russian Central Bank will buy this Russian produced gold instead of it being exported/sold. This does take physical gold that normally would be sold on the open market and places this gold into Russian CB coffers. So essentially the same result. But the gold accounting will get even murkier since we likely will have to estimate how much Russian produced gold is going into Russian CB...
______________________________
here is Julian Phillips take on CB sales.
Last week’s Gold Sales
under the Central Bank Gold Agreement
And the tonnage sold is dropping. Now back down to 8 tonnes sold by two banks, no doubt France being one of them. We do suspect that the decision to lower the amount sold was a dealing decision not structural. When Technical resistance levels were broken, the prospect of gold falling back having peaked dissipated and much higher levels came onto the screen. After all, if you hurry to sell at below $500 and the price until next year averages well above that, you look like Britain’s Brown does now. When you are the custodian of the nation’s savings, a well-qualified Central Banker, it’s a bit embarrassing to report that you sold your nations reserves of gold under the present market price?
With 109 tonnes of the total of 500 tonnes already sold to date and another 9 months of the year to go, it is wise to hold back.
We believe that France sold as much as 6-7 tonnes of this amount and will keep up this steady pace for the next 9 months. Then at least they can plead that their task was to sell and they sold evenly, they didn’t play the price. That’s playing it safe!
And the effect on the market has not been lost. With few sellers in the market still if you remove 8 tonnes supply from this market, the gold price has to take off doesn’t it?
What is very important is to realise the fine balance in the market place that this action showed. As the gold price has continued to roar, we guess that the amount sold next week will be around the same level and from France.
The reports we receive on other Central Bank activities are not sufficiently frequent to see whether the Central Banks of Argentina, South Africa, or Russia are buying. They will simply take local production into stock and report later in their usual reporting schedule. We will have to wait and see on that front!
Dippenaar Comments, agree with mine and Bill G's..., nice to see others figuring it out...
____________________
Ferdi Dippenaar, Marketing director for Harmony Gold
By: Gareth Tredway
Posted: '07-DEC-05 10:07' GMT © Mineweb 1997-2004
MINEWEB: Ferdi Dippenaar joins us now. Ferdi, you’ve decided to go into gold. Why not follow Neal into the uranium field?
FERDI DIPPENAAR: Neal’s already taken up the space, Alec.
MINEWEB: But you’re leaving Harmony. You joined in 1998. Are you tired of being in Bernard’s shadow?
FERDI DIPPENAAR: No, no, not at all. It's been great fun, honestly. Harmony has been great to me, and I would like to believe that I’ve also contributed somewhat to its success. But I’ve been given this opportunity to join Great Basin Gold. It’s a small exploration company, Alec, but with big dreams.
MINEWEB: Listed on the Toronto stock exchange. We were talking about it a little earlier. Why is it that so much of our mining talent is now going to go and ply their wares in Toronto?
FERDI DIPPENAAR: Well, we’re going to ply our wares in Toronto, but we’re going to build a mine in South Africa, and that company is also bringing a project on stream with Hecla in Nevada, the Hollister Block.
MINEWEB: Why, though, don’t you list on the JSE?
FERDI DIPPENAAR: Well, you know, that’s something I had had a discussion with them – the fact that there will be a mine in South Africa. It tends to be a bit of a logical decision, to actually go and do that. So it is definitely under discussion. I would not discount it at all.
MINEWEB: Neal Froneman said a little bit earlier that there doesn’t seem to be much of an appetite for junior mining operations on the JSE. That’s why they are looking to list Aflease in Toronto. Would you go along with that?
FERDI DIPPENAAR: No, not really. I think South Africa traditionally has been a mining country, if I can call it that. And there’s always a bit of interest. Historically probably more gold than anything else. We have in the last few years, especially with the consolidation, seen a number of companies, junior exploration companies, probably disappear in total. So it’s not that we have a range of investors that are used to actually taking a bit of capital and putting it into the real risk venture market, and actually seeing what it can deliver over time. So maybe with the current gold price where it is, and potentially the rand in future, why not? I think there’s always a need for the smaller companies to be listed and attract a bit of the high-risk money.
MINEWEB: Where in South Africa is your project?
FERDI DIPPENAAR: It’s in the Evander area, the Balfour area. It's the old Burnstone project. It belonged to Gold Fields a couple of years ago. They then sold it off, Great Basin Gold took a stake in it, they developed it as part of the earn-in at the time. They now own it. It’s got a phase one, 2.8m ounces, R700m-R800m to actually develop the mine. It's a shallow ore body, 250m down to about 500m. So you can see, it’s not going to take forever to bring it into production. It's got a recovery grade of about 5.25 grams per ton. Just to run through a few of the other numbers, average cash cost $187 an ounce. So even at that total cost of $258 an ounce, there’s quite a bit of margin at the current gold price.
[comment: $258 is apparently full production cost, includes the depreciation/amortization of mine capex]
MINEWEB: It sounds really exciting! I mean a R700m to R800m investment there, only $187 an ounce. I mean at $505/oz, as we are at the moment, that’s a very profitable venture.
FERDI DIPPENAAR: Exactly. You know, this was done at R86,000 per kg, if I had to convert it, and the current gold price in excess of R100,000. You can see why it did create a bit of interest with me, and of course it’s not the only project, it’s not a one-company project if I can call it that. The fact that it as a company is also in the stage of transition from exploration into production. And of course with that, especially in South Africa, that makes it pretty interesting as well.
DAVID SHAPIRO: Ferdi, how do these projects escape something like Harmony? I mean, why couldn’t Harmony have done something like this, or found something like this?
FERDI DIPPENAAR: I think if we go back in the history, probably two, two and a half years ago, when it was being sold or shopped around, it was offered to Harmony. But I think at that stage, we looked at Free Gold, it was merging with Free Gold, it was adding a million ounces of production to our production base. This was a project which required capital, which had a time frame to it. It was small in the bigger scheme of things. That’s why the Canadians typically are a bit more adventurous and they were willing to put the seed money into it.
MINEWEB: Looks like it could be paying off for them. Ferdi, are you going to be staying in South Africa?
FERDI DIPPENAAR: Yes, with the focus being in South Africa, initially, definitely in the next couple of years. And then of course, depending on where the company goes. The fact that it’s listed in Toronto and on Amex doesn’t mean that I physically have to go and live there. It will have separate teams managing the different projects. I love the country.
MINEWEB: I think we’re going to love Great Basin as a listed stock on the JSE – bring it on.
FERDI DIPPENAAR: Bring it on. Thanks.
MINEWEB: Ferdi Dippenaar, right hand man of Bernard Swanepoel, and now at the end of December he’s off to go and do his own thing, and good for him. In fact, it was a really nice Sens report, if you did read it, where Bernard said, “We are very proud of Ferdi going and doing his own thing”.
DAVID SHAPIRO: He’s done a very good job for Harmony, particularly with shareholders. He’s always represented Harmony to the shareholders.
MINEWEB: And a tough job he had with the Gold Fields battle. And good for him, let’s hope that he does terribly well there, which I’m sure he shall.