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TVX Gold, Inc. (TVX) Message Board

  • lareno51 lareno51 Jan 9, 2001 7:20 PM Flag

    value in tvx

    This co seems to be cheap and has plenty of cash. Is it one of the best buys in the mining sector? Comments anyone?

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    • At the risk of repeating myself for the umpteenth
      time, TVX is an asset play. The assets are as

      ---cash $75 mn

      ---operating JV with Normandy
      Australia covering Western Hemisphere $150-200

      ---Greek mines up to $400 mn at current gold prices (10 mn
      oz resources in the ground with cash cost well below
      $100 per oz)


      ---$250 mn face value of convertible notes due 3/2002
      that have a market value of around $210-220

      there are 36 mn shares outstanding

      Do your
      homework, make your own assumptions about the value of
      Greece and do the math. One could make a reasonable case
      for a value of US$7+ per share at current gold
      prices, with leverage of an additional $1.50 in net asset
      value per share for every $10 increase in