BHP's shareholders strike gold - in the paper |
| MarketWatch - Sep 24, 2007 |
A report Monday that BHP Billiton will report a significant increase in proven gold reserves apparently helped fuel the stock in a classic "buy the rumor" sort of way.
Shares of the company jumped sharply on the "news." See related story.
One should of course be tempered in one's response to such stories. People have fallen out of helicopters over less.
And we're not talking about a new discovery here, but rather an "upgrade" of the amount of gold at what's admittedly a very rich mine in Australia.
Extraction costs don't go away, and while converting BHP's Olympic Dam to an open-pit operation, as may happen someday, would presumably reduce those costs, there's a big capital expenditure to be had there as well.
Read Full Article from MarketWatch
- Posted: 2007-09-24 09:59:37
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