going up and with very strong buy, page-15

If SMY had bought Newcrest's share of Cracow at the price offered, PAN would be now be raking the cash in. As one of Australia's lowest cost producers, it would have given PAN a large exposure to the rising gold prices. It would also have bought about a diversification, which was what they claimed to be aiming for.
If anyone thought Newcrest would sell Cracow at the current point in time for $120M, the phones would be red hot. Newcrest spent huge amounts of money over the last twelve to eighteen months unwinding their hedging positions. They obviously believe the gold price will continue to be very solid in the near future.