1/ Attended the Bendigo Bank (ben ) AGM yesterday. They are going along quite nicely. Growing the business at an excellent rate. Are ahead of budget so far this fiscal year. Should get around 25% increase in profit for year end june 04. One for the super fund or the longer term trader, but certainally not for the daytraders.
2/ Speaking to a geo. recently about Bendigo Mining (bdg ) He has most of his experience from the west, Kalgoorlie & the like. He is of similar opinilon to TigerTen & others on this forum that because bdg cannot come up with large forward reserves, they are of doubtful quality.This is the sentiment that prevails with much of the broker research, as they employ analysts of similar thinking.
The goldfield in Bendigo is quite different in character to those in the west & cannot be defined in the same way. One hunded years ago when the Bendigo goldfield was at its peak & more than 20 million oz. of gold was mined, no reserves were available then either. The miners simply visually followed the quartz reefs which contained the gold. The geology was such that the reefs were in folds which repeated one beneath the other. BDG has found these folds of reef continue at depth, & their drilling indicates a probable reserve of 12 million oz, although privately they claim it could me much greater. I must confess my confidence was dented by my dicussion with the geo.,as I know that one musn't fall in love with a particular position.
But ?????
Perhaps I need therapy !!!!
Caveat Emptor
Bendigo
BEN Price at posting:
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