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Gold/Mining/Energy : Corner Bay Silver (BAY.T)

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To: Claude Cormier who wrote (3803)	4/12/2002 5:03:09 AM
From: Paul-D	of 4409

partially OT / 12 Apr 2002 10:38 Harmony Gold <HARJ.J> closes Randfontein hedge JOHANNESBURG, April 12 (Reuters) - South African gold producer Harmony Gold Co said on Friday it had closed the balance of the Randfontein hedge book at a net cost after tax of 125 million rand ($11 million). Harmony said the closure cost was financed from existing cash resources and would not have an impact on the company's financial results because it had been accounted for previously. "The closure of the Randfontein hedge book is a continuation of Harmony's strategy of being unhedged," Harmony financial director Frank Abbott said in a statement. All the remaining forward sales contracts and call options totalling 490,000 ounces have been closed. In addition, as a result of the higher gold price, the company closed a further 220,000 ounces of forward purchases. ((Johannesburg newsroom, 27 11 775 3155, newsroom@reuters.co.za)) ($1=11.220 Rand)

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