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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: pater tenebrarum who wrote (28732)	10/8/1999 2:45:00 AM
From: EDavis	Read Replies (1) of 99985

I saw this on the Gold Price Monitor Thread. To: PaulM who wrote (42404) From: Michael Collings Thursday, Oct 7 1999 6:28PM ET Reply # of 42429 Someone posted an article earlier today but the balance of the article was missing from the news site. I got the rest off Dow Jones News wire at work and it lists Merrills estimates of hedging activities by a number of North American Companies: Merrills estimates are as follows: No Hedging activities at all by AGE, BMG, GG,GLG, and T.FN (Franco Nevada). HM has only 1% or 340,000 ounces of its reserves hedged. Barrick has fully hedged its production until the end of 2001 at a price of $385 and Cambior Inc is fully hedged until the end of 2002 at a price of around $320. Placer Dome's hedge position is stands at some 5.6 million ounces at a price of $400 per ounce or 12% of its reserves. Echo Bay has 19% of its total reserves hedged at an average price of about $335 per ounce. Meridian Gold has 16% of reserves or 480,000 ounces hedged at a price of about $310 per ounce. Aobout 20% of Meridians' 2000 and 2001 gold output is hedged, Merrill estimates. Only 1% of Newmont Mining Corps' reserves are hedged.

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