This isn't gold but is still interesting...
TVX Gold reduces silver hedge position
TVX Gold Inc TVX
Shares issued 179,600,000 Nov 9 close $1.25
Wed 10 Nov 99 News Release
Mr. Ed Baer reports
TVX Gold has recently reduced its silver hedge position by one-third,
buying back 5.05 million ounces of silver written call options and selling
2.5 million ounces of its existing silver put options. The net cost of the
transaction was $1.35-million. As a result of the reduction, the revised
silver hedge position now stands at 2.25 million ounces of long put options
at a strike price of $5.06 per ounce, from December, 1999, through to
December, 2000, and 10.6 million ounces of written call options at a strike
price of $5.99 per ounce from December, 1999, through to December, 2003.
TVX's silver production for 2000 is estimated at 4.5 million ounces.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
