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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Richard Mazzarella who wrote (47360)	1/22/2000 5:25:00 PM
From: goldsheet	Read Replies (1) of 116759

> I think all Barrick's expertise is just knowing how to write options hedging POG. <VBG> Barrick and Newmont were on the leading edge of developing heap leaching technology to exploit the Carlin Trend. They have developed many methods for treating complex ores, and have some of the largest and most sophisticated equipment in the world. Also, running a mine 24 hours a day at very high efficient production levels requires as much (if not more) skill than running air traffic control out of O'Hare . Barrick has also managed to reduce cash cost from $182 in 1997 to $160 in 1998, and is heading for $130 in 1999 (not reportd yet). This $52 drop in cash costs is an impressive 28% reduction. Also when one consider the average gold price in 1997 was $331 and is now $289, Barrick's cost reductions actually beat the $42 drop in gold, which increases their profit. Most of their employees, especially those in the field, deserve a lot of credit for doing a pretty impressive job. I know Barrick bashing is a favorite SI pastime, and that will never change, but the bottom line is they get a lot of gold out of a lot of ore.

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