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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: goldsheet who wrote (1186)5/30/2001 8:20:52 PM
From: russwinter  Read Replies (1) of 4051
 
Excerpted from Northern Miner on ABX's Pierna property, now approaching it's fourth year of production and of course considered one the best deposits in the world.

"Pierna needs low direct costs ($43 in 2000), as it is still clearing off development and acquisition costs that are adding another $200 to its total unit production cost. And, although resources are being converted to reserves, few new resources have been discovered at the property. At the present production rate of 870,000 oz annually, Pierna's existing resource base will be gone in seven years."

My comment:
With 16 million ounces spot forwards and 3 1/2 million naked calls sold already, looks like ABX fresh new hedging days may be over for some time.
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