Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who wrote (3422)	10/31/2001 8:07:06 AM
From: russwinter	Read Replies (1) of 36161

<ABX, hedge book> Incredibly ABX EXPANDED their hedge book last quarter almost all in the 6 years and out category. The focus here seemed to be on startup problems at Buly, but to me ABX's third quarter results and grades at their huge Goldstrike (especially the Betze-Post section) facility are showing the stress of their previous high grading, and higher energy costs as well. Pierna only has reserves out to about 2007, with little new discovery there. ABX/HM is going through 6 1/4 million ounces a year, and needs at least two world class replacement mines a year that pencil at 275 POG. They better get hopping.

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