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Gold/Mining/Energy : Precious and Base Metal Investing

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To: d:oug who wrote (730)	12/4/2001 9:43:44 AM
From: russwinter	of 39344

From The New Australian: Gold hedging continues to decline CANBERRA GOLD hedging by Australian producers continues to decline, according to JPMorgan's September Quarter hedging review released today. The review showed hedging in the three month period totalled 36.5 million ounces at A$591 per ounce, down 1.4 million ounces or 3.7 per cent on the June quarter figure of 37.9 million ounces at A$627 per ounce. Thirteen companies reduced their ounces hedged by a combined total of 1.8 million ounces while five companies added 500,000 ounces.Lihir increased its book by 133,000 ounces and Normandy NFM and Hill 50 by about 90,000 ounces. The biggest decrease for the quarter was Normandy Mining which was down 182,000 ounces to 9.59 million ounces; Newcrest 153,000 ounces to 6.57 million ounces and Sons of Gwalia 75,000 ounces to 3.35 million ounces. According to the review, hedging now covers 43 per cent of Australian gold reserves, down from 46 per cent in the June quarter. Australian Gold Council chief executive Greg Barns said latest figures confirm the trend that has been in place since the December 1999 quarter with hedging declining in six out of the last eight quarters. The last increase in hedging by Australian producers was in the December quarter 2000. Mr Barns said he didn't expect the trend to stop now with further declines forecast in the current quarter.

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