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Gold/Mining/Energy : Gold Price Monitor
GDXJ 121.60+2.2%Dec 26 4:00 PM EST
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To: Gary H who wrote (80924)1/19/2002 8:37:12 PM
From: goldsheet  Read Replies (1) of 116834
 
> cash NEM wants to pull out the Harmony hedge.

NEM is buying Normandy (Australia) not Harmony (South Africa)

Also, Normandy hedge is below market price ($A550),
so it will cost NEM money to close it out

GOLD HEDGING POSITIONS (at 16 January 2002)
(Australian Gold Council Standard) '000ozs A$/oz(1)
-----------------------------------------------------------------------
NORMANDY WHOLLY-OWNED
Forward Sales
2001-02 52 522
2002-03 1,112 518
2003-04 671 543
2004-05 458 550
2005-10 2,172 535
Total 4,465 533

Will cost about $A76M to close ($A17 x 4.465moz)
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