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Gold/Mining/Energy : Gold Price Monitor

GDXJ 129.79

+4.6%

4:00 PM EST

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To: long-gone who wrote (81536)	2/5/2002 12:30:02 PM
From: goldsheet	Read Replies (1) of 116958

One would have to chck the Harmony/ARM Free State acquisition terms to see if the hedges went with the property or stayed with Anglogold. Either way, Anglogold has already demonstrated their commitment to reduce hedging by covering 3.5moz last year, and if they deliver production into 2002 hedges one should expect the similar amount (3moz+) Don't know about the 10000-15000 ounce number you saw. Meanwhile, Harmony announced yesterday if their acquisition of Hill 50 was successful they would keep the hedges. Apparently they are too costly to close and will be eliminated by delivering production into them. It is a prudent thing to do, instead of having to spend lots of money just to say you are 100% unhedged.

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