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Gold/Mining/Energy : Barrick Gold (ABX)
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To: russet who wrote (2452)5/2/2002 9:29:25 AM
From: nickel61  Read Replies (1) of 3558
 
This seems to contradict your entire position.
The fair value of Barrick's hedge position has declined to a
loss of $127-million, down from a surplus of $356-million at the end of
2001, says Pollitt & Co. analyst Douglas Pollitt. "In the past, the company
booked gains from its hedge book into earnings," says Mr. Pollitt. "Now
they are losing money on the books." Barrick says that $483-million swing
in the off-balance-sheet item is mainly a result of the $23 rise in the
price of gold, and it represents 22 per cent of the gold reserves, which
are hedged.
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