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Gold/Mining/Energy : Barrick Gold (ABX)
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To: russet who wrote (2610)5/10/2002 12:37:13 AM
From: tyc:>  Read Replies (1) of 3558
 
Leave it , russett. When it comes to options, you don't know what you're talking about.

MELBOURNE, April 15 (Reuters) - Barrick Gold Corp (Toronto:ABX.TO - news) said on Monday it will sell half its gold output this year at a minimum price of US$365 dollars an ounce, with the balance to be sold on the spot market.

This is what I was talking about.... There was an earlier NR that indicated that this intention of selling 50% on the spot market meant less hedging. Obfuscation! If more gold is sold on the spot market, less is available to repay the hedge-borrowings. Only 50% of production is to be used to close forward sales contracts at $365. This is less than would have been closed in normal circumstances. 50% will be sold for the spot price; some of which would normally have gone to close hedges (@$365).
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