Barrick Gold (ABX) Message Board

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Gold/Mining/Energy : Barrick Gold (ABX)

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To: FuzzFace who wrote (2635)	5/12/2002 8:46:37 PM
From: goldsheet	Read Replies (2) of 3558

> HM hedged a little too, and so was not blameless Although HM did hedge a little gold and silver, they hedged lots of Australian and Canandian dollars. The currency hedge ended up in pretty bad shape, worse than the metal hedges, and you can find the damage buried in Barrick's annual report. > drove out or bought up much of the competition Despite all the mergers, gold is still one of the most fragmented metal sectors. In most of the base metals, one can name 5 firms who account for 70%+ of world production. The top 5 gold producers supply only 33%, and top 10 only 45%. > have enough time to close out their hedges at a reasonable price Sure they can deliver production into the hedges, which is what Newmont now plans to do. They were very proud of not being hedged, planned to close out the 10moz of forwards from Normandy, but realized how much it would cost. Delivering to close over a period of time is their current plan. This allows Gold Fields to promote themselves and their new NYSE listing "GFI" as the largest unhedged producer in the world. A great marketing opportunity !

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