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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.59

+2.2%

Dec 26 4:00 PM EST

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To: long-gone who wrote (91118)	11/12/2002 2:13:51 PM
From: goldsheet	Read Replies (2) of 116826

<don't you suspect part of the costs were related to reduced normandy hedge book & their returns would have been better without the costs? > Why the need to suspect? The are numbers are in the press release. "In line with the company's non-hedging philosophy, the Normandy group hedge book was reduced by 748,000 committed ounces and 180,000 uncommitted ounces during the quarter. The committed ounce reduction included scheduled deliveries of 478,000 ounces and the buy-back of 270,000 ounces at a cost of $13 million." They have to deliver "279,000 at $302 in the fourth quarter" so one could already estimate the impact (maybe $5m), and could be more if they choose to buy-back. biz.yahoo.com

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