Barrick Gold (ABX) Message Board

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Gold/Mining/Energy : Barrick Gold (ABX)

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From: russet	8/2/2006 2:48:10 PM
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Barrick will soon have no hedgebook,...and it's still not bankrupt :-) Barrick Gold (ABX : TSX : $35.59), Net Change: 0.85, % Change: 2.45%, Volume: 4,101,397 Placer bets. Barrick rallied Tuesday on volume and the gold and precious metals sectors attracted renewed interest. The gold miner should be front and centre with investors today as well since it is scheduled to release its quarterly earnings. The First Call estimate for Q2F06 is US$0.51, which would be a significant increase over the $0.29 per share Barrick earned in Q1F06. Investors will want to see how Barrick is progressing towards its production and cost goals. For this year, it has released guidance calling for gold production of 8.6-8.9 million ounces at a cash cost of US$275-290/oz and copper production of approximately 350 million pounds at a cash cost of US$0.75-0.80/lb. Barrick’s progress in reducing its hedge book may also attract attention. In the first four months of 2006, Barrick reduced its hedge book by 5.7 million ounces and has indicated it plans to reduce the book by a further 2.0 million ounces by the end of this year and the remaining 2.8 million ounces by the end of 2009.

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