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Gold/Mining/Energy : Barrick Gold (ABX)
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To: Enigma who wrote (1230)5/27/1999 10:48:00 AM
From: Ron Everest  Read Replies (1) of 3558
 
Barrick expects to produce 3.6 million ounces of gold during 1999 at a cost of $125 (U.S.) an ounce, making it one of the lowest-cost gold producers in the world.

Globe says Barrick's Munk gets achievement award

Barrick Gold Corp ABX
Shares issued 401,814,498 May 26 close $25.20
Thu 27 May 99 In the News
The Globe and Mail reports in its Thursday, May 27, edition that Barrick
Gold chairman Peter Munk describes being in the gold mining industry these
days as "almost like floating in misery." The Globe's Allan Robinson writes
that Mr. Munk was given a lifetime achievement award yesterday for his role
as a mine financier. The award, from the Toronto Stock Exchange, comes at a
time when gold yesterday hit its lowest level in 20 years at $269.40 (U.S.)
an ounce. Mr. Munk says one of his accomplishments was the development of a
gold hedging strategy designed to protect his investment if gold prices
fell. Barrick now has a stock market capitalization of $9.7-billion
(Canadian) and the company estimates that it accounts for 40 per cent of
all mining shares traded on the TSE and 20 per cent of trading done in
mining companies globally. Barrick expects to produce 3.6 million ounces of
gold during 1999 at a cost of $125 (U.S.) an ounce, making it one of the
lowest-cost gold producers in the world. It produced 3.2 million ounces of
gold at $160 an ounce during 1998.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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