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Gold/Mining/Energy : Games Trader -- Ignore unavailable to you. Want to Upgrade?

To: John Paquet who wrote (1041)	7/22/1999 1:32:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 1239

good to hear from you John....I am not averse to trading..(it is fun) Real money in long-term of course...(on that point I would just humbly ask you to believe me :) ) Canada's Barrick Posts Big Earnings Rise TORONTO (Reuters) - Barrick Gold Corp. (NYSE:ABX - news), North America's second largest gold miner, Thursday reported a hefty 25 percent jump in its second-quarter earnings due to higher production, lower costs and strong returns on its forward sales program. Toronto-based Barrick said net income rose to $84 million or 20 cents a share in the quarter ended June 30 from $67 million or 18 cents a share in the year-earlier period. Revenues shot up to $373 million from $293 million. Barrick said gold production in the first half of 1999 had risen to 2.0 million ounces from 1.5 million in the same period of 1998, which cash operating costs fell to $122 an ounce from $157 an ounce. Total cash costs, including royalties and production costs, dropped to $131 an ounce from $179 an ounce in the corresponding half-year. The company's new Pierina Mine contributed 554,469 ounces of gold at a total cash cost of only $38 an ounce, it said in a statement accompanying the earnings. ''Our operations are more than meeting their production and cost targets across the board,'' said Vice Chairman and Chief Operating Officer John Carrington. ''These excellent results were achieved through our relentless focus on productivity and cost control.'' In the first half, the company's Premium Gold Sales Program produced $208 million in additional revenue, helping it to realize an average price of $385 an ounce on sales. This represented a premium of $105 an ounce over the average spot price of $280 for the first six months. Production through 2001 was sold forward at an average minimum price of $385 per ounce. Barrick said it currently had 13.3 million ounces sold forward.