Rande
Gold and metals,,,
I think it is one of the places to be for now....
Looks like they may be post good earnings to boot.
ABX,,,,,,,,,,
Thursday July 22 8:40 AM ET
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.
NEM,,,,,,,,,,,
Newmont sees higher results, hedging
DENVER, July 22 (Reuters) - Newmont Mining Corp. the largest gold producer in the
United States, should have stronger earnings in the second half of 1999 than in the first half,
President Wayne Murdy said.
Murdy, who was named president on Wednesday, also said: ''Clearly, as we move forward you'll see (gold) hedging activity
done at Newmont.''
(Note: this article is ''in progress''; there will likely be an update soon.)
PDG,,,,,,,,
Reports next week I believe.....
Will look at some more tonight..
Banchee |
