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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: denekin who wrote (41116)	9/27/1999 2:11:00 PM
From: P P Bravo	Read Replies (1) \| Respond to of 116782

Monday September 27, 1:34 pm Eastern Time Newmont has no hedging plans at this time DENVER, Sept 27 (Reuters) - Newmont Mining Corp., the largest gold producer in North America, has no plans at this time to hedge its gold production following news that 15 European central banks said they would restrict bullion sales for the next five years, a spokesman said. The Denver-based company also said it has no plans to issue more equity. The prospect of heavy central bank selling had cast a shadow over the gold market, keeping prices at 20-year lows. Newmont spokesman Doug Hock also said the company will keep its cost cutting program on track. Newmont is already a low-cost producer at about $230 an ounce. ``This is great news for the industry,' Doug Hock said, referring to the European central bank decision to cap annual gold sales at 400 tonnes for the next five years ``But it doesn't change anything in terms of cost cutting.' Newmont's production plans for the second half of 1999 remain at 2.2 million ounces and for next year the company has said it plans to produce about four million ounces, Hock said. A $25 increase in the price of gold translates into a rise of $0.42 a share in annual earnings, Newmont has said.