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

To: long-gone who wrote (41631)	9/30/1999 8:23:00 AM
From: salva	Read Replies (1) \| Respond to of 116776

For those of you interested in Ashanti-from the Financial Times (London) <<<<Ashanti operations have benefited from the increase in the price of gold since the recent announcement of co-ordinated action by central banks to regulate official gold sales. Ashanti has restructured 80% of its hedge book to remove the sensitivity of the hedge value to further rallies in the gold price. The restructuring was initiated before the recent rally, as part of the Company's contingency planning, and has covered approximately 9 million ounces (out of Ashanti's 11 million ounces book of forwards and put options). It has included converting a substantial component of the forward sale positions into synthetic put options. The Company had already, before the rally, eliminated any exposure to floating lease rates during the rest of 1999 and the first quarter of 2000. Ashanti's hedge book continues to be actively managed, and tightly controlled. Management is satisfied that the hedge portfolio is robust in the current gold market and will generate a realised gold price of US$380 per ounce in 1999 and about US$360 per ounce next year. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>