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

To: Zardoz who wrote (42807)	10/12/1999 7:09:00 PM
From: Jim McMannis	Respond to of 116758

Hutch, RE:"Ahh well. Newsworld {BusinessWorld} TV is suggesting ABX may be bidding for Ashanti. But you never heard it from me."... For how much and will the bankrupt it and give the shareholders the shaft? Jim

To: Zardoz who wrote (42807)	10/12/1999 7:18:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116758

Earnings? No longer relevant in Gold Mining? Never were relevant? The following is a summary of third-quarter earnings expected to be released tomorrow by Barrick Gold Corp. Expected Earnings Third-quarter profit at the world's fourth-largest gold producer is expected to be unchanged at 20 cents a share from a year earlier, according to the average estimate of analysts surveyed by First Call Corp. Estimates range from 19 cents to 21 cents a share. Toronto-based Barrick reports in U.S. dollars. Time Barrick reports tomorrow after the market closes. The company holds a conference call to discuss earnings on Thursday at 10 a.m. Eastern time. Behind the Numbers: Average gold prices fell about 14 percent in the third quarter to 20-year lows on concern about sales by central banks. Barrick, the first large North American gold company to report third-quarter earnings, won't be hurt by low prices as much as rivals because of its low costs and because it hedges -- arranging to sell gold at a fixed price in the future. Gold prices surged 19 percent since Sept. 26, prompting investor concern about gold companies which hedged or have call options at below bullion's spot price. Barrick has contracts to sell its production forward at US$385 an ounce through 2001. Should gold rise above US$385, Barrick said it has the option of deferring delivery for up to 15 years and realizing the spot price. Investors will be watching for any additional information about the company's hedge position, analysts said. What Analysts Say: ``Everyone's going to focus on their policies about the hedge book,' said Michael Dudas, an analyst at Bear Stearns & Co. in New York with an ``attractive' rating on Barrick. ``Given the incredible events we've seen in the (gold) market in the last few weeks, it'll want to elaborate' on its hedge position. He expects Barrick will report a third-quarter profit of 20 cents a share. Previous Market Reaction: Barrick shares rose C$0.55 to C$27.20 in Toronto after the company said its second-quarter profit rose 25 percent to US$84 million, or 20 cents a share, from US$67 million, or 18 cents, a year earlier. Stock Trend: Barrick shares have risen 3 percent this year, less than the 6 percent advance of the Toronto Stock Exchange's gold and precious metals index. NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min. Access More Information and Services Above ¸1999 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks. quote.bloomberg.com

To: Zardoz who wrote (42807)	10/13/1999 10:39:00 PM
From: long-gone	Respond to of 116758

You posted a bit about selloff of gold mining shares, here's some more along the same lines - & the why: Cyprus sells off gold interests before takeover by Phelps Dodge Cyprus-Amax Minerals Co. cashed in its gold stake Tuesday as it prepared to be acquired by Phelps Dodge. Cyprus's 30 percent stake in Kinross Gold Corp. added $242 million to the balance sheet. The Kinross deal was not prompted by Phelps Dodge's pending $1.8 billion acquisition of the Arapahoe County-based company, Vice President John Taraba said.(cont) insidedenver.com