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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (1395)	10/14/1999 12:46:00 PM
From: Enigma	Respond to of 3558

Reuters: (COMTEX) B: Barrick reports solid gold profit B: Barrick reports solid gold profit TORONTO, Oct 13, 1999 (The Canadian Press via COMTEX) -- Low-cost production and adroit hedging have given Barrick Gold Corp. record earnings for the third quarter and the year to date. Net income for the nine months ended Sept. 30 was $250 million US, up 15 per cent from a year earlier. Operating cash flow rose by half to $584 million US, as revenue increased to $1.1 billion US from $928 million. For the quarter, net income increased to $79 million US from $76 million a year earlier, with revenue rising to $331 million US from $327 million. 'We continue to generate record results,' Barrick president and CEO Randall Oliphant said in a news release after the close of stock markets. Gold output in the nine months rose 22 per cent to 2.8 million ounces, while cash operating costs declined 23 per cent to $123 US an ounce. Thanks to forward sales of 20 to 25 per cent of its reserves, Barrick realized an average price of $385 US an ounce -- $112 an ounce over the average spot price of bullion. At the end of the quarter, Barrick said, it had 14 million ounces sold forward and expects to realize an average price of $385 an ounce on production through 2001. 'The financial strength of Barrick has allowed us to build a flexible hedge book,' Oliphant said. 'No other company offers its shareholders this unique combination of protection and profitability, whether gold prices are rising or falling.' Barrick stock closed Wednesday at $32.20, up $2.10 on the day. Copyright (c) 1999 The Canadian Press (CP), All rights reserved. -0- * end of story *

To: Enigma who wrote (1395)	10/14/1999 1:13:00 PM
From: The Barracuda™	Read Replies (1) \| Respond to of 3558

I'm getting bored w/ this too. robert The conference call? Ted Butler's comment; ted butler (Barrick Conference Call) ID#317184: Copyright ¸ 1999 ted butler/Kitco Inc. All rights reserved Call just ended - lasted an hour and a half. While I didn't get to ask a question ( wonder why ) , 95% of the questions were about hedging. Particularly tough questions from the guy from DLJ and girl from Salomon. Bottom line - now up to 18 million ounces sold ( 14 million forwards 4 million calls ) Plus there seems to be more short term calls, but they wouldn't answer the Leanne Baker's question. Mark to market down to 100 million, so drop to 9/30 looked bigger than I estimated - looks closer to 650 million drawdown. That was as of quarter end, so at 320 gold, they are now 250 million negative. Of course, none of the analysts thoughtn to ask or comment on this, but hey, give them time - they just woke up. Barrick sold 1.5 million more ounces in the 3Q, below their cost of production. These guys don't have a clue - they say the short doesn't matter. They should talk to Ashanti.