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

To: Enigma who wrote (48066)	2/5/2000 11:35:00 AM
From: goldsheet	Respond to of 116753

> You're right about NEM's timing - don't know if they unwound however. They took the conservative route and marked them to market, resulting in a $41.3 million loss; "During the third quarter, Newmont initiated a gold price protection program involving the purchase of put options financed by the sale of a limited number of long-dated call options. This limited hedge position contains no lease rate or margin call risk. As a proponent of full disclosure and uniform reporting practices, the Company sought and obtained clarification from its independent public accountants and the U.S. Securities and Exchange Commission regarding the appropriate accounting treatment for these transactions. As a result, after tax, non-cash charges of $41.3 million, or 25 cents per share, were recorded in the third quarter (5 cents relating to amortization of the put premium and 20 cents to mark-to-market the call position). Following this treatment, the company's net loss for the quarter was $39 million, or 23 cents per share." ref: siliconinvestor.com