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

To: Edmund Lee who wrote (48363)	2/7/2000 2:39:00 PM
From: goldsheet	Read Replies (1) \| Respond to of 116762

> (2) Continue ABX hedging program. Look on the bright side, they have cut it in half. Placer increased their hedge book before announcing they would do no more, but did not close anything out. Placer is now more hedged as a percent of production and reserves than Barrick. REFERENCE: Barrick has 84 per cent of its 59.3 million ounces in gold reserves leveraged to the price of gold and remains assured of downside protection on 13.6 million ounces sold forward at a minimum average price of $360 (U.S.) per ounce. The company's premium gold sales program provides a floor of $360 (U.S.) per ounce for 100 per cent of production in 2000 and 2001, and approximately 25 per cent for subsequent years. The total amount of ounces committed in the program has been reduced from 18.8 million ounces at the end of the third quarter to a net 9.8 million ounces at year-end 1999. Barrick reduced its long-term call options sold from 4.0 million ounces at the end of the third quarter, to 2.7 million ounces at year end.