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

To: russet who wrote (48554)	2/8/2000 4:37:00 PM
From: Enigma	Read Replies (1) \| Respond to of 116759

Russett: A good post - no - a great post - which should be repeated once a week for all those with short memories or blindfolds. BTW is the whole transcript available? - I'm interested in the exploration section re Tanzania.

To: russet who wrote (48554)	2/8/2000 5:05:00 PM
From: Fun-da-Mental#1	Read Replies (2) \| Respond to of 116759

Re Barrick, how do they find someone willing to sell such risky calls? You would think the hedge funds would learn their lesson, but NO! Fun-da-Mental

To: russet who wrote (48554)	2/8/2000 7:08:00 PM
From: russet	Read Replies (1) \| Respond to of 116759

More info on the Barrick hedge program, as of Sept 1999. Significant changes have occurred since then as outlined in the previous post. PREMIUM GOLD SALES PROGRAM Barrick?s Premium Gold Sales Program as at September 30, 1999 is made up as follows: 1999 2000 2001 2002 2003 2004 2005 2006+ Total Gold Spot Deferred Contracts Ounces (000?s) 800 3,700 3,700 1,000 700 700 700 2,700 14,000 Average Price ($/oz) 385 385 385 330 338 344 354 361 370 Long Term Call Options Ounces (000?s) - - 600 600 400 400 400 1,600 4,000 Average Price ($/oz) - - 360 350 350 355 360 366 360 Short Term Call Options Ounces (000?s) 300 500 800 Average Price ($/oz) 300 315 309 ? The average price of the spot deferred contracts reflects the expected future value, incorporating an average contango of 4.5%, utilizing a gold lease rate assumption of 2%. Barrick has locked-in lease rates into mid-2000 at an average rate of 2.15%. ? Barrick is subject to margin calls on 25% of the ounces currently in the program. The remaining 75% is unmargined. Only if the gold price rose above $600 would a minimal margin call/cash deposit be required. ? The Company?s call option writing program is a component of its spot deferred program. The premiums received from the writing of the calls are used to enhance the initial starting price of spot deferred contracts to be added to the hedge position over time. Call options can only be exercised by the counterparties on the expiry date and can be converted, at Barrick?s option, into spot deferred contracts and rolled forward for up to 15 years. The premiums generated from the sale of the options which expire unexercised are recognized at the expiry date. ? At September 30, 1999, the mark-to-market gain on Barrick?s gold hedging program was $95 million, calculated at a spot price of $299, prevailing market interest rates and volatilities. All that and a dividend too. For Immediate Release All amounts in United States dollars Barrick Gold Announces Dividend Toronto, November 17, 1999 . . . Barrick Gold Corporation today announced that its Board of Directors has declared a dividend of US10 cents per share, payable on December 15, 1999 to share-holders of record at the close of business on November 30, 1999. Barrick Gold Corporation's shares are traded under the ticker symbol ABX on the Toronto, Montreal, New York, London, Swiss Stock Exchanges and the Paris Bourse.