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To: lorrie coey who wrote (5037)	3/16/2000 12:41:00 PM
From: long-gone	Read Replies (1) \| Respond to of 17683

Any bets on if CNBC will report this? Home - Yahoo! - Help -------------------------------------------------------------------------------- Meet your mate. Click Here. [ Business \| US Market \| By Industry \| IPO \| AP \| S&P \| International \| PRNews \| BizWire \| CCN ] -------------------------------------------------------------------------------- Related Quotes PDG.TO 12.65 -0.20 delayed 20 mins - disclaimer Thursday March 16, 3:47 am Eastern Time INTERVIEW-AngloGold continues to wind down hedging By Belinda Goldsmith CANBERRA, March 16 (Reuters) - The world's biggest gold miner, South Africa's AngloGold Ltd , said on Thursday it would continue to unravel its gold hedge book in a bid to further unshackle world bullion prices. Chief Executive Bobby Godsell said AngloGold had changed its hedging programme as an instruments of risk management in mid-1999 on a bet that at $250 an ounce gold was oversold and ready to rocket. Bullion jumped to $340 an ounce last September after Western European central banks gave assurances they would limit sales of their gold reserves for at least five years, but has since retreated to around $290 an ounce. The company plans to further reduce its forward-selling position on the view that gold still has more upside, Godsell said. ``I think it is extremely unlikely that you would run a company of this size without a degree of hedging,' Godsell said. "What we are thinking at the moment is that our extent of hedging is likely to decline rather than grow or stay where it is. ``But we are bullish about the gold price prospects and if you are bullish you don't want to remove all the upside of price increases for your shareholders.' DOES NOT PICK A PRICE Godsell said AngloGold did its long term planning on conservative gold prices projections, with modest adjustments for factors like U.S. inflation, but shied away from picking a gold price. When AngloGold announced in February it was cutting its hedging significantly this year, entering 2000 with less than 50 percent of its output uncovered, bullion prices rose $6 an ounce. AngloGold is not the only big gold digger to do a U-turn on its forward-selling policy.(cont) biz.yahoo.com