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

To: lorne who wrote (52714)	5/14/2000 3:46:00 PM
From: IngotWeTrust	Read Replies (2) \| Respond to of 116796

Thank you indeedy, Lorne. The portion bolded below's the part that I found the most illuminating: Fair Use, etc., Ashanti Goldfields Company Reports Huge Loss Panafrican News Agency May 12, 2000 Accra, Ghana (PANA) - Ashanti Goldfields Company has reported a huge loss in earnings for the first quarter of 2000 despite a slight increase in production. In its report released Thursday, it said earnings for the period were 6.9 million US dollars, 4.6 million dollars lower than the same period in 1999. The company has been in trouble since 1999 when its hedging policy went badly wrong and it was plunged into debt. It said production increased to 417,849 ounces, up by 15,698 ounces (4 percent), on production for the corresponding period in 1999. The target for the first quarter was 403,000 ounces. Ashanti said the group's cash operating cost was 197 dollars per ounce, 7 percent lower than the 211 dollars for the same period in 1999. "Despite strong production and operating cost performance, earnings were 14.6 million dollars lower than the first quarter of 1999, due entirely to lower realised gold price of 345 ounces per ounce. (It was 380 dollars per ounce on 31 March," the report said. "The realised price was nevertheless 55 dollars per ounce higher than the average price for the quarter due to the proceeds of Ashanti's hedging programme," it added. A multi-national company, Ashanti has mines in Ghana, Guinea, Zimbabwe, Tanzania, and Australia. It is also listed on several stock exchanges, including Accra, London, New York, Toronto, Zimbabwe, and Australia. The report said Obuasi in Ghana produced 181,164 ounces, which was lower than the 210,171 ounces achieved for the same period in 1999, but 1,164 ounces above target. It said the pace of construction at the Geita mines in Tanzania accelerated and was 90 percent complete at the end of the period. Commissioning is expected to start late May, and the first gold would be produced by the end of the second quarter. africanews.org Do you and others not find it fascinating that A) realizing gold prices per oz above current market prices; B) producing more than targeted output for this qtr C) has no margin required on any hedges for next 10 years D) has no interest acruing upon 22 consortium loans arranged earlier this year, still resulted in horrendous losses? Say whaaaaaat? And it was the Ashanti company mouthpiece that said himself that Ashanti hadn't lost any money, just had a "cashflow problem in September..." Will Rogers was right...'cepting he should have said. "the bigger the hole the liar was standing next too, the bigger the whopper the liar was gonna tell<g>...." Thanks, and happy Mother's Day to all the women on here, as well as to all the single daddies on this thread who have had to be both parents to their children. O/49r

To: lorne who wrote (52714)	5/14/2000 6:00:00 PM
From: LLCF	Read Replies (1) \| Respond to of 116796

Ashanti Goldfields Company Reports Huge Loss Panafrican News Agency May 12, 2000 Accra, Ghana (PANA) - Ashanti Goldfields Company has reported a huge loss in earnings for the first quarter of 2000 despite a slight increase in production. In its report released Thursday, it said earnings for the period were 6.9 million US dollars, 4.6 million dollars lower than the same period in 1999. Pretty funny, where's the 'huge loss'?? The bad new out of the way now, rally time I hope?? DAK