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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: ldo79 who wrote (5044)	12/7/2001 10:54:26 AM
From: Roebear	Respond to of 36161

Good Catch George, Andrew and ido79, nailed it, eom.

To: ldo79 who wrote (5044)	12/7/2001 3:00:39 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 36161

clarification: Harmony didn't sell a single oz. of gold forward. they only locked in the Rand exchange rate for an amount equal to the expected size of their Free State production's monetary value over 2002. and in spite of Lenny Kaplan's ruminations on the subject, SA as well as Australian miners are actually actively reducing what hedges they have. Durban Deep will be totally hedge free by the March quarter...Australian hedges have been sharply reduced over the past quarter overall, as there's not a single hedge book left that's not deeply underwater there. by March, Anglogold and Western Areas will be the only SA producers left that still have a gold hedge book.