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

To: goldsheet who wrote (81953)	2/13/2002 5:12:37 PM
From: E. Charters	Read Replies (2) \| Respond to of 116762

One million ounces is only 1,000,000/29,167 = 34.28 short tons or 31.103 metric tonnes. This is a trivial amount considering the world mines produce 2600 tonnes of gold annually. This is only 1.2 per cent of production. Yanacocha expansion by itself is not a big deal. Yanacocha expansion does offset about 5 medium size mines shutting down however. Trouble is, with a small increase in gold price, many mines may increase production in the next two years and drive price down. We should look at what Barrick can do in Argentina too, and what may happen in Tanzania and Ghana with these new prices as well. There are a few million ounces per year that could potentially come onstream in about one to two years in these areas. EC<:-}