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

To: Zardoz who wrote (82495)	2/24/2002 8:32:38 PM
From: long-gone	Read Replies (1) \| Respond to of 116762

Sunday February 24, 7:58 pm Eastern Time Newmont to let Normandy gold hedges expire By James Regan SYDNEY, Feb 25 (Reuters) - Newmont Mining Corp (NYSE:NEM - news) said on Monday it plans to let the gold hedge book of Normandy mining expire naturally. ADVERTISEMENT When Newmont launched its A$4 billion (US$2 billion) takeover for Australia's largest gold miner last year, the company said it would seek opportunities in the market price cycle to exit the gold hedges at a profit. However, gold prices have since risen sharply. ``We will simply deliver into the hedge book and dilute it down and just let it expire naturally,'' Bruce Hansen, chief financial officer, told reporters. Newmont currently has acceptances for about 84 percent of Normandy, which has about eight million ounces of gold sold forward. Hansen also said Newmont had begun its review to define core and non-core assets within Normandy. He said Normandy gold mines and exploration properties in Canada, Turkey, Greece and Africa would come under the review. Proceeds from any asset sales would be used to pay down debt. ``At the end of the day we need to decide where we are best suited to be a natural owner,'' Hansen said. He also said Newmont would honour its funding obligations toward development of a magnesium mine and processing plant on Australia's east coast, owned by Australian Magnesium Corp Ltd (Australia:ANM.AX - news). Normandy subsidiary Australian Magnesium Corp's Golden Grove zinc mine in Australia represented a ``world class'' operation, he added. ``Its in the fold and we will continue to evaluate it,'' he said of Golden Grove. Hansen was speaking at the listing of Newmont Chess Depository Interest (CDI) securities on the Australian Stock Exchange. The CDIs opened at A$4.65 and were trading at A$4.62 around noon. biz.yahoo.com