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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: russet who wrote (2555)	5/8/2002 1:25:27 PM
From: Enigma	Read Replies (2) \| Respond to of 3558

Russett - looking back I believe the discussion we had re valuations was Pangea not ARP - which I was in and out of fairly quickly and profitably fortunately. As for Pangea in retrospect it was a good deal in a bad market and adifficult continent. Have a look at RMX-V - Bill Cavilluzo (sp) who did IR at Pangea is doing the same at Rubicon - in fact drew my attention to it. Regards, d PS the reason the gold nuts and GATA types absoulutely HATE Barrick is that it is not bullish, or bearish on gold - and never has been. This is for some the cardinal sin.

To: russet who wrote (2555)	5/8/2002 4:09:44 PM
From: nickel61	Respond to of 3558

Well I think you are right that is not a complete list. Interesting to see that Barrick is not only backing down on it's hedging this year and going to sell half it's gold at the spot price but is also announcing a reduction in their gold call and variable price sales program. Maybe they are listening to the gold bugs after all. NAh!

To: russet who wrote (2555)	5/8/2002 4:14:01 PM
From: nickel61	Read Replies (1) \| Respond to of 3558

Well at least Barrick management seems to agree with me>>>> Barrick To Simplify Premium Gold Sales Program WILL FOCUS ON CORE SPOT-DEFERRED CONTRACTS AS CALL POSITION IS REDUCED; ALL AMOUNTS IN UNITED STATES DOLLARS TORONTO, May 8, 2002 -- Barrick Gold Corp. announced today at its annual meeting in Toronto that it is simplifying its Premium Gold Sales Program. The company said it will not renew its gold call and variable price sales contracts, which should result in a 3-million ounce reduction in the position by the end of the year. "A simple spot-deferred program makes more sense in today's environment," said Jamie Sokalsky, senior vice president and chief financial officer. "The overall program will be simpler, smaller, and better positioned to take greater advantage of rising gold prices. At the same time, it will continue to generate significant additional revenues and provide secure and predictable cash flows." Overall, at the end of the first quarter, the company had 18 million ounces of spot deferred contracts, representing 22 percent of reserves, and 6 million ounces of call and variable price sales contracts in the Premium Gold Sales Program. Barrick is simplifying the Program in two ways. First, it will not renew call and variable price sales contracts, and expects this position to decline by at least 50 percent, or 3 million ounces this year. Secondly, the company will no longer invest a portion of its spot-deferred contracts in corporate bond funds, and will instead leave all proceeds invested with its average AA-rated bank counterparties. These changes are further to Barrick's previously announced decision to sell 50 percent of its production at the spot price, for the first time in 14 years. In prior years, 100 percent of annual production was delivered against the Premium Gold Sales Program. "We have no plans to increase the number of ounces in our spot deferred position in today's gold market -- even with the new generation of mine projects in front of us," said Sokalsky. Barrick is a leading international gold producer with eight properties on four continents and an unmatched pipeline of mine development projects.