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

To: terry richardson who wrote (16748)	8/5/2002 9:11:27 AM
From: terry richardson	Read Replies (2) \| Respond to of 36161

From the World Gold Council DAILY GOLD MARKET COMMENTARY today: Harmony Gold Mining Co. Ltd. has released its second quarter results, reporting gold production of 2.7M ounces (84.0t), a 25% gain on the equivalent quarter of last year. The company expects to produce 3.1M ounces in the coming financial year. In the past quarter Harmony has integrated the acquisitions of 50% of Free Gold in South Africa and Hill 50 in Australia. Gold output at the Free Gold operations was up by 19% on the previous quarter, to 302,000 ounces(9.4t). Pierre Lassonde, President of Newmont Mining Corporation, has said at the Diggers and Dealers Conference in Australia today that Newmont is to look at ways of accelerating the unwinding of the hedge position that it inherited through its acquisition of Normandy. Normandy's gold hedges stood at approximately 7.3M ounces (227t) at the end of the first quarter, down from 9.5M ounces (295t) in February.