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

To: Enigma who wrote (3326)	1/20/2003 12:47:26 PM
From: Ken Benes	Read Replies (2) \| Respond to of 3558

"Barrick Gold Corporation (ABX: NYSE/TSE) announced today that it expects 2002 earnings per share in the 33-35 cent range (excluding non-hedge related adjustments)1 compared to earlier guidance for earnings at the lower end of the 42-47 cent per share range, based in both cases on a $315 spot gold price. “Certain operations experienced lower than anticipated grades and recovery rates, resulting in lower production and higher costs,” said John Carrington, Vice Chairman and Chief Operating Officer. “While our third quarter has been disappointing, we expect our fourth quarter results to improve as we mine better grades at several operations.” In addition to higher cash costs, the Company expects marginally lower gold sales and higher depreciation expense than previously forecast. The Company expects third quarter earnings to be in the 5-6 cent range." Is this the pathetic explanation you are talking about. The most efficient, dynamic, and growing gold company in the world according to you and yet they cannot make more money with the price of gold moving up significantly. If they apply the same kind of expertise to their hedging program, it is little wonder that investors are shying away. Ken