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

To: Enigma who wrote (93634)	2/18/2003 5:52:26 PM
From: marek_wojna	Read Replies (1) \| Respond to of 116756

<<But the hedging will continue - but it's a small percentage of reserves.>> 18% of reserves hedged is not a small portion.

To: Enigma who wrote (93634)	2/18/2003 8:12:40 PM
From: long-gone	Respond to of 116756

<<The loss was due to mining operations and not to hedging,>> Please see page 16 & try again.

To: Enigma who wrote (93634)	2/18/2003 8:44:07 PM
From: long-gone	Read Replies (2) \| Respond to of 116756

<<The loss was due to mining operations and not to hedging, and Oliphant has been made the fall guy it appears. >> "Continuity Schedule of the Change in the Mark-to- Market Value of the Gold Hedge Position (millions) Fair value as at December 31, 2001 -Gain $356 Impact of realized gains in the period to date (168) Impact of chanqe in spot price (from $279 per ounce to $347 per ounce) $368 Contango period to date $182 Impact of chanqe in valuation inputs other than spot metal prices (e.g. interest rates, lease rates, and volatility) $344 Fair value as at December 31.2002 -loss ($639)" barrick.com Unlike many, I never made the wild claims against their(or other's) hedging, only that I would prefer not to invest in companies comitted to ongoing hedging operations. Now, even they admit they have had a problem with with their hedge book. Why can't you admit the same? Now, want to tell us (again) there was no loss from hedging? Remember my exact quote: "Thought you might want to take the opportunity to address loss. " WAS THIS A LOSS? Just telling the truth at this point would be acceptable.