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

To: re3 who wrote (94887)	5/6/2003 4:28:55 PM
From: Lucretius	Read Replies (3) \| Respond to of 116753

a potato head? i bet i taste good after a long day of baking in the sun -g-

To: re3 who wrote (94887)	5/6/2003 7:23:30 PM
From: goldsheet	Read Replies (1) \| Respond to of 116753

Don't ignore the fundamentals: South Africa's National Union of Mineworkers said Tuesday that it is seeking an across-the-board increase of 20% in wages for its 279,000 members The country's biggest gold miners have been severely hit by the rand's appreciation against the dollar. The strong rand, which has strengthened by around 50% in little over 18 months, has badly dented companies' profits because they price their gold sales in dollars. Rand-denominated earnings are therefore under pressure at a time when employers are already facing a plan for extra taxes on mineral extraction, as well as black empowerment legislation and heavy medical bills for employee Aids treatment programs. FULL: biz.yahoo.com Also check out ARM Gold where "Cash operating income sank 44 percent to 196.4 million rand, largely due to lower gold production and a six percent decline in the gold price received in rand terms." FULL: biz.yahoo.com Similar article regarding impact strength of Canadian dollar will have on miners - "Mining companies who take in U.S.-dollar revenues but have Canadian operations will see 2003 earnings squeezed by the sharp rise in the Canadian currency, which put on another spurt Tuesday." Agnico Eagle and Goldcorp will be most affected gold miners. FULL: biz.yahoo.com