Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: marek_wojna who wrote (97155)	1/29/2004 11:25:54 AM
From: lorne	Read Replies (1) \| Respond to of 116977

Harmony Gold Sharply Reduces Australian Hedge Book Thursday January 29, 7:10 PM sg.biz.yahoo.com JOHANNESBURG (Dow Jones)--Harmony Gold Mining Co. Ltd. (HMY) said Thursday it has further restructured the Australian hedge books it inherited with the acquisition of the New Hampton and Hill 50 companies. In a statement, it said a total of 365,000 ounces of gold, being a combination of forward sales and call contracts, have been closed out. "The restructuring of the Australian hedge books is a continuation of Harmony's being unhedged. With the acquisition of these two companies, we inherited hedge books consisting of forward sales and call contracts in excess of 2 million ounces," Harmony said. Bernard Swanepoel, Harmony's chief executive, said following the latest restructuring only 495,000 ounces remain hedged. Ounces produced by the Australian Operations for the 18-month period January 2004 to June 2005, will now be exposed to the current spot price of gold. Delivery of the remaining hedged ounces is scheduled over the period July 2005 to June 2009. The restructuring of the hedge books at a net cost of $11.3 million has been financed from existing cash resources. "Harmony continues to generate good cash operating profits and using these proceeds to close out inherited hedged ounces makes good business sense," said Swanepoel. "We will continue with the restructuring of the remaining hedged ounces of New Hampton and Hill 50, as and when market conditions allow," he said.