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

To: The Fix who wrote (765)	10/9/1998 8:52:00 AM
From: Famularo	Read Replies (1) \| Respond to of 3558

Post says senior gold producer happy about hedging Barrick Gold Corp ABX Shares issued 375,645,771 Oct 8 close $34.35 Fri 9 Oct 98 In the News The Financial Post reports in its Friday, Oct. 9, 1998 edition that Barrick Gold says its aggressive hedging program will help ensure continued profitability over the next several years. The Post's Greg Crone writes that Barrick has a hedging program that has locked in a price of $400 (U.S.) an ounce for its production through to 2000. CEO Paul Melnuk says Barrick has 20 per cent of its reserves sold, or 10 million ounces, at an average price of $400 an ounce, which contributes about $200-million to earnings and cash flow each year. The earnings outlook appears particularly rosy this year, he says. Without giving any numbers, he says the momentum is continuing with higher production, lower costs and the obvious impact on the bottom line. Chief operating officer John Carrington says production will rise this year to more than 3.1 million ounces and is expected to increase again in 1999 to 3.5 million ounces. Meanwhile, cash operating cost for 1998 are expected to be about $165 an ounce, below this year's target of $170.