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To: sammaster who wrote (33287)	5/6/1999 7:44:00 PM
From: Tom Byron	Respond to of 116815

y.auger's latest (today) members.home.net

To: sammaster who wrote (33287)	5/6/1999 7:59:00 PM
From: goldsnow	Respond to of 116815

FOCUS - Newmont earnings hurt by lower gold prices 05:28 p.m May 06, 1999 Eastern By Judith Crosson DENVER (Reuters) - Newmont Mining Corp., the largest gold producer in North America, said Thursday its first quarter operating earnings fell sharply because of lower gold prices, but that demand was starting to pick up, even in economically hard-hit Asia. Chief Executive Ron Cambre told shareholders at Newmont's Denver annual meeting that Asian demand for gold was still ''not up to what it was a few years ago, but people are at least buying again, not selling,'' Cambre said. ''There's a stir in the market as money moves from Internet stocks into real assets, basic industries, commodities and yes, gold,'' he said, noting gold prices last week rose above $285 an ounce for the first time in two months. Every $10 rise in the price of gold translates into an 18 cent a share improvement in annual profits, Cambre said after the annual meeting. Newmont's average realized gold price this year fell $31 from the 1998 first quarter to $293 an ounce. Denver-based Newmont posted net income of $9.9 million, or 6 cents a share, vs. a loss last year of $2.7 million, or 2 cents a share. The latest quarter included start-up costs of $3.1 million for a Indonesian mine, while year-ago results came after a $32.9 million accounting charge. Excluding one-time items, operating earnings fell to $13 million, or 8 cents a share, from $31.3 million, or 20 cents a share. Revenues fell to $330.2 million from $389.5 million. Analysts had expected earnings of 6 cents a share, according to First Call Corp., which tracks such estimates. Newmont stock was up 37.5 cents at $26.06 in afternoon trading on the New York Stock Exchange. During the latest quarter, the company produced 956,100 ounces of gold, down from 1.03 million ounces produced a year earlier. The company's total gold production in 1999 is expected to slip to 3.9 million ounces from last year's record 4.1 million ounces, Cambre said. Production in Nevada was expected to decline 10 percent from last year to 2.4 million ounces, he said. ''Total cash costs per ounce will remain in the $200 to $210 range as our cost-cutting efforts balance higher costs of treating greater quantities of refractory ore,'' Cambre said of the Nevada production. Newmont also has operations in Peru and Indonesia. Cambre said construction at the Batu Hijau mine in Indonesia was 90 percent complete. ''We expect our first commercial production in the first quarter of 2000,'' he said of the Batu Hijau mine, in which Newmont holds a 45 percent interest. Copyright 1999 Reuters Limited.

To: sammaster who wrote (33287)	5/7/1999 7:15:00 AM
From: long-gone	Read Replies (1) \| Respond to of 116815

<<anyone know which gold producers arent hedging besides nem?>> Goldfields. Best I can figure, all the rest are to a greater of lesser extent. That IMHO is where the line must be drawn in the sand. What level of total production is forward sold, and over what period of time. AU said they were forward sold to the extant of 21 months with delivery streached over next 10 years. HM (way I figure it) 15-25% of next two years production ECO near same. ABX 45% forward sold over next ten years.