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sordid matters and 'conspiracy theory'—with its many half-truths, mis-
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Let us please be civil and as always, Caveat Lector.
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--- Begin Message ---
-Caveat Lector-
9:40a ET Tuesday, September 17, 2002
Dear Friend of GATA and Gold:
And now even Barrick is getting into the
hedge-closing act on a good day for
announcing it.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Barrick Gold sets bold growth plan
Canadian miner aims to double profit,
curb hedge position
By Bill Clifford
CBS.MarketWatch.com
Tuesday, Sept. 17, 2002
TORONTO -- Barrick Gold aims to double its
profit by 2006 with a new growth plan that
centers on a $2 billion mine development
program.
Barrick's long-term plan calls for an average
2 million ounces of additional annual gold
production for the next 10 years at expected
cash costs of $125 per ounce. That would
reflect 29 percent lower costs than its
current production base, the company said in
a press release Tuesday.
Barrick said it expects net production to
increase by 1.2 million ounces, or 21
percent, to 6.9 million ounces in 2006 at
lower costs. As a result, Barrick aims to
double its earnings by then, an assumption
based on a $325 per ounce price of gold.
Gold futures prices have traded in the $316
to $325.50 range over the past week, and
closed Monday at $318.50 an ounce on the
Commodities Exchange division of the New York
Mercantile Exchange.
Barrick plans to reduce its forward sales
position by one-third, to 12 million ounces
from 17.9 million, by end of 2003. This would
equate to 15 percent of the company's current
gold reserves as compared to 22 percent
today.
"We are further reducing our hedge position
for three main reasons: interest rates are at
40-year lows, leading to lower forward
premiums; Barrick has never been stronger
financially; and the outlook for gold prices
is positive," said Jamie Sokalsky, chief
financial officer.
Barrick earned $59 million profit, or 11
cents a share, in the second quarter of 2002,
matching Wall Street estimates.
With about 82 million ounces of gold
reserves, Barrick is North America's second-
largest gold producer, behind Newmont Mining.
Shares of Barrick Gold shed 9 cents on Monday
to close at $17.46. Newmont Mining climbed by
53 cents to end at $29.87.
-END-
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DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance—not soap-boxing—please! These are
sordid matters and 'conspiracy theory'—with its many half-truths, mis-
directions and outright frauds—is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
Archives Available at:
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<A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of
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--- End Message ---
