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Toronto-based Barrick,
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--- Begin Message ----Caveat Lector- ------------------------ Yahoo! Groups Sponsor --------------------~--> <FONT COLOR="#000099">Yahoo! Domains - Claim yours for only $14.70 </FONT><A HREF="http://us.click.yahoo.com/Z1wmxD/DREIAA/yQLSAA/WfTolB/TM"><B>Click Here!</B></A> --------------------------------------------------------------------~->Barrick Gold Aims To Lift Output Faster Than Competition By Nicholas Sinclair Dow Jones Newswires Tuesday, July 27, 2004 http://sg.biz.yahoo.com/040727/15/3lzje.html KALGOORLIE, Australia -- Canada's Barrick Gold Corp. intends to increase production at a compound rate of 12 percent per annum through 2007, thereby vastly exceeding the competition's growth plans, the company said Tuesday. This would see Barrick, currently the world's third largest producer, lift its annual output from a projected 5 million troy ounces in 2004 to close to 7 million ounces in 2007, David Tucker, general manager of business development and public affairs for Barrick Australia, told delegates at the annual Diggers and Dealers mining forum. Toronto-based Barrick, which produced 5.5 million ounces of gold last year, is scheduled to release its second quarter production and financial results later Tuesday. The company's growth profile is to be underpinned by four new open pit mines that are all currently under construction, Tucker said. The largest and most cost-efficient of these is the Alto Chicama mine in Peru, where Barrick expects to produce an average of about 550,000 ounces over the life of the operation at a cash cost of US$135-US$145/oz. The Veladero project in Argentina ranks just behind Alto Chicama, with the company expecting to produce 540,000 ounces a year at US$155-US$165/oz. Both of these mines are slated to begin producing gold in the fourth quarter of next year, Tucker said. Barrick's output boost will be supplemented by the 225,000- ounces-per-annum Cowal mine in Australia's New South Wales state and the 75,000 oz/year Tulawaka operation in Tanzania. "Those new projects will all have relatively low cash costs, and that should keep our cash costs overall, for the whole portfolio, (at) something less than US$200/oz," Tucker said, adding that this would ensure Barrick remained the lowest-cost producer of the world's major gold companies. Compared with Barrick's 12 percent compound annual growth rate (CAGR) over the next four years, the other four members of the world's five largest gold producers will deliver an average CAGR of about 2 percent, Tucker said. Not included in Barrick's current projections is the Pascua-Lama gold and silver mine in Chile, which is slated to commence production by 2008, Tucker said. Barrick will provide an update on Pascua-Lama in its second quarter report. While it waits for the new mines to come on stream, Barrick expects continued strong production from the Super Pit mine in Kalgoorlie, which it co-owns with Newmont Mining Corp. The Super Pit is the largest active gold mine in Australia, with 2004 output forecast between 760,000 and 800,000 ounces at an average cash cost of US$230-US$240, Tucker said. "It had a great year last year, it's going very well this year, and ... as far as we can see, in the (coming) years, it looks good," he said of the mine, which sits on the outskirts of Kalgoorlie. While the Super Pit's current mine life projection extends for another 14 years, Newmont executive Hans Umlauff said earlier Tuesday "that need not be the end of it." Barrick, once a strong proponent of gold hedging, is now committed to cutting the size of its hedge book "at a sensible pace," Tucker said. This follows an about-face late last year, when Barrick decided it would no longer add any new hedge positions and would instead look to gradually eliminate its hedge book. While fellow top-five gold producers like Newmont and Gold Fields have been notably anti-hedging in recent years, Barrick previously defended the merits of its hedge book, which used to cover a significant portion of its reserve base. "We believe in the gold price in the future, and whilst the hedging was very good in the past, the focus is on shareholder value, and (to that end) longer term, going forward we believe we should be reducing the hedge book," Tucker said. "The target this year is to reduce the hedge book by at least 1.5 million ounces," Tucker said. "That will be comfortably achieved." That would bring the total size of Barrick's hedge book at the end of 2004 down to approximately 13 million ounces, he said. As of the end of the first quarter, Barrick had 70 million ounces of unhedged reserves. * * * Newmont President Sees Gold At US$380-$450 Over 18 Months >From Dow Jones Newswires Tuesday, July 27, 2004 http://sg.biz.yahoo.com/040727/15/3lzde.html KALGOORLIE, Australia -- Such is the interest in the gold price forecasts of Pierre Lassonde that even as a no-show, delegates at the Diggers and Dealers mining forum were keen for a prediction from Newmont Mining Corp.'s president. Thus, Hans Umlauff, group executive for operations and support at Newmont, responded to the first question put to him following his presentation by saying Lassonde expects gold to range between US$380 and US$450 a troy ounce over the next 12 to 18 months. Lassonde, who was unable to attend this year due to board commitments, has made a splash at each of the past two annual Diggers and Dealers events with bold price projections. Two years ago, with gold languishing around US$300/oz, Lassonde told his Kalgoorlie audience that the yellow metal would rise to US$350 within 18 to 24 months. Emboldened by what turned out to be a conservative projection, the former head of Canada's Franco-Nevada returned returned last year and said gold would climb "up to US$450/oz" within 12 months. In both instances he cited the weakening of the U.S. dollar as a key factor behind his forecasts. Gold, which has indeed tightly tracked the euro-U.S. dollar exchange rate in recent years, peaked at just over US$430/oz earlier this year but has since retreated. At 0550 GMT, spot gold was trading at US$391/oz. --------------------------------------------------- To subscribe to GATA's dispatches, send an e-mail to: [EMAIL PROTECTED] To unsubscribe, send an e-mail to: [EMAIL PROTECTED] ---------------------------------------------------- RECOMMENDED INTERNET SITES FOR DAILY MONITORING OF GOLD AND PRECIOUS METALS NEWS AND ANALYSIS Free sites: http://www.jsmineset.com http://www.cbs.marketwatch.com http://www.mineweb.com/ http://www.gold-eagle.com/ http://www.kitco.com/ http://www.usagold.com/ http://www.GoldSeek.com/ http://www.GoldReview.com/ http://www.capitalupdates.com/ http://www.DailyReckoning.com http://www.goldenbar.com/ http://www.silver-investor.com http://www.thebulliondesk.com/ http://www.sharelynx.com/ http://www.mininglife.com/ http://www.financialsense.com http://www.goldensextant.com http://www.goldismoney.info/index.html http://www.howestreet.com http://www.depression2.tv http://www.moneyfiles.org/ http://www.howestreet.com http://www.minersmanual.com/minernews.html http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html http://www.goldcolony.com http://www.miningstocks.com http://www.mineralstox.com http://www.freemarketnews.com http://www.321gold.com http://www.SilverSeek.com http://www.investmentrarities.com http://www.kuik.com/KH/KH.html (Korelin Business Report -- audio) http://www.plata.com.mx/plata/home.htm (In Spanish) http://www.plata.com.mx/plata/plata/english.htm (In English) Subscription site: http://www.lemetropolecafe.com/ http://www.hsletter.com Eagle Ranch discussion site: http://os2eagle.net/checksum.htm Ted Butler silver commentary archive: http://www.investmentrarities.com/ ---------------------------------------------------- COIN AND PRECIOUS METALS DEALERS WHO HAVE SUPPORTED GATA AND BEEN RECOMMENDED BY OUR MEMBERS Blanchard & Co. Inc. 909 Poydras St., Suite 1900 New Orleans, Louisiana 70112 888-413-4653 http://www.blanchardonline.com Centennial Precious Metals 3033 East 1st Ave., Suite 403 Denver, Colorado 80206 www.USAGold.com Michael Kosares, Proprietor US (800) 869-5115 Canada 1-800-294-9462 European Union 00-800-2760-2760 Australia 0011-800-2760-2760 [EMAIL PROTECTED] Colorado Gold 222 South 5th St. Montrose, Colorado 81401 www.ColoradoGold.com Don Stott, Proprietor 1-888-786-8822 [EMAIL PROTECTED] El Dorado Discount Gold Box 11296 Glendale, Arizona 85316 http://www.eldoradogold.net Harvey Gordin, President Office: 623-434-3322 Mobile: 602-228-8203 [EMAIL PROTECTED] Investment Rarities Inc. 7850 Metro Parkway Minneapolis, Minnesota 55425 http://www.gloomdoom.com Greg Westgaard, Sales Manager 1-800-328-1860, Ext. 8889 [EMAIL PROTECTED] Kitco 178 West Service Road Champlain, N.Y. 12919 Toll Free:1-877-775-4826 Fax: 518-298-3457 and 620 Cathcart, Suite 900 Montreal, Quebec H3B 1M1 Canada Toll-free:1-800-363-7053 Fax: 514-875-6484 http://www.kitco.com Lee Certified Coins P.O. 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