Barrick eliminates non-project hedges but still owes 9.5 million oz.

By Dorothy Kosich
MineWeb.com
Friday, February 23, 2007

Barrick Gold announced Thursday that it has eliminated all non-project related hedge contracts but will retain 9.5 million ounces of project gold forward sales contracts. ...

While analysts viewed the further 1 million ounce reduction of Barrick's hedgebook during January and February as positive, they also noted it resulted in a $327 million or 37-cents-per-share reduction to fourth-quarter profits. Wilkins told analysts Thursday that Barrick is studying options to deal with the embedded mark-to-market loss. ...

... For the full story:

http://www.mineweb.net/mining_finance/636352.htm

* * *

Help Keep GATA Going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at www.GATA.org. GATA is grateful for financial contributions, which are federally tax-deductible in the United States.