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


By Dorothy Kosich
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. ...

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