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--- Begin Message ----Caveat Lector- http://www.webfin.com/en/news/news.html/?id=31666TORONTO, March 7 (CP) -- Barrick Gold Corp. reassured investors Friday that it won't face a hedging disaster similar to one unfolding at major competitor Newmont Mining Corp. A blowup for Newmont, the world's biggest producer, has sparked fears investors will shy away from other producers that sell gold in forward contracts at locked-in prices. Unlike the Newmont situation, none of Barrick's 19 bullion bank counterparties have unilateral and discretionary rights to terminate the forward sales contracts, Canada's largest gold producer stated Friday. Barrick also said it has sold forward only 21 percent of its gold reserves, and its contracts give it the right to sell gold at market prices or the hedge price, whichever is higher. Earlier this week, Standard & Poor's cut its credit rating on Newmont's Yandal operations in Australia, acquired in the American company's 2001 takeover of Normandy Mining, after reviewing the project's hedging exposure. Newmont has disclosed that Yandal faces a negative mark-to-market value of US$288 million on its hedge book. This situation could worsen because the mine's counterparties have the right to require Yandal to settle the contracts in cash before they come due. "That's why we thought it was necessary to point out the differences in our case," said Barrick's Vincent Borg. Investors are nervous, and Canadian gold stocks have suffered. Shares in Barrick and Placer Dome Ltd. have lagged the sector's rally of the past year, largely because many investors and analysts distrust the companies' derivative portfolios. -END- Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/ <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> 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: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of [EMAIL PROTECTED]</A> http://archive.jab.org/[EMAIL PROTECTED]/ <A HREF="http://archive.jab.org/[EMAIL PROTECTED]/">ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
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