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Mix-Ansicht- Placer Dome Cuts Gold Hedge Position By 20% - und Gold über 314 $!! - yatri, 30.08.2002, 08:50
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Placer Dome Cuts Gold Hedge Position By 20% - und Gold über 314 $!!
-->Placer Dome Cuts Gold Hedge Position By 20%
Thursday August 29, 5:00 pm ET
VANCOUVER -(Dow Jones)- Placer Dome Inc. is cutting its gold hedge position by 20% from the 8.5 million ounces of gold reported as at June 30.
Placer said in a press release that the recent volatility in gold prices has afforded it the opportunity to reduce its call option commitments for 2003 and 2004 at an anticipated net cost of about $2 an ounce, or about $2 million.
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Placer expects its committed ounces to total 6.8 million at an expected realized gold price of more than $400/oz by Dec. 31. The mining company said this level of committed ounces would represent less than 40% of its average expected production over the next five years, or 15% of currently published reserves.
For 2003, Placer said it expects to have more than 90% of its production uncommitted.
Placer said,"We are positive in our outlook for gold and reducing our committed ounces will increase the already significant upside for our shareholders."
The company said its forward sales program contributed $54 million to earnings in the first half of 2002 and as of June 30 had a positive mark-to-market value of $223 million.
As reported, Placer had net income of $85 million in the first half of 2002.
Company Web Site: http://www.placerdome.com
-Stephanie Thomas, Dow Jones Newswires; 416-306-2100
<ul> ~ http://biz.yahoo.com/djus/020829/1700000692_1.html</ul>
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