Barrick defends hedging strategy
Article Abstract:
Barrick Gold Corp. (Toronto) chairman Peter Munk has aggressively defended the firm's gold-hedging strategy at its annual meeting yesterday. Mr. Munk said he introduced hedging to the gold mining industry 15 years ago when Barrick was transforming itself from a small oil and gas firm into what is now the world's most profitable gold mining firm. He said gold hedging has generated more than $1.5-billion (US) of extra profit for Barrick and allowed it to avoid the problems caused by weak gold prices. Barrick senior vice-president and chief financial officer Jamie Sokalsky said hedging added $1.5-billion to Barrick's revenue, or $66 for every ounce produced, over the past 12 years. Mr. Sokalsky added that in 1999 alone, the hedging allowed Barrick to generate $391-million in additional revenue, or $106 an ounce above the market price. Barrick has sold forward 13.4 million ounces of gold with a minimum floor price of $360, representing 100% of production for the next two years and 25% of future production. Barrick has three new gold projects under way in Tanzania, Peru and Nevada that will help increase the firm's annual gold production from 3.6 million ounces at present to five million ounces by 2003.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 2000
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Barrick seen following Homestake deal with moves in Australia
Article Abstract:
Speculation circulates that Barrick Gold Corp. will follow up its merger with Homestake Mining Co. with a deal in Australia.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 2001
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Barrick chairman highest-paid executive - so far
Article Abstract:
Barrick Gold Corp Chairman and CEO Peter Munk was named the highest-paid executive in 1998 in Canada, with $23.9 mil in total compensation. In 1998, Munk received $751,800 in bonus, $563,910 in salary and a paper profit of $22.6 mil for exercising two mil stock options. Barrick Gold, which anticipates to produce around 3.6 mil ounces of gold in 1999, posted a profit of C$301 mil in 1998 and a cash flow of C$539 mil.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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