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BULLETIN: Barrick Gold Corp. Announces Reduction in Call Options and Variable-Price Contracts May 02
Standard & Poors, May 2002
Abstract
Standard & Poor's today said Barrick Gold Corp.'s (A/Stable/A-1) decision not to renew a portion of its call options and variable-price sales contracts will not affect the ratings on the company. The company recently announced its intention to reduce the level of call options and variable-price contracts to three million ounces from six million ounces. This reduction is the result of the company's decision to simplify its hedging strategy. Barrick plans to maintain its primary hedge of 18 million ounces in spot-deferred sales contracts, which provides price protection on 22% of gold reserves. The company also reaffirmed its intention to deliver 50% of its production into spot-deferred sales contracts, leaving 50% to be sold on the spot market....
Companies mentioned in this report are: Barrick Gold Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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