ALTHOUGH the gold price itself remains rangebound, several of North America's gold miners are beginning to realise the benefits of hedging programmes, with several recording prices over 400 dollars/oz during the third quarter as a result. In terms of production it was a mixed bag, with Newmont, Placer and Barrick recording production increase but several others suffering from operational problems. Barrick's output continued to increase year-on-year due to the acquisition of assets from Lac Minerals. The company again topped the output league, with production at over 700,000 oz. President and ceo Robert Sminth said Barick was confident of achieving its 3.0m oz production target this year: "The mining cycle at Betze-Post [Goldstrike] mine calls for significantly higher production in the fourth quarter and the undrground development and processing improvements undertaken at the Canadian and Chilean mines during this transition year should begin to generate benefits as well." He said.
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