Gold hedging brinksmanship at Newmont

Newmont says hedge book fell in 2002

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NEW YORK, Feb. 24 (Reuters) -- Newmont Mining Corp.,
the world's largest gold miner, said on Monday that its
gold hedge book fell sharply from last year and that it
will release its 2002 financial results after the U.S.
Securities and Exchange Commission concurs with
its accounting for its recent acquisitions.

A committed non-hedger, Newmont said total hedged
gold ounces on a pro-forma basis fell to 6.6 million in
2002 from 11.5 million ounces a year-earlier. Committed
hedged ounces fell to 5.23 million from 9 million last year,
as the company reduced the acquired Normandy
Mining gold hedge books.

Newmont said it had total gold reserves of 86.9 million
ounces at the end of 2002.

Denver-based Newmont said it had asked the SEC
for pre-clearance of its methodology for allocating the
purchase price and for any testing for any future
impairment charges in its acquisition of Normandy
Mining Ltd. and Franco-Nevada Mining Corp. Ltd. in
2002.