Very interesting read on the current hedge positions and trends for Barrick and many other gold miners.   Some key points on Barrick's position from:

SOCÍÉTÉ GÉNÉRALE SURVEY (in english)
Global gold hedge book contracts to 1,241 tonnes
GFMS’s latest survey for Société Générale determined that the gold mine hedge book contracted by 128 tonnes during the first-quarter 2007, and forecasts a full year of dehedging ranging between 249 to 311 tonnes.
Author: Rhona O’Connell
Posted:  Monday , 21 May 2007

The current world wide hedge (as of mid-May) is 1,241 tonnes of gold (that’s approximately 40 million ounces) or roughly two years of world wide gold production.  Even after a 98 tonne reduction in its hedge position Barrick still accounts for 295 tonnes (9.5 million oz) of forward sales.   That’s a little over a year’s production (8.6 million oz) for them from all their mines.   In the past couple of months there has been significant pressure to reduce this hedge position further.   At the same Barrick holds 123 million oz of proven and probable reserves (vs resources) and have a market capitalization of $37 billion.  They are very likely to be one of a handful of companies that can afford to make a play on ARU.  

You can read the full text at:  www.mineweb.com:8080/mineweb/view/mineweb/en/page33?oid=21170&sn=Detail