4. Barrick Gold owns the Bulyanhulu mine in Tanzania and the Karlgoolie mine in Australia. Table 2 reports information on selling prices and costs for the two mines. Barrick's selling price of gold differs from the spot price as some production is sold through long-term contract and also owing to the company's use of hedging. The "average cash cost" (average variable cost) includes operating cost, royalties, and taxes, while the "average cost" includes the cash cost as well as amortization. Table 2: Bulyanhulu Karlgoolie 2002 2003 2004 2004 Production (thousand ounces) 356 314 350 444 Selling price ($ per ounce) 339 366 391 391 Average cash cost ($ per ounce) 198 246 284 234 Average cost ($ per ounce) 300 369 384 278 Source: Barrick Gold Corporation, Annual Reports