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Problems at the Pascua-Lama mine were already factored into Barrick Gold’s (ABX -2%) share...

Problems at the Pascua-Lama mine were already factored into Barrick Gold’s (ABX -2%) share price, and the slide after today's construction halt should be considered short-term, Gold Newsletter's Brien Lundin says. The $16M fine imposed by Chile is "immaterial" when contrasted to the $8.5B currently allocated to the project, Cowen analysts say.
Comments (5)
  • Clément B
    , contributor
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    Right, Chile likes to skim, but needs the project for the money.
    24 May 2013, 04:56 PM Reply Like
  • Festivus
    , contributor
    Comments (66) | Send Message
     
    Thank you for injecting some reality to the hullabaloo - would like to know what caused the halt in trading, smells like some HFT 'bot hitting the sell button real fast and then breakers kicking in. If I was cyncial, I might suppose it was a concious human decision to flash-crash the stock to get in at a lower price.

     

    This fine is just a small tax on the project, Chile doesn't want to kill the golden goose.
    24 May 2013, 05:17 PM Reply Like
  • vi00822
    , contributor
    Comment (1) | Send Message
     
    news said, it will halt ALL Work,

     

    is that Chile side and the Argentina side ?
    25 May 2013, 02:54 AM Reply Like
  • 2PP
    , contributor
    Comments (349) | Send Message
     
    The fine amounts to about 1.6 cents per share, so no harm done. I put in a limit order @15$ just in case the news was something other than what was already public. This is actually great news for ABX, at least there is now a path forward to complete the project instead of just pulling out and losing the 4.5B already invested.
    25 May 2013, 05:30 AM Reply Like
  • User 195396
    , contributor
    Comments (345) | Send Message
     
    I do not have all the facts but it seems that ABX is shooting themselves in the foot by playing fast and loose with the environ concerns-native activists are becoming more active and demanding and it behooves ABX to step up and get ahead of this issue. I am long SLW and this stoppage affects SLW long term as well.
    25 May 2013, 12:59 PM Reply Like
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