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Admitting what has become obvious, Barrick Gold (ABX) says completion of the Pascua-Lama project...

Admitting what has become obvious, Barrick Gold (ABX) says completion of the Pascua-Lama project will be delayed beyond 2014, and capital costs likely will exceed its $8B-$8.5B estimate. ABX will "evaluate all alternatives" for Pascua-Lama in light of the current legal and regulatory issues, but few expect it to give up totally on such an important part of its long-term future. ABX -2.3% premarket.
Comments (6)
  • mickmars
    , contributor
    Comments (1323) | Send Message
    Nice job, Barrick.
    4 Jun 2013, 12:03 PM Reply Like
  • TDWelander
    , contributor
    Comments (639) | Send Message
    You need to think terms of decades for work in progress these days. With the recent reduction in gold prices, an oil cartel style reduction in supply appears in order to increase gold prices. Or it appears very convenient to place the Pascua Lama project on hold. And let the attorneys over come all these outrageous obstacles so future projects are less likely to encounter them.
    4 Jun 2013, 01:55 PM Reply Like
  • losbronces
    , contributor
    Comments (616) | Send Message
    Lumwana isn't going well either.
    4 Jun 2013, 02:14 PM Reply Like
  • User 195396
    , contributor
    Comments (356) | Send Message
    KBC has similar probs in Ecuador-bot a developmental mine and been tied up for over two yrs w/govt-solid metal reserves getting more difficult to find and more expensive to develop.


    Stating the obvious, ABX did not handle this well-Chile is not as politically hazardous as Ecuador.
    4 Jun 2013, 05:33 PM Reply Like
  • Bobco23
    , contributor
    Comments (158) | Send Message
    ABX does not handle anything well.


    If there ever was a poster child for buying management instead of a business, this is it.


    Top managers were paid millions and destroyed this company. One wonders what they were thinking, or were they thinking?


    Forget financial statements, analysts need to focus on the business acumen of senior management in their reports.
    4 Jun 2013, 10:21 PM Reply Like
  • TDWelander
    , contributor
    Comments (639) | Send Message
    Bobco23: yes, that is why Barrick ABX is the largest and most diverse gold miner and refiner in the world. Wall street has tried to
    cripple this company with short selling driving down the ABX
    stock price below book value with a PE of what, around 6 lately.


    Get a clue, get some reality, and stop the crap pedaling.
    No one outside of wall street or DC have any use of
    your fictional view of reality.


    Wall street, like DC makes a mess of everything and anything
    they touch. Shrinking both of them hugely and getting
    them out of peoples lives are jobs one; two; and three.


    And also shrinking the to big to fail banks is the priority
    in parallel with shrinking wall street and DC.


    If these two scenarios actually come to the front, we could
    actually have some prosperity again instead of people
    perpetually upset with government, wall street,
    and big banks making a mess of most of what
    they touch.
    5 Jun 2013, 10:36 AM Reply Like
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