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"Door is definitely open" to potential Pascua-Lama sale, Barrick CEO says

  • Barrick Gold's (ABX -4.4%) decision to suspend construction of the Pascua-Lama project attracted most of the attention during today's conference call after releasing its Q3 earnings.
  • "A decision to proceed to the next stage will depend on reduced risks and improved economics," CEO Jamie Solasky said in the call. Pascua-Lama "is not something we are walking away from at all... but the door is definitely open" about the possibility of selling a stake in the $8.5B project, which is roughly half finished.
  • Analysts generally were pleased: "The guidance improved, costs are coming down, and they are keeping true to their promise of allocating capital better" by suspending Pascua-Lama, a Veritas analyst says.
Comments (1)
  • Charles Cooke
    , contributor
    Comments (50) | Send Message
     
    Appears to me that Barrick has decided to play hard ball with The Chilean Government who was trying to mug them. So what does Chile have now to show for this effort to demonize Barrick? Ans., A pile of rock. They may shortly come back to Barrick with a more accommodative "gee after all, let's wotk together" ( as in we really didn't want to loose the revenue).
    31 Oct 2013, 06:43 PM Reply Like
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