Barrick's Thornton has no plans to sell Pascua Lama, African Barrick


Barrick Gold (ABX) confirms Peter Munk will step down from its board at the 2014 annual meeting, expected around April, and co-chairman John Thornton will become sole chairman at that time.

Thornton tells WSJ that ABX will focus on establishing long-term relationships with Chinese partners but has no current plans to sell its Pascua Lama project or its majority stake in African Barrick Gold (ABGLF, ABGLY), two sources of trouble for the miner in recent years.

Thornton also says ABX would consider increasing its exposure to copper and silver over time, depending on the price of those metals, dampening rumors that the company wants to sell out of its copper projects.

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Comments (4)
  • Uncle Pie
    , contributor
    Comments (4322) | Send Message
     
    Of course they're not going to sell Pascua Lama or their stake in African Barrick. There are no buyers!
    4 Dec 2013, 07:27 PM Reply Like
  • happyguy
    , contributor
    Comments (238) | Send Message
     
    Peter Munk is waiting for this bonus? Why waiting for so long? Just go!
    4 Dec 2013, 11:14 PM Reply Like
  • Red Dragonfly
    , contributor
    Comments (7) | Send Message
     
    I truly believe the share price had reached its bottom
    5 Dec 2013, 05:25 AM Reply Like
  • joeblow_pe
    , contributor
    Comments (41) | Send Message
     
    only if the price of gold has reached its bottom...
    5 Dec 2013, 05:58 AM Reply Like
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