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Barrick Gold CEO Sokalsky says lessons learned from setbacks

Barrick Gold (ABX -0.9%) CEO Jamie Sokalsky tells FT the company has learned from its mistakes, including the aborted acquisition of Newmont Mining and the failure of its Pascua-Lama project.

Sokalsky plays up the potential for ABX to grow on the back of its gold discoveries in Nevada, and says that even without a merger ABX will still look for ways to co-operate in Nevada with Newmont.

Sokalsky also says it will take a more gradual approach to growth after shelving its attempt to build the huge Pascua-Lama gold mine in South America, and the change of emphasis shows how miners have been forced to temper their ambitions because of weak gold prices.

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Comments (3)
  • Ronald McDonald
    , contributor
    Comments (55) | Send Message
    You would hope so. Pascua Drama and Equinox hopefully weren't company killers.
    2 Jun 2014, 10:12 PM Reply Like
  • The_Truth_in_NYC
    , contributor
    Comments (104) | Send Message
    Lessons learned? The board is not there to learn lessons, they are not rookies in this industry. This is another reason why Canadian gold miners should be watched closely!


    Yamana Gold seems to be learning a lesson too.....
    3 Jun 2014, 09:48 AM Reply Like
  • Kirill Klip
    , contributor
    Comments (295) | Send Message
    TNR Gold Los Azules Copper M&A: Barrick Gold Strikes Deal With Pascua-Lama Mine Opponents


    We have another very important confirmation that Barrick Gold is very serious about the re-start of its huge Pascua Lama mine building on the boarder of Argentina and Chile. All recent activity makes me think that somebody is more than likely is ready to support Barrick in this project with the capital and maybe even part of the Chinese market demand. All these developments are very positive for mining in Argentina and Lumina Copper advance demonstrates what potential assets re-pricing does really mean in this market environment. Reuters reports: "Barrick Strikes Deal With Pascua-Lama Mine Opponents."
    Please carefully read my legal disclaimer and do not apply any of this information to any particular security or make any investment decisions. Now we have both of our valuation drives moving in the positive direction for TNR Gold: perception of political risk for mining in Argentina and copper prices reflecting Chinese PMI developments.

    3 Jun 2014, 03:24 PM Reply Like
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