Agreed a huge project with huge costs
and gigantic risks. I'll leave it with comments from the inimitable Otto
'Barrick (ABX) is still a company with decent mining assets and a strong balance sheet, but today's Pascua Lama fubar shows that even after a change at the top, a supposed shift in focus and (yet another) kitchen sink quarter, its still being arrogantly and woefully mismanaged (seriously, I laughed out loud when ABX's first reaction was to publish a NR to tell us that the Argentina end of Pascua Lama was working as normal). We're now looking at a share price that's been slashed to bits and a market cap that's slipped from way out in front to second position in the big bad league table of goldies (yes folks, as of this evening Goldcorp (GG) is the biggest player in the space by market cap). Tonight, ABX's price/book value ratio stands at 1:1 and when push comes to shove, that's all you really need to know about the pathetic amount of "value" being added by the current team running this company'
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