ABX Profit drops 18%, Pascua project may be suspended.
$4.8 Billion already spent on the Problematic Pascua mine, with no end of losses in sight. Barrick considering hauling ore from a smaller hole in Argintina to recoup some of the losses on construction - grabbing straws. Several employees have already froze to death when their truck ran out of gas. The 15,000 foot high open pit mine has become ABX's deathbed.
Barrick has know they have had title problems in Chile for a long time. Why do you think ABX built the processing facility in Argentina? "Pascua" (the Chile side) was being built in 1996 for $500 million with production set for the year 2000 when "Lama" (the Argentina side) never even existed. When ABX was slapped with an injunction over the deposit of Pascua in 2001, Barrick invented "Lama" and created "Pascua Lama" as a way to fool the market that Barrick was still going to put Pascua into production, but as history shows Barrick has not put Pascua into production since 1996 and will never put Pascua into production because they don't legally own the titles to mine the Gold. The Mine Commessioner in Vallenar Chile has the legal authority over the concessions of Pascua and has given Mr Jorge Lopehandia certified domain to the deposit of Pascua as per his titles which date back to pre 1996.
There is no title problem, when are you ever going to stop posting this nonsense. The mineral rights went from St. Joe Minerals, to Lac Minerals then to Barrick, so unless Mr. Jorge is very very old he was likely not born yet when the mineralization was discovered. If there are some people who think they deserve compensation here, a reasonable person would go to speak to a lawyer, obviously that did not work, so now the choice made is to spam any internet boards you can find. Sorry but that is completely wrong, as it is behaviour that suggests serious reasoning and behaviour problems behind these nonsense messages. It could be that many of these messages are being posted by Mr. Jorge himself under different aliases, I don't care, After spamming the internet with thousands of messages you will be lucky if you are ever compensated enough to buy lunch.
Good thing for new investors is that a complete shut down of the project is priced in at $18. The stock just fell $7 billion in market cap. That more than enough to account for a complete loss of the $4.8 billion they have spent. They will probalby get the mine going again soon. Too many people were layed off and are likely complaining.