or better call is arrogance.
For years and years the only thing ABX does is building its huge hedgebook ..
Now look what they are saying ..
<< Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.>>
"The acquisition of the remaining 30 per cent in the Donlin Creek project and the Galore Creek project fits with our strategic plans to further strengthen our project pipeline and meet the challenge of growing our reserve and resource base," said Mr. Wilkins. "Our strong balance sheet gives us the ability to finance this acquisition with cash, thereby increasing our per share leverage to gold and copper."
Right, at the expense of NG shareholders!!!!
<<The acquisition will significantly add to Barrick's North American portfolio. Pro forma measured and indicated gold resources in North America would rise 54 per cent to 34.7 million ounces, inferred gold resources would rise by 89 per cent to 28.2 million ounces.>>
North American assets, far outside politically instable areas elsewhere globally, are the most valuable ones!
NO WAY they are getting this on the cheap!
Not my shares at least!!!
A much better solution for NG would be to MERGE with someone like Northgate Minerals (NXG) .. 2 + 2 would make 10 in such case. What I would like to see is NG becoming a full-swing mid-tier PRODUCER. Share price would immediately DOUBLE (at least) if it could jump to producer status ..
would it surprise you if they anticipated something could be coming? Bidding for Pioneer, it figure they knew they'd be waking up some folks..
Now very curious to find out how much they prepared them selves to answer this outrageous bid.
If you can hold on, you will see NG over $40 in a couple of years without any difficulty.
The problem is IF you can hold, and not accept this outrageous raid. You will be able to vote. I represent over 20,000 shares in my family, and we will vote against any offer below $40. Period. I was in the gold market 1978 - 1981 so I have enough knowledge to be mad as h right now.
Take good care,