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Pay for performance it is not. $11 million for Munk's replacement is an outrage to ABX shareholders, who have lost millions already due to Management Misteps and a 37% share drop in six weeks. Vote No! to this outrage at the April 24 shareholder's meeting at Toronto.
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The whole house of cards is coming down. They have to cover their depening losses at Pascua someway, but selling working mines producing steady cash flow? They must be desperate. BOA calling in their loans?
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The bad news just keeps coming for ABX.
Gold up, ABX down. Gold down, ABX down big.
This is a daily loser until they gat Lama resolved.
I've lost Hundreds of Thousands on this money pit.
I will try to recoup some of it if ABX bottoms out at 14. -
Much of it from the still un-opened Pascua mine straddling the mountainous border of Chile and Argentina. This hole has been a disaster for 15 years in a row. First started in 1997, low cost production slated for 2000. 15 years and $14 Billion later, it's still closed, and $billions more needed for the first pour in 2014 or 2015.
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Every day it's down, Down, DOWN.
Going to He11 in a handbasket.
Looks like curtains for ABX. - Reply to
Can someone tell me what Barrick problems are?
by michael_daniel_knight •Apr 16, 2013 5:38 PMThe problem is they bet the farm ($13.75 Billion dollars worth of it) on what was supposed to be the lowest-cost production mine in the World. Also the Highest altitude (-5 degree average wind chill) in the World. It has turned out to be the most expensive mine to build so far, and construction has been halted on the Chile Side. (Yes, it straddles the mountainous border of two countries.) Barrick was planning on producing gold for around .02 cents an OZ, by expensing out the silver ore production, and the gold would become a byproduct of their silver operation. They have also sold future streams of Silver to SLW, and future gold streams to the gold streamers. The kangeroo court in Chile putting a block on construction is like if you had a $100 Million dollar a month mortgage on your property in Miami that the Prince of Oman wants to rent from you, but the environmental court won't let you until you pay their inspectors to come inspect for mold sometime next year in their "busy" schedule. That is the problem.
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Market up, Gold is up, ABX is still going down like monica on bill.
This stock will not give a poor, beaten down stock holder a break. -
Trouble in Chile, trouble in Dominican Rep. trouble in Africa, trouble, trouble, trouble.
Ongoing issues at Pascua have been going on for 15 years, $8.75 Billion later it looks
like they won't be resolved in the next few years without spending Billions more. Trouble. -
You could see 55 again if you are in GOLD or RGLD. But ABX? This Pascua Lama deal is very troubling. Management has Unwisely pinned too much of the company's future on the sucess of this troubled mine. If they sold off the project to Yamana in Chile the stock might recover back to 35. But then, they have already sold off future silver streams to Silver Weaton, and future gold streams to the royalty companies like RGLD. Quite a sticky wicket we are in indeed!
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The stoppage and possible loss of Pascua Lama, which they pinned their hopes on future low cost production, brings into question the future viability of this concern.
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Correction blackbeard: the teens are already here.
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Don't blame me, blame the crooks at Goldmen Slacks and imbedded in your friendly, corrupt governmint. I have lost everythink also and will probably lose my house, but I can still make lite of it, because obama says I can stay mortgage free for two years while I save up cash to buy a foreclosed slum in the ghetto. Se la vie.
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They have to cover those naked shorts sometime to lock in on profits.
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The squid has struck again, by manipulating the media and the PM markets.
The squid has crooked tentacles all through you government, and can not be touched, like a malignant brain tumor. There is one point of fact, they need to cover all those naked shorts on gold sometime soon. -
Couple this high debt burden with the f that they have already sold all future silver streams from the environmentally closed Chile mine to Silver Weaton, and will need to make up this contractual obligation by buying physical silver on the open market, and you have a recipe for financial disaster. Pascua will be the ultimate downfall for ABX - Their un-dipped Achilles heel.
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The bowl of chile has boiled dry. We're going to the single digits.
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$14 Billion in debt, much of it thrown in a hole in the ground that may never open.
Negative earning: they are losing money even when it was being calculated with $1700 Gold.
Just think what earnings will be like with gold at 1400 or 1200. No wonder Wall Street Hates this stock. -
This goose is cooked.
$13 Billion in Debt thrown down a big, gapping hole in the ground, and not a single ounce of pour to show for it.
Feckless , opaque management, didn't consult with the locals. Worthless BOD. What a loser company.
See you in the teens and tweens. -
More like $13 Billion. Any scrap they want to salvage from the abandonded mountain mine will need to be trucked down the 11,000 ft mountain. Mining equipment left down in the pit will likely be just covered with dirt and let to rot. This 15 year long failure to launch is a total loss.
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No big deal. The World needs gold and lots of it.
More than a few indigeous indigents need clean
drinking water without a cyanide aftertaste, or
the destruction of millions of years old Glaciers
to build roads for mining trucks. Dam the lamas
and locals. Gold at any environmental cost.
Progress must proceed!