Precious Metals

Bloomberg reported that Barrick Gold Corp. (TSX:ABX) has begun reviewing its assets with the aim of being stricter on capital allocation and cash flow after costs for its Pascua-Lama project were about 60 percent higher than expected.

Bloomberg reported that Barrick Gold Corp. (TSX:ABX) has begun reviewing its assets with the aim of being stricter on capital allocation and cash flow after costs for its Pascua-Lama project were about 60 percent higher than expected.

As quoted in the market news:

“I think it’s the company adopting what shareholders were looking for,” said David Christensen, CEO of ASA Ltd. in San Mateo, California, which manages $600 million and invests in precious metals companies. “[CEO Jamie Sokalsky] was preaching to the choir.”

Barrick dropped 4.2 percent to C$33.04 in Toronto yesterday after reporting the higher cost of Pascua-Lama and posting second-quarter profit that was lower than expected. The shares have declined 29 percent this year. The shares declined 1.9 percent today to C$32.40 at 10:00 a.m.

Click here to read the full Bloomberg report.

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