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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.
MARKETS
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Commodities | |||
---|---|---|---|
Gold | 1876.58 | -0.48 | |
Silver | 22.58 | +0.04 | |
Copper | 3.68 | +0.04 | |
Palladium | 1713.17 | 0.00 | |
Platinum | 1087.26 | 0.00 | |
Oil | 93.20 | -0.48 | |
Heating Oil | 3.27 | +0.01 | |
Natural Gas | 2.93 | +0.04 |
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