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The Financial Post reported that Barrick Gold Corp. (TSX:ABX) lowered its long-term production outlook after releasing disappointing Q2 results. The results include a 50 to 60 percent increase in projected capital costs for the company’s Pascua-Lama project.
The Financial Post reported that Barrick Gold Corp. (TSX:ABX) lowered its long-term production outlook after releasing disappointing Q2 results. The results include a 50 to 60 percent increase in projected capital costs for the company’s Pascua-Lama project.
“These revisions are very disappointing to me and my team,” [CEO Jamie] Sokalsky said on a conference call. He added that Barrick made a mistake in trying to build this complex project on its own rather than using a contractor.
Mr. Sokalsky said his focus will be on generating better returns by producing more profitable ounces, rather than maximizing production.
