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Barrick profit more than triples as new mines yield cheaper gold [KDR: It is a good idea before you feel good about a successful Canadian company to know a little more about them. The following paragraph was taken from investigative reporter Greg Palast's The Best Democracy Money Can Buy. [Barrick] could well afford it. In the final days of the Bush (Senior) administration, the Interior Department made an extraordinary but little noticed change in procedures under the 1872 Mining Law, the gold rush-era act that permitted those whiskered small-time prospectors with their tin pans and mules to stake claims on their tiny plots. The department initiated an expedited procedure for mining companies that allowed Barrick to swiftly lay claim to the largest gold find in America. In the terminology of the law, Barrick could “perfect its patent” on the estimated $10 billion in ore—for which Barrick paid the U.S. Treasury a little under $ 10,000. Eureka! [...] In August 1996, Sutton’s bulldozers, backed by military police firing weapons, rolled across the goldfield, smashing down worker housing, crushing their mining equipment and filling in their pits. Several thousand miners and their families were chased off the property. But not all of them. About fifty miners were still in their mine shafts, buried alive. More on this topic including Mulroney's role can be found here] CBC \|\| October 30, 2005 The biggest Canadian-based gold miner, Barrick Gold Corp., saw its profit more than triple in the latest quarter as new mines helped it produce more ounces at an average cost well below a rising market price. Barrick – which reports in U.S. dollars – said its third-quarter profit was $113 million or 21 cents a share, up from $32 million or six cents a share a year earlier. It produced 1.51 million ounces of gold in the quarter at an average cost of $210 an ounce and sold 1.46 million ounces at an average price of $427 an ounce, it said. A year earlier, it produced 1.24 million ounces at $221 and sold 1.27 million ounces at $395. Article Posted at www.KnowledgeDrivenRevolution.com Barrick's share price (TSX:ABX) closed on Thursday at $30.94, up 29 cents, before the announcement. In a statement, Barrick said its new star was the Lagunas Norte mine in Peru, which yielded 211,000 ounces during the quarter at a cost of $121 an ounce. The Veladero mine in Argentina poured its first gold in the quarter, it said. "These new mines solidify Barrick's foundation for continued growth," Barrick president Greg Wilkins said in the statement. Home	Weekly Features Coming Soon: Chicken Little Terror of the Week Propaganda of the week
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Barrick profit more than triples as new mines yield cheaper gold

[KDR: It is a good idea before you feel good about a successful Canadian company to know a little more about them. The following paragraph was taken from investigative reporter Greg Palast's The Best Democracy Money Can Buy.

[Barrick] could well afford it. In the final days of the Bush (Senior) administration, the Interior Department made an extraordinary but little noticed change in procedures under the 1872 Mining Law, the gold rush-era act that permitted those whiskered small-time prospectors with their tin pans and mules to stake claims on their tiny plots. The department initiated an expedited procedure for mining companies that allowed Barrick to swiftly lay claim to the largest gold find in America. In the terminology of the law, Barrick could “perfect its patent” on the estimated $10 billion in ore—for which Barrick paid the U.S. Treasury a little under $ 10,000. Eureka!

[...]

In August 1996, Sutton’s bulldozers, backed by military police firing weapons, rolled across the goldfield, smashing down worker housing, crushing their mining equipment and filling in their pits. Several thousand miners and their families were chased off the property. But not all of them. About fifty miners were still in their mine shafts, buried alive.

More on this topic including Mulroney's role can be found here]

CBC || October 30, 2005

The biggest Canadian-based gold miner, Barrick Gold Corp., saw its profit more than triple in the latest quarter as new mines helped it produce more ounces at an average cost well below a rising market price.

Barrick – which reports in U.S. dollars – said its third-quarter profit was $113 million or 21 cents a share, up from $32 million or six cents a share a year earlier.

It produced 1.51 million ounces of gold in the quarter at an average cost of $210 an ounce and sold 1.46 million ounces at an average price of $427 an ounce, it said. A year earlier, it produced 1.24 million ounces at $221 and sold 1.27 million ounces at $395.

Article Posted at www.KnowledgeDrivenRevolution.com

Barrick's share price (TSX:ABX) closed on Thursday at $30.94, up 29 cents, before the announcement.

In a statement, Barrick said its new star was the Lagunas Norte mine in Peru, which yielded 211,000 ounces during the quarter at a cost of $121 an ounce. The Veladero mine in Argentina poured its first gold in the quarter, it said.

"These new mines solidify Barrick's foundation for continued growth," Barrick president Greg Wilkins said in the statement.

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Barrick profit more than triples as new mines yield cheaper gold

CBC || October 30, 2005

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