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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2014-10-30 C$ 13.75
Market Cap C$ 16,014,207,110
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Globe says Barrick not mulling buying new copper assets

2014-10-31 07:56 ET - In the News

The Globe and Mail reports in its Friday, Oct. 31, edition that Lumwana has been problematic for Barrick Gold since the day it acquired the mine in 2011. The Globe's Rachelle Younglai writes that the move into copper bewildered Barrick shareholders. Then the miner had to write Lumwana down. Idling the mine would be another disappointment. The book value of Lumwana is now $1-billion (U.S.), a fraction of what Barrick paid. It is not known whether the company will have to record another impairment charge on the mine. For most of this year, Barrick has said it is focused on Nevada, where some of its best performing gold mines are located. Investors have been confused over Barrick's strategy and have wanted to know whether the company wanted more copper or another commodity after the former and current chairmen talked about diversification. Barrick says it wants to be a significant copper producer in the future. It says, however, there were no immediate plans to buy more of the red metal. Barrick says its priority right now is to focus on its gold assets. As regards Lumwana, Barrick it is keeping all its options open. Barrick says it will consider any deal that "makes sense."

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