African Barrick Looks Outside TanzaniaNot a great quarter for African Barrick with production down slightly and costs up to $658/oz. What is interesting is that they say that political turmoil has made other gold assets in Africa cheaper. How is that for a damn the torpedoes, full steam ahead attitude?
Anyway, while it would be nice to think we are an acquisition candidate, they have stated before and stated again now that they are seeking to diversify outside Tanzania. Among the numerous candidate countries in Africa are listed both Ethiopia and Eritrea.
Too bad the Harvest project is not more advanced. If there were decent reserves, Barrick could take a run at Canaco with an eye on the exploration properties is Ethiopia...and the time to do that would be now. Once Tigray gets spun off it may be more expensive to acquire these assets on their own, notwithstanding Earl-the-Pearl's presumed belief that Tigray will be trading at 25c. Personally, with a red hot gold market and a hall-of-fame intercept of nearly $500 ore already in hand, I think we are looking north of a buck. That means Barrick would probably have to offer $1.50. Anyway it costs nothing to dream.