Russians start picking nits with BarrickGlobe/wire say Russians start picking nits with Barrick
Barrick Gold Corp (C:ABX)
Shares Issued 865,815,171
Last Close 10/9/2007 $41.15
Wednesday October 10 2007 - In the News
The Globe and Mail reports in a Bloomberg dispatch Wednesday that Russia's Natural Resources Ministry said it will investigate a subsidiary of Barrick Gold claiming the unit failed to provide updated figures on a palladium deposit. The unbylined item quotes Oleg Mitvol, deputy head of the environmental inspectorate under the ministry, in an e-mailed statement as saying, "The company should have submitted those documents in 2006." ZAO Fedorovo Resources, Barrick's only Russian project, holds a permit to develop the Fedorova Tundra field in the country's northwest. The deposit has 2.1 million ounces of measured and indicated palladium, 150 million pounds of copper and 90 million pounds of nickel, according to Barrick's website. The inspectorate may ask for the permit to be revoked if the unit of Barrick has breached agreements, the statement said. Barrick acquired the Fedorovo project in the Murmansk region from Highland Gold Corp. Barrick shares rose 96 cents Tuesday to $41.15 on the Toronto Stock Exchange.