GREY:LBEFF - Post by User
Comment by
ExSudburyGuy2on Mar 11, 2008 12:29pm
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Post# 14639721
RE: Millright
RE: MillrightJust on Barrick. Peter Munk arrived in Canada from Hungary in 1949 with $350. He started an oil and gas company that flopped, and in a small office in downtown Toronto decided to do something he knew nothing about, and bought a gold mine near Wawa. That started producing some gold and he used the money to buy another mine -- Goldstrike in Nevada -- that was producing 50,000 ounces in 1986. That became Barrick's flagship property which still has about 17 million ounces in reserves. And Barrick is now the biggest gold producer in the world.
So yeah, I think the Barrick boys have proven they can start from scratch and build a company. And it took them about 4 years to go from a got-nothing venture to a major player.