RE:RE:RE:RE:RE:RE:RE:RE:RE:DIARIOLIBRE NEWS ON PASCUA LAMANG...your unsupported assertions leave me laughing! I could be brief, and simply say “size matters”...but I’ll comment on what you wrote.
Barrick’s adventure in Chile with PL was flawed from the start. Title problems, mismanagement, lack of proper oversight, environmental concerns etc. etc., plagued them. Many problems were self inflicted.The forcasted assets of billions of dollars in minerals at PL allowed ABX to raise investments and capital to new heights, and elevated their status on he world stage to premier international gold producer. Over the years Munk developed international political and financial ties that would always be a help to him.
PL became their Achilles heel though, and almost brought Barrick to ruin.
Taking 10 billion in write downs on a property they had poured billions into was not small punishment to the shareholders or the company. Their share price plummeted, their debt load increased, and their cash flow dried up. This left them very vulnerable.
They have always had the Nevada ops to see them through tough times, and Thornton retrenched and paid down debt rapidly, so they could emerge from the ashes.
I believe the Barrick shareholders who brought the class action lawsuit had a great case. IMO they settled far too quickly, and for too little, but it takes both parties to reach a legal agreement. In this case it greatly benefited ABX, but the plaintiffs must have had their reasons for accepting the paltry amount that was offered.
When it comes to the Wheaton agreement with ABX...I’m not sure you have your facts straight. The agreement was in place in 2009 and had to contain other mines such as Veladero, as silver production from PL was years away at best forecast. The BCSC had no oversight over ABX on this agreement...only Wheaton. It’s based on HO location.
You say MSX has been decimated...there was not much of a company there to start with. It was a means to a litigation machine for BJ to pursue his demons. Msx was in an impossible position to fight a costly fight as it had no sustainable cash flow from ongoing operations. Msx was totally reliant on raising money by promotion. When desperate for funding to continue the legal pursuits, MSX over promoted and lied by omission, as the BCSC has now concluded.
So I reiterate...size matters. The regulators will always go after the small low hanging fruit. IMO the BCSC is riddled with problems and issues, but they found an easy score with BJ and he will pay the price of sanctions.
So you can justifiably rail against ABX. Will they ever be held fully accountable?....probably not.
When it comes to the demise of MSX however, perhaps there is another culprit? What price will he pay?