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K92 Mining may show that Barrick is much better at geology than business
3:55p ET Wednesday, July 27, 2016
Dear Friend of GATA and Gold:
Reuters reported today that, continuing efforts to reduce its huge debt, Barrick Gold is negotiating to sell another $1.9 billion in gold-mining interests in Africa:
http://www.gata.org/node/16621
Meanwhile Business News Network in Canada reports this week that another cast-off Barrick project, the Kainantu mine in Papua New Guinea, on which Barrick spent more than $240 million, only to unload it two years ago to K92 Mining for a mere $2 million --
http://www.gata.org/node/16469
-- is just two months from resuming production and is enjoying a rising share price.
The BNN report is an interview with K92 Mining President Bryan Slusarchuk and it can be watched at the BNN Internet site here:
http://www.bnn.ca/video/k92-mining-revives-an-old-barrick-asset~915499
The lesson seems to be that the Barrick people are much better geologists than business strategists.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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