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Gold/Mining/Energy : Barrick Gold (ABX)

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To: LaFayette555 who wrote (1319)	8/21/1999 3:50:00 PM
From: charred	Read Replies (1) of 3558

The mine won't be shut down, however it's going to take some time heal the problems. The first time I have been to Huarez was in 1995. I was there again a few months ago. It is true, costs are now higher and more prostitution. Still the main road heading out of Huarez is still not fixed, I figured with the new mine it would be. Barrick has to learn how to deal with the communities better. Also they have to learn not to mislead the Peruvian people. For example, Munk once said by teleconference to a room full of engineers and geologists that ABX has invested over 1 billion into Peru. They all laughed at him. The truth is they paid the shareholders of Arequipa 700 million, invested 260 million n the mine and about 20 million paying one family for Cerro Corona. In addition of the 700 million buyout, Peru did not receive any thing. Then Barrick wines about the high tax. It is their lowest cost Mine in the world.

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