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Gold/Mining/Energy : Barrick Gold (ABX)
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To: Enigma who wrote (2276)4/1/2002 2:00:41 PM
From: nickel61  Read Replies (1) of 3558
 
The cost of writing off the mines that are no longer economic is a cost of mining gold for that company. The accounting treatment does allow you to write it off from your ongoing operational books but that doesn't mean it doesn't exist as a cost of finding and processing the product(gold) that you sell.

What else would you call it? A mistake so ignore it?

THe origional point that this entire discussion was about was what is the reason why the market price of gold has sunk so low?

The fact that even Barrick which has some of the world's lowest cost properties is still producing gold at a total cost which is above the current market price for gold makes that point. The market is being driven down by the disgorging of the central bank gold and the unbridled hedging of some of the large producers.
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