Barrick Gold (ABX) Message Board

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Gold/Mining/Energy : Barrick Gold (ABX)

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To: Ken Benes who wrote (3327)	1/20/2003 1:22:48 PM
From: Enigma	Read Replies (1) of 3558

Only a prejudiced individual would consider this explanation pathetic - the reasons for the drop in earnings are to do with mining, costs, ore grade etc. Not about hedging as you implied. You'd expect a mining company to be concerned with the business of actually handling the ore and the problems with it. But you want it both ways - every which way it appears. Russett said in his email that it was mainly mining concerns that have affected the short term market weakness, although he allowed that perceptions re hedging were dragging the market down too. So we'll now see how Barrick does, quarter by quarter. But perceptions or misconceptions do matter. Years ago the then President of CAE Indstries misled analysts about the earnings outlook for the company. The President was fired, but it took about 10 years for the company to be back in favour - even though results improved and were as projected more or less. Barrick learned early on to low ball projections and consistently beat the forecasts. But mining is a complex game - unexpected events occur and have to be dealt with. Or do you think everything has to go according to Hoyle all the time?

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