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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives
SPY 682.06+0.3%Oct 31 5:00 PM EST
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To: GROUND ZERO™ who wrote (66914)12/20/2014 7:00:02 PM
From: bull_dozer2 Recommendations

Recommended By
GROUND ZERO™
Ms. Baby Boomer

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The managers of those miners are greedy #%$%$^&...

“In his estimable work, A Hole in the Ground with a Liar at the Top: Fraud and Deceit in the Golden Age of American Mining, Dan Plazak strikes it rich with his examination of the old west’s most successful villains and their crimes. ... Plazak shines a deft light into the dark side of Americas’s golden age of mining, revealing levels of deceit and avarice that would embarrass an Enron executive.”

Most large project and acquisitions were initiated when commodity prices were soaring. Now rising cost and lower commodity prices forces these mining companies to write off over inflated assets. Barrick is not alone, the majority of large gold mining companies made write offs in 2012 or the first half of 2013, Newcrest Mining (Australia) wrote off $5B, AngloGold Ashanti (South Africa) $3.23B, Kinross Gold (Canada) $2.2B, Goldcorp $1.9B and Newmont Mining $1.8B. It appears the whole mining industry has become bloated and mismanaged. Many years of gold price increases made most mining companies focus on expansion at any cost. Capital expenditure and operating cost increased at every single mining company and large sums of money were poured in giant new projects without consideration for the risk of such endeavors.

goldresearcher.com
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