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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: TheBusDriver who wrote (20270)	9/12/2003 9:48:19 AM
From: I_C_Deadpeople	Respond to of 39344

Not sure this was posted yet....Barrick almost sounds like tech company - lower sales, higher costs but a turnaround expected shortly Globe says Barrick expects to mine less gold next year Barrick Gold Corp ABX Shares issued 541,460,118 Sep 11 close $27.86 Fri 12 Sept 2003 In the News The Globe and Mail reports in its Friday edition that Barrick Gold says its production will drop about 10 per cent and costs will climb by the same amount next year as a result of mining lower-grade ore at two of its mines. The Globe's Wendy Stueck writes that the Pierina mine produced a record amount of gold last year -- 898,228 ounces at a cost of $80 an ounce -- but operations are now moving into a lower-grade part of the 3.6-million-ounce ore body. Barrick also says lower grades being mined at Goldstrike in Nevada, will result in lower production and increased costs next year. Barrick expects to reverse that trend by 2005, when the first of four new mines now being developed comes into production. The $350-million Alto Chicama mine in Peru is expected to begin production in 2005. It contains an estimated 6.5 million ounces of gold reserves and is expected to produce about 500,000 ounces a year. Veladero, a $425-million mine in Argentina, is expected to start production in 2006, and to produce 530,000 ounces a year. Barrick is also developing Pascua Lama, on the border between Chile and Argentina, and Cowal in Australia in a five-year, $2-billion development plan.