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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (1120)4/6/1999 3:58:00 PM
From: mineman  Read Replies (1) | Respond to of 3558
 
How competent is Barrick's technical team? Why would they bid for the Bulyanhulu without any due-diligence period? Were they that sure about the reserves and mining-processing costs? Perhaps my contact is wrong! I mean this is Barrick which can hire as many top consultants as they need!



To: Enigma who wrote (1120)4/6/1999 5:03:00 PM
From: mineman  Read Replies (1) | Respond to of 3558
 
If Barrick tops the $7.80 Homestake bid it means they are admitting they made a mistake in not increasing their $5 bid to $5.50 or $6. They would need to go up to at least $8.50 which is $3.50, or 70%, above their previous $5 bid.

It appears they missed the boat by not increasing the ARP bid and then paid $520 million for a dog in East Africa.


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