Another huge nugget from Victoria showing there is still gold in them thar hills.
Barrick recorded another $3.4 billion in after tax impairments for 2014, giving $2.9 billion in losses for the year. On the back of large write downs for Cerro Casale (Permitting and Capital Cost issues) and Lumwana (Zambian export tax and Low grades/copper prices). These writedowns are reflecting challenges in stakeholder engagement and jurisdiction rather than operational issues, though they lost another 11.1 million oz’s off the reserve list due to mining and divestitures. Whats going to happen with Pascua de Llama?
This compares to 2013 when they recorded a whopping net loss of $10.37 billion ($10.14 per share), including after-tax impairment charges of $11.54 billion. These impairments were largely driven by the price crash in gold and recalculations of reserves, with 36 million oz’s of gold disappearing from the books.
Mining in a different form. Specialist salvage operations yield fairly significant treasures.
Shareholders revolt over $2.1 billion capital raise required for restructure.