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Barrick Gold
built 659 days ago
Barrick Gold is one of the client companies of Andrew Young’s Goodworks International lobbying firm. Andrew Young is the former Mayor of Atlanta, and a key organizer of the U.S.-Uganda Friendship Council. Young was chosen by President Clinton to chair the Southern Africa Enterprise Development Fund in October 1994. Goodworks’ clients—or business partners in some cases—include Coke, Chevron-Texaco, Monsanto, and the governments of Angola and Nigeria (note weapons transfers from Nigeria cited below). Young is a director of Cox Communications and Archers Daniels Midland—the “supermarket to the world†and National Public Radio sponsor whose directors include Brian Mulroney (Barrick) and G. Allen Andreas, a member of the European Advisory Board of The Carlyle Group.
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Barrick Goldstrike Mines is the mother lode for Barrick Gold. The company operates three producing mines (the open pit Betze-Post and the underground Meikle and Rodeo) on property totaling some 9,900 acres, located on the prolific Carlin Trend in Nevada. Goldstrike produces about 2 million ounces of gold annually and has reserves of about 15 million ounces. It's the largest gold producing operation for Canadian mining company Barrick Gold, the largest gold miner in the world. There are two processing plants located on the property which separate the gold from the recovered ore. Barrick is actively exploring other areas of the Goldstrike property for development.
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Barrick Gold’s mining partners have included Adastra Mining—formerly named America Mineral Fields (AMFI, AMX, other names), formerly based in Hope, Arkansas, Bill Clinton’s hometown. Adastra had close ties with Lazare Kaplan International Inc., the largest diamond brokerage firm in the U.S., whose president, Maurice Tempelsman, has been an advisor on African Affairs to the U.S. Government and has been the U.S. Honorary Consul General of the Congo since 1977 (8).
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Barrick Gold Corp., accused by a New Orleans coin dealer of manipulating the price of gold, can't introduce at trial interviews conducted in its Canadian libel suit against the dealer, a Louisiana state court judge ruled. Coin dealer Blanchard & Co. accused Barrick and JPMorgan Chase & Co. in a 2002 lawsuit of trying to drive down the price of gold and profit from the decline through a hedging program. Toronto-based Barrick sued Blanchard in Ontario, Canada for libel. Barrick said transcripts of interviews conducted for the libel case are relevant to the New Orleans case. Ontario law restricts the use of evidence only to the proceedings for which it was obtained. Louisiana state Judge Daniel Knowles rejected the request because the libel case evidence could be shared improperly with JPMorgan, which isn't part of the Canadian suit.
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Barrick Gold Corp (ABX) opened at 31.23. So far today, the stock has hit a low of 30.92 and a high of 31.36. ABX is now trading at 31.01, down 0.34 (-1.09%). The stock hit its 52 week high of 34.23 in September and set its 52 week low of 26.94 in March. The stock has been trading in a volatile sideways pattern over the past year. Gold has been falling slightly today as some profit taking has come into the market, pushing gold futures down $1.80 to $662.60, and ABX has been falling along with the overall gold market.
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In Barrick's case, probably the largest net hedger amongst the tier one global gold producers reality has set in. They fired their CEO Oliphant who may have been instrumental in blowing their "premium hedging" activities to disproportionate levels. The real risks may now be dawning, after the Yandal experience, to all parties involved. And it may prove totally inconclusive and of even less consequence if the major parties in these deals, namely JPM and Barrick, are guaranteed immunity by higher up "official?" powers. If and when the proverbial matter hits the fan, would you expect the established politicos not to act as the ... proverbial cornered rat?
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Barrick Gold