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Gold mining – Squandered Opportunity

Financial Times, Jan 15, 2014

Investors demand for reconstructing and an end to the old approach of sprawling expansion are growing.

The tale of two mines epitomises the profound change in fortunes for the gold mining industry. Barrick and its peers once enjoyed premium valuations as eager investors anticipated outsized returns from a climbing gold price. Profits flowed easily from the likes of Goldstrike’s 2m ounces of annual production in pro-mining and accessible jurisdictions such as Nevada. Now, mishandled investments and bloated projects have taken the shine off gold miners, which in recent years have generally underperformed the metal itself. Read the whole article…