Barrick Gold To Build Pascua-Lama Project In Phases

After releasing its third-quarter earnings earlier in the morning on the company’s conference call, Barrick Gold Corp. focused on the suspended construction of its high-profiled Pascua-Lama project, reports Kitco.

“On a conference call Thursday morning, Jamie Sokalsky, chief executive officer of Barrick, said that the decision to suspend construction and continue with a phased construction strategy, when the company deems the time is right, is best for the company.”

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“I’m convinced that the decision to suspend construction is the right thing to do for our company,” Sokalsky said. “Suspending construction now and breaking up future development decisions into distinct stages will provide us with more flexibility and is the most efficient and effective way to build the project going forward.”

Indian gold bullion had the largest decline on Wednesday, October 30, dropping 0.9 percent. US gold bullion ended the day, after the 0.7 percent drop yesterday. Japanese gold bullion prices inched up 0.2 percent. The price of Chinese gold bullion flattened after two days of improvement.

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Japanese silver closed 0.6 percent lower. The price of Indian silver closed, following a couple days of improvement, the metal’s price weakened by 0.3 percent. Following two days of downward movement, the price of US silver held steady. After a couple of days of decreasing prices, the price of Chinese silver held steady.

Japanese platinum bar gained 0.9 percent to finish. US platinum bar prices rose 0.6 percent. Chinese platinum bar stayed flat.

US palladium bar finished the day up 0.3 percent. The price of Japanese palladium bar declined 0.1 percent. The price of Chinese palladium bar remained essentially flat.