Barrick has become the poster child of the dangers of oversized projects (to the delight of Goldcorp Inc., whose own woes, such as a Chilean court decision that suspended approval of the environmental permit for its El Morro gold-copper project, have been buried by Barrick’s bad-news avalanche).
Mr. Munk acknowledged as much at Barrick’s annual meeting last month. “We shot ourselves in the foot because we could have stayed put in great financial position, not started Pascua-Lama, not started Pueblo Viejo,” he said, referring to the company’s monster projects in Chile and Dominican Republic.
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