Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0Barrick Gold Corporation (USA) (NYSE:ABX) has not known any joy lately of being one of the high profile mining companies. The problem has to do with waning gold prices. And analysts are almost giving up on gold stocks as the premium yellow metal continues to be what it should never have been in the first place \u2013 lackluster.<\/p>\n
As the global gold prices plummet, several other production challenges have set in for ABX. The company has to content with high production costs, project shutdowns, labor issues and even legal challenges connected to environmental impact of projects in different jurisdictions.<\/p>\n
In less an interval of one week, ABX had its mining license in Chilean Pascua-Lama mine challenged. The miner has now temporary stopped production to work of a water management system before it can resume production in the mine. However, there is another legal challenge already lodged with Chilean courts by a local pressure group. The group claims ABX very core regulatory requirements and wants its Pascua-Lama license frozen.<\/p>\n
Already ABX has invested around $5 billion in the project which it considers one of its best deals in recent times. It would be a reprieve for the miner if the courts dismiss the application. But if it does have its way, then the opening of the Pascua-Lama mine might be delayed further.<\/p>\n
The shares of ABX have hit their one year trading lows lately as decline in gold prices continue to put it on the defensive. For gold miners like ABX, now the problem with gold is generating a lot of internal pressure. Investors want more cost cutting at a time when the company is struggling to spread its risks.<\/p>\n
\u00a0At the close of Wednesday, October 16, trading session, ABX was down 0.90% to end the day south $17.62. The miner\u2019s market value has now trimmed to $17.64 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0Barrick Gold Corporation (USA) (NYSE:ABX) has not known any joy lately of being one of the high profile mining companies. The […]<\/p>\n","protected":false},"author":32,"featured_media":10384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3336,3335,3334,3181],"stock_ticker":[],"class_list":["post-10383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-abx","tag-barrick-gold-corporation-usa","tag-barrick-gold-corporation-usa-nyseabx","tag-nyseabx","entry"],"acf":[],"yoast_head":"\n