Barrick Gold Spending Faster Than Earnings Rise: Commodities
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Capital spending by the largest gold producers is increasing at a faster pace than earnings for a second straight year as the industry’s biggest mining projects are beset by delays and surging labor costs.
Barrick Gold Corp. said yesterday it’s reviewing cost estimates for its $5 billion Pascua-Lama gold and silver project on the Chile-Argentina border because of wage and raw-materials inflation. Newmont Mining Corp. may have to raise the $4.8 billion budget for its Conga mine in Peru after political opposition.