As GWR astutely alluded to earlier this week, interest in the sector will start to percolate when the big miners begin to replenish their depleted resources. Well news out from Barrick earlier today indicates the shopping spree may have just begun.
Also, Goldcorp's earnings issued this morning were stellar as their profits quadrupled. Events of today will definitely attract new funds to the sector. Smart move by ECU as well.
Regards - VHF
Barrick Gold snaps up rest of Cortez project for $1.7-billion
Globe and Mail
JOHN PARTRIDGEThursday, February 21, 2008 Barrick Gold Corp. has struck a $1.7-billion (U.S.) deal to buy the 40 per cent of the Cortez gold project in Nevada it does not already own.The Toronto company, the world's largest gold producer, said Thursday it has reached a definitive agreement for the deal with Kennecott Explorations (Australia) Ltd., a subsidiary of Britain's Rio Tinto Plc and expects to close the deal in the first quarter of this year.Barrick unveiled the acquisition at the same time as it announced its fourth-quarter financial results. It said it tallied a profit of $537-million or 62 cents a share, up 28 per cent from a year earlier, and operating profit of $676-million, up 104 per cent.
