|Blows to Barrick: Barrick's stocks tumble as costs rise|
July 5th, 2013
In recent months, Barrick's share price have continuously tumbled to its current price of under $15/share, down from over $40/share last October. While there are many factors that have contributed to this sudden fall, much of it can be attributed to bad management, high debt, and fraudulent activity on the part of Barrick Gold. In fact, Barrick’s own shareholders have announced a class-action against the company for making “false and misleading statements and concealing material information relating to the cost of and time-to-production projections of the company’s Pascua-Lama project". (note: there are over eight law firms pursuing this case.)
At ProtestBarrick.net, we have welcomed the fall of this mining giant. We recognize that a company that relies on corruption, the lack of enforcement of environmental regulations, and a false image of social responsibility is bound to under-perform in the long-term. In fact, this belief was a guiding principle in our latest report, "Debunking Barrick", which aimed to uncover the truths behind Barrick's CSR spin. It was intended to be of interest to social justice advocates and investors alike, has been downloaded over 13000 times since it was first published in late April 2013!