Sorry to deflate your optimism but Barrick wouldn't be...

First 8957 Last

Share
Profile

Follow
fooca

6,927 Posts.

4472

08/06/23

00:26

Post #: 68184688
Share

Originally posted by 52570: ↑

@@oke

Hey i thought to answer your last post about on LLL here...

Regarding my comment about Barrick maybe buying Morilla.

Well...we bought Morilla of them for I think 25 mill? and Barrick merged with Rand Gold who originally developed Morilla with another partner. Rand Gold got very rich from the Morilla project - Morilla made that company. Rand gold also did a toll agreement with us when we were BGS (same company just renamed FFX) - we supplied ore to Morilla from our Massgui project . Unfortunately the ore was not high grade and importantly the POG at the time tanked hugely so our profit wasn't much , but still a nice earner...morilla was set up to take our ore.

Rand Gold owned all of the ground around Morilla way back. We got our hands on Massgui eventually and did a couple of deals with Rand - one of them the toll treatment...

So Barrick know the Morilla plant and project and tenements very well! They also know we spent a (Trump) uuuuge amount of money on the Morilla project including removing (all?) tailings and water and a few very positive drill sections etc etc.

Sell for 25 mill - buy back again possibly for somewhat less and meanwhile the plant has been refurbished and - as above, tailings (all?) removed, a lot of positive new drill results within the Morilla project and Massgui...Barrick would have the cash resources to apply to Morilla and certainly have the person capability.

Only, the reason they sold it originally was that it became small fry to them . They have much bigger fish to fry.

i spose its a possibility that they might rethink Morilla and buy it back. Especially if the buy price would be like 1 Mill or something.

Expand

Sorry to deflate your optimism but Barrick wouldn't be interested for the reasons they sold it:
FYI:
++ the Morila Mine ceased meeting Barrick's criteria to be categorised as a Tier 1 gold producer, plain and as simple as that!
~ from Barrick's Annual Report: "Essentially, Barrick was and is only interested two kinds of assets. The first type "tier one" assets;
a) have an annual gold production of 500,000oz
b) have over a 10 year mine life
c) lie in the bottom half of the cost curve, the Morila Mine failed all 3 critical measures to be retained by Barrick.

cheers

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
6 Upvote

0 Great analysis

Reply

Top Stories

'We're looking': Nickel-rich Indonesia sounds graphite warning to Aus producers

Aussie inflation seemingly hit a 3 year low. So why's the ASX200 red?

What each US election outcome would mean for Australian companies & investors

Week 44 Wrap: Relatively boring week ahead of US election; HotCopper's most watched; Oz inflation at 3.5%

MIN

Movers and Shakers: Zip Co, MinRes, Kuniko, more – The week's top ASX gainers

Bitcoin hits fresh record as instos pile into BTC ETFs – and Trump helps, too

The Altcoin Landscape (Part 1): Key alternative cryptocurrencies to watch

Making money: How many microcaps should be in an investor's portfolio?

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited