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Mining machinery and barrels with chemicals sit on the facilities of Barrick Gold Corp's Pascua-Lama project in northern Chile, Thursday, May 23, 2013.
Mining machinery and barrels with chemicals sit on the facilities of Barrick Gold Corp's Pascua-Lama project in northern Chile, Thursday, May 23, 2013.
(Jorge Saenz/AP)

Barrick makes shrewd moves, but markets don't buy in

Barrick Gold Corp.’s critics have been quick to view the company’s suspension of its massive (and massively troubled) Pascua-Lama project as further evidence of Barrick’s calamitous decision-making. That is both understandable and unfair. In this case, Barrick’s management is delivering the right message – and, with its giant share issue late Thursday, buying itself much-needed time. The question is whether the market has any faith left in the messenger.