You can always count on Mark Bristow to tell it like it is, which frankly is why
The Northern Miner gets up at the crack of dawn to attend Randgold Resources’ annual breakfast presentation at the Prospectors and Developers Association of Canada convention.
As the industry’s top analysts and mining media tuck into their fruit plates in a quiet boardroom at the Sheraton Hotel, CEO Bristow typically begins his talk with a summary of how the gold industry has got it so wrong and let its shareholders down. (Randgold, naturally, is the exception to the rule.)
“We’ve been through the super cycle and at the back end of this cycle we as an industry have not been able to create any value for anyone – the only thing we did is take our salaries home,” Bristow said. “Most gold companies are trading at between 50% and 60% below their 2005 share prices, and if you look at the amount of equity that has been issued, it’s amazing.”
The industry has “delivered US$90 billion of equity to the market and raised US$50 billion of debt, and we haven’t delivered a single extra ounce in production as an industry.”
Commenting on another favourite theme …
Read the entire story at www.NorthernMiner.com/news/bristow-on-gold-sector
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