Gold/Mining/Energy : Chesapeake Gold
CKG 2.3100.0%May 18 3:44 PM EDTNews

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From: klinker5/2/2012 9:24:50 PM
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Barrick, Newmont and Goldcorp Inc. (G), the three largest producers by market value, have forecast a combined capital expenditure of as much as $11.8 billion this year, 24 percent more than in 2011, according to data compiled by Bloomberg. Aggregate operating income will climb 12 percent, according to the average of analysts’ estimates compiled by Bloomberg.

Capital expenditure at the three companies will be more than triple what they spent five years ear lie

Barrick, which is based in Toronto, saw its gold production drop 1.1 percent to 7.68 million ounces last year. It’s targeting annual output of 9 million ounces in 2016 and said yesterday 2012 capital spending will be $5.5 billion to $5.9 billion, as much as 19 percent more than last year.

“Everybody’s talking about the same thing: do we need this much growth, and are the returns worth the risk?”
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