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Dear Friend, Attached is some notes from a Barrick Lunch we hosted in NYc on July 2, 2008. We also updated our estimates for 2008 onward to reflect changes in our metals price forecasts. We continue to rate Barrick overweight as the stock sits at a depressed $45.09 per share and maintain our price target of $53. We withheld from upping our price target due to concerns that Barrick may up their cost guidances for the remainder of 2008 as oil is now over $140 per barrel. Faithfully Yours, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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