Mining Mx - gold industry in real distress, says Bristow. The CEO of Randgold tells it like it is:
The global gold industry was "in real distress" and might be in for further pain if gold dipped below $1,000/oz as it may do, said Mark Bristow, CEO of Randgold Resources which today posted a 15% increase in second quarter profit.
"We are starting to see real distress."
And then he starts calling people out!:
"The question is when does the industry take action for rescue measures rather than some moron paying over-the-top for assets,"
Ooh! Take that, Clive Johnson! Mark Bristow just called you a moron!
"and giving cash just to keep the dogs at bay," he said of recent corporate action.
Ooh! That's what he thinks of MUX's new dividend, Rob McEwen!
And why do gold miners suck?
The sector was mining at a loss in order to keep its debt payments up, he said. "The industry is struggling with survival. It can't get out of its own debt structure, mainly as it doesn't have a good enough quality reserve base," he said.
And so gold mining dies.