Bei Barrick Gold, dem grössten Shorter und Preisdrücker der Gold Branche (Prozess läuft!), wird anscheinend bereits schon jetzt für den Ernstfall "geübt". Die Hedge Bücher stehen bei einem Goldpreis von heute 412.- Dollar bereits massiv unter Wasser. Bei weiter steigendem Goldpreis dürfte es sich um Milliarden Summen handeln die auf dem Spiel stehen. Würde mich nicht wundern, wenn sich allenfalls noch JP-Morgan als "finanzieller Retter" selbst zum Goldproduzenten entwickelt.
Dass die Herren Direktoren sich bereits jetzt schon darauf vorbereiten, um sich zum Schluss dann noch gegenseitig die Türklinken etwas zu vergolden, kann da eigentlich nicht sonderlich verwundern.
Gruss
Thaiguru
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http://www.theglobeandmail.com…rrick19/BNStory/Business/
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Friday, Mar. 19, 2004
Barrick brass in line for golden handshakes
By PETER KENNEDY
From Friday's Globe and Mail
Vancouver — Senior executives at Barrick Gold Corp. could receive roughly $12-million in total payouts if the mining giant is swallowed up and they end up losing their jobs.
The key beneficiaries in the event of a takeover are chief executive officer and president Greg Wilkins, vice-chairman John Carrington, vice-chairman, corporate development, Tye Burt and vice-president and general counsel Patrick Garver.
Under change of control agreements that were disclosed in the company's management information circular released Thursday, each of the four would receive payouts equal to three times his annual salary and bonus.
In addition, all unexercised stock options held by each executive will immediately vest and become exercisable and remain exercisable for the lesser of three years or until they are due to expire.
"This doesn't come as a huge surprise given the rumours of consolidation in the gold mining industry,'' said Hatham Hodaly, a mining analyst with Salman Partners Inc. in Vancouver.
Toronto-based Barrick is the world's third-largest gold miner, and the second biggest in North America, based on an annual production target of 4.9 million ounces this year.
The change of control agreements replace previous arrangements signed in 1998. Those agreements have now expired, said Barrick spokesman Vince Borg.
Under the previous arrangement, senior executives were protected for three years after a takeover occurs, compared with only one year in the new change of control agreement.
Such agreements are designed to induce senior executives to remain with the company by providing more certainty about severance packages. That, in turn, should allow the executives to focus on building shareholder value, Mr. Borg said.
The latest agreement would take effect if any of the four are terminated for any reason (other than for cause, disability or retirement) within a one-year period following a change of control.
As a result, if a change of control occurs, Mr. Wilkins would be entitled to a payout of at least $4.2-million, based on the $1.4-million in compensation he received last year. His pay package included salary of $627,036 and a $802,606 bonus.
The change of control agreement does not include Barrick chairman Peter Munk who was paid $1.2-million in salary and bonuses last year, up from $554,140 in 2002, when he did not pick up a bonus.
On the Toronto Stock Exchange Thursday, Barrick shares rose 11 cents to $29.40.
Independent commodity analyst Ted Butler suggests that a small number of silver traders - eight or less - have sold silver they don't own and cannot get unless they have some way of obtaining for delivery all of the world's silver production for the next couple of years. Given that there have been silver deficits for 15 years, this scenario looks unlikely. (Not everyone, of course, has lost their shirt on silver. Warren Buffett profitably bought 130 million oz. between July 1997 and January 1998 in anticipation that "equilibrium between supply and demand was only likely to be established by a somewhat higher price.")