Barrick fights back

Barrick Gold (ABX-T) has served a formal libel notice on Blanchard & Co. and its chief executive, Donald Doyle, Jr., and is seeking “substantial damages and other relief.”

In a news release, Barrick said the libel notice “pertains to a series of false and defamatory statements Blanchard and Doyle have published since mid-December 2002 concerning Barrick.”

Barrick’s CEO Randall Oliphant says Blanchard’s statements have “no basis in fact” and are “totally irresponsible and defamatory.”

“We value our good name, and we are simply not prepared to tolerate the dissemination of false statements concerning Barrick that are harmful to our reputation, business interests and stakeholders,” added Oliphant.

Barrick plans to commence proceedings in Canada for substantial damages and other relief against those responsible for the false statements. The service of a libel notice is the first step in the process.

In December, New Orleans-based Blanchard filed an anti-trust suit alleging that Barrick and investment bank J.P Morgan Chase made some US$2 billion in short-selling profits since 1987 by “suppressing the price of gold at the expense of individual investors.”

Barrick called Blanchard’s allegations “ludicrous” and “totally without merit.”

Shares in Barrick dipped on the news and we trading 34 lower at $25.15 in Toronto on Jan. 29.

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