Mineral Mining and Reserves – The Mining Company Perspective

Thank you Tom and JM for that nice introduction. The remarks I am about to make rely on a large way on comments made by Barrick's Chief Counsel, Patrick Garver, to an internal meeting of Barrick's senior staff. I plagiarized so much from his notes that I thought that I should provide attribution. I did get his consent to borrow so freely. What I have done is take his general comments and used my conversations with CEO's and other participants in the industry to enhance the message with concrete examples that underscore the points I wish to make. What you are about to hear is my personal view – I am not speaking as a representative of any company. With that introduction, now would be a good time to give you the main theme of my talk: The SEC should change its rule making to a more public cooperative approach. If that were to happen the SEC would avoid some of the harm it has been doing to the companies in this sector and the very shareholders it seeks to protect.