U.S. markets closed
  • S&P Futures

    4,411.50
    -10.25 (-0.23%)
     
  • Dow Futures

    34,336.00
    -126.00 (-0.37%)
     
  • Nasdaq Futures

    15,315.50
    -10.50 (-0.07%)
     
  • Russell 2000 Futures

    2,220.50
    -7.80 (-0.35%)
     
  • Crude Oil

    71.73
    -0.24 (-0.33%)
     
  • Gold

    1,753.80
    +2.40 (+0.14%)
     
  • Silver

    22.33
    -0.01 (-0.03%)
     
  • EUR/USD

    1.1732
    0.0000 (-0.00%)
     
  • 10-Yr Bond

    1.3700
    +0.0390 (+2.93%)
     
  • Vix

    20.81
    +2.12 (+11.34%)
     
  • GBP/USD

    1.3728
    -0.0010 (-0.07%)
     
  • USD/JPY

    109.9640
    +0.0690 (+0.06%)
     
  • BTC-USD

    47,232.19
    -921.67 (-1.91%)
     
  • CMC Crypto 200

    1,193.48
    -32.05 (-2.61%)
     
  • FTSE 100

    6,963.64
    -63.84 (-0.91%)
     
  • Nikkei 225

    30,500.05
    +176.75 (+0.58%)
     

Barrick (GOLD) Aims to Restart Porgera Gold Mine in 2021

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Barrick Gold Corporation GOLD recently announced that the framework agreement between the Papua New Guinea (“PNG”) government and operator Barrick Niugini Limited (“BNL”) took a major step forward to restart the Porgera gold mine. The deal provides that the Porgera mine will be owned by a new joint venture held 51% by PNG stakeholders and 49% by BNL. Per the terms, BNL will continue as the operator.

The company stated that in aligning its interests, it recognizes the importance of the landowners and the communities as well as prioritizes the benefits not only from the mine but also from a new Porgera Development Fund that will pump millions of Kina into promising local projects.

BNL is inclined toward giving preference to competitive local contractors and suppliers and to employ Porgerans first. With BNL as operator, Porgera will maximize its efforts to be a responsible steward of the environment, the company noted. While the road to restart the Porgera mine is a long one and the implementation details of the deal still need to be finalized, Barrick expects the mine to resume operations later this year.

Shares of Barrick have dropped 3.8% in the past year against 9.7% rise of the industry.

Zacks Investment Research
Zacks Investment Research

Image Source: Zacks Investment Research

Barrick, in its last earnings call, stated that it anticipates attributable gold production in the range of 4.4-4.7 million ounces for 2021. All-in sustaining costs (AISC) is expected in the range of $970-$1,020 per ounce and cost of sales is expected in the band of $1,020-$1,070 per ounce.

The company also expects copper production in the range of 410-460 million pounds at AISC of $2.00-$2.20 per pound and cost of sales of $1.90-$2.10 per pound.

Barrick Gold Corporation Price and Consensus

Barrick Gold Corporation Price and Consensus
Barrick Gold Corporation Price and Consensus

Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation Quote

Zacks Rank & Key Picks

Barrick currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space are Dow Inc. DOW, Olin Corporation OLN and Cabot Corporation CBT.

Dow has a projected earnings growth rate of around 274.7% for the current year. The company’s shares have surged 55.9% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Olin has an expected earnings growth rate of around 473.3% for the current year. The company’s shares have gained 224.2% in the past year. It currently sports a Zacks Rank #1.

Cabot has an expected earnings growth rate of roughly 126% for the current fiscal. The company’s shares have surged 50.2% in the past year. It currently flaunts a Zacks Rank #2 (Buy).

More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.

Click here for the 4 trades >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Dow Inc. (DOW) : Free Stock Analysis Report

Cabot Corporation (CBT) : Free Stock Analysis Report

Barrick Gold Corporation (GOLD) : Free Stock Analysis Report

Olin Corporation (OLN) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research