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Barrick (GOLD) Announces Q4 Preliminary Production Results

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Zacks Equity Research
·4 min read
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Barrick Gold Corporation GOLD reported preliminary results for the full year and the fourth quarter of 2020.

The company achieved its 2020 guidance targets, with the preliminary gold production for the full year at 4.8 million ounces. This is within the guidance range of 4.6-5 million ounces. The preliminary copper production of 457 million pounds for the year is also within the guidance range of 440-500 million pounds.

The preliminary results for the fourth quarter reflect sales of 1.19 million ounces of gold and 108 million pounds of copper for the quarter. The company also reported preliminary fourth-quarter production for gold and copper at 1.21 million ounces and 119 million pounds, respectively. The average market price for gold in the fourth quarter was $1,874 per ounce, while for copper it was $3.25 per pound.

The preliminary fourth-quarter gold production was sequentially higher than the previous quarter owing to strong performance from Pueblo Viejo, the ramp-up of mining operations at Bulyanhulu and ongoing improvement at Turquoise Ridge. However, preliminary fourth-quarter gold sales were lower than previous quarter as third-quarter sales figure was inclusive of the export of remaining stockpiled concentrate in Tanzania.

Barrick expects gold cost of sales per ounce for the fourth quarter to be in line with third-quarter 2020 figures. All-in sustaining costs (“AISC”) per ounce for gold are expected to be 3-5% lower than the third quarter.

As the plant maintenance of Lumwana was completed, preliminary fourth-quarter copper production was higher than third-quarter levels. But, due to the timing of shipments at Lumwana, preliminary fourth-quarter sales were lower than third-quarter levels.

Barrick expects fourth-quarter cost of sales per pound for copper to be 4-6% higher than the third quarter and AISC per pound for copper to be 4-6% higher than the prior quarter. These changes are due to higher operating costs at Lumwana and Zaldivar, partly offset by lower depreciation and lower sustaining capital at Lumwana.

Notably, Barrick is scheduled to report fourth-quarter 2020 results on Feb 18, before the opening bell.

Shares of Barrick have gained 30.9% in the past year compared with 23.1% rise of the industry.

Zacks Rank & Key Picks

Barrick currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the basic materials space are Fortescue Metals Group Limited FSUGY, BHP Group BHP and Impala Platinum Holdings Limited IMPUY.

Fortescue has a projected earnings growth rate of 73.5% for the current fiscal. The company’s shares have surged around 157.7% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

BHP has an expected earnings growth rate of 49.16% for the current fiscal. The company’s shares have gained around 33% in the past year. It currently flaunts a Zacks Rank #1.

Impala has an expected earnings growth rate of 131.7% for the current fiscal. The company’s shares have rallied around 37% in the past year. It currently sports a Zacks Rank #1.

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