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Barrick (GOLD) Releases Preliminary Q4 Production Results

Zacks Equity Research

Barrick Gold Corporation GOLD released preliminary production results for fourth-quarter and 2018.

Preliminary gold production and sales for the fourth quarter were 1.26 million ounces and 1.23 million ounces, respectively. Average market price for gold for the quarter was $1,226 per ounce. Preliminary copper production and sales both totaled 109 million pounds. Average market price for copper was $2.80 per pound in the fourth quarter.

Gold production for 2018 was 4.53 million ounces, which was within the previous guidance of 4.5-5 million ounces. Total gold sales were 4.54 million ounces for the year.

Barrick expects cost of sales per ounce for gold for fourth quarter to be roughly 15-17% higher sequentially. Per the company, this is the result of a non-cash inventory impairment on Lagunas Norte’s long-term stockpiles. Cash costs per ounce are likely to be in line with third-quarter’s tally. All-in sustaining costs (AISC) per ounce are expected to be around 3-5% higher sequentially.

Notably, the preliminary results exclude production and sales from Randgold. The merger between Barrick and Randgold is effective from Jan 1, 2019. As such, Randgold’s production and sales prior to the merger is not attributable to Barrick and is therefore included for the purpose of information only.

Randgold’s preliminary gold production and sales for the fourth quarter were 375,000 ounces and 376,000 ounces, respectively. Preliminary gold production and sales for the full year were 1.28 million ounces and 1.30 million ounces, respectively.
Shares of Barrick have inched down 0.2% in the past six months compared with the industry’s 8.5% decline.

Zacks Rank & Key Picks

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

A few better-ranked stocks in the basic materials space are Ingevity Corporation NGVT, Cameco Corporation CCJ and Israel Chemicals Ltd. ICL, all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Ingevity has an expected earnings growth rate of 21.5% for 2019. The company’s shares have gained 15.5% in the past year.

Cameco has an expected earnings growth rate of 20% for 2019. Its shares have rallied 27.7% in a year’s time.

Israel Chemicals has an expected earnings growth rate of 5.4% for 2019. Its shares have rallied 32% in a year’s time.

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