Barrick Gold Corporation GOLD recently issued preliminary results for first-quarter 2020.
In the first quarter, gold production and sales were 1.25 million ounces and 1.22 million ounces, respectively. Copper production and sales amounted to 115 million pounds and 110 million pounds, respectively. Average market price for gold was $1,583 per ounce and the same for copper was $2.56 per pound.
Realized copper price for the first quarter is expected to be 12-14% lower than the average market price due to provisional pricing adjustments. Further, the company expects gold costs to be similar to fourth-quarter 2019 levels.
The company stated that it is well positioned to achieve its full-year guidance despite the impact of the coronavirus pandemic and consequent lockdowns. Barrick is scheduled to release first-quarter 2020 results on May 6, before the opening bell.
The company’s shares have surged 89.2% in the past year compared with the industry’s 59.1% rise.
In February, the company stated that it expects attributable gold production of 4.8-5.2 million ounces at an all-in sustaining cost (AISC) of $920-$970 per ounce for 2020. The cost of sales is expected in the range of $980-$1,030 per ounce.
The company expects copper production of 440-500 million pounds at AISC of $2.20-$2.50 per pound and at the cost of sales of $2.10-$2.40 per pound for 2020.
Zacks Rank & Other Key Picks
Barrick currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Newmont Corporation NEM, Franco-Nevada Corporation FNV and Novagold Resources Inc. NG, all carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Newmont has an expected earnings growth rate of 87.1% for fiscal 2020. The company’s shares have surged 82% in the past year.
Franco-Nevada has an expected earnings growth rate of 15.9% for 2020. Its shares have returned 77.1% in the past year.
Novagold has an expected earnings growth rate of 11.1% for fiscal 2020. The company’s shares have soared 178.3% in the past year.
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