|Bid||22.70 x 0|
|Ask||22.71 x 0|
|Day's Range||22.39 - 22.72|
|52 Week Range||15.37 - 26.69|
|Beta (3Y Monthly)||0.06|
|PE Ratio (TTM)||26.36|
|Forward Dividend & Yield||0.27 (1.19%)|
|1y Target Est||N/A|
The sale is the latest by Barrick Chief Executive Officer Mark Bristow as he seeks to shed at least $1.5 billion of unprofitable mines by the end of 2020, following the company's acquisition of Rangold Resources a year ago. The Canadian miner last month sold its half of the Kalgoorlie super pit gold mine to Australia's Saracen Mineral Holdings Ltd for $750 million. Barrick could also look to sell its Tongon mine in Ivory Coast and its Lumwana copper project in Zambia, analysts have said.
Barrick Gold, the world’s second largest gold producer, sold its 90 per cent stake in the Massawa project in Senegal to Teranga Gold for up to $430m, as it makes further headway on plans to sell over $1.5bn of assets. The west African gold producer said it will pay $380m upfront in cash and the rest in shares to Barrick and its Senegalese joint venture partner, while $50m will be paid out based on the average gold price in the three years following the deal.
Barrick Gold had its Relative Strength (RS) Rating upgraded from 80 to 84 Friday. When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. Barrick Gold has moved more than 5% past a 14.64 entry in a first-stage cup without handle, meaning it's now out of a proper buy range.
TORONTO/LONDON, Dec 4 (Reuters) - Gold miners look set to extend a deal spree after notching transactions worth a record $30.5 billion this year, according to data, the biggest M&A binge since bullion prices peaked nearly a decade ago. Led by top producers Newmont Goldcorp Corp and Barrick Gold Corp, miners are bulking up to replace dwindling reserves and win back investors who in recent years shunned the sector because of disappointing returns. Gold topped $1,900 per ounce in 2011 and currently trades around $1,484, after hitting a six-year high in September.
Barrick Gold Corp. has turned to the upside today and this looks like the start of a new leg higher. In this daily bar chart of ABX on the Toronto Exchange, below, we can see that prices have corrected lower the past three months in what looks like a falling wedge pattern. A falling wedge pattern is often a continuation pattern in that after prices have corrected lower they are ready to resume the rally.
(Bloomberg) -- Endeavour Mining Corp. went public with an offer of about $1.9 billion for fellow Africa-focused gold producer Centamin Plc, after efforts to engage with the board were unsuccessful.Endeavour’s proposal is the latest in an expanding list of gold-mining deals, with at least two acquisitions announced in about the past week. Investor anticipation for more consolidation has been building since the two largest producers shook up the industry with their own transactions last year.This “is a bold and welcome move,” said James Bell, an analyst at RBC Capital Markets. The deal would diversify Centamin’s operations, which have faced operational setbacks and declining production, he said.In a separate statement, Centamin said it rejected Endeavour’s offer and is better positioned to operate as a standalone company. The board advised shareholders not to take any action on the proposal.Centamin has been touted as a takeover target ever since the size of its Sukari mine in Egypt, one of the biggest not held by a major producer, became apparent at the start of this decade. Earlier this year, Barrick Gold Corp. Chief Executive Officer Mark Bristow -- who was long seen as a suitor when he ran Africa-focused Randgold -- described it as one of the world’s top mines.Centamin has faced operational setbacks, missed output targets and multiple political hurdles since the ouster of former Egyptian President Hosni Mubarak in 2011. In addition, CEO Andrew Pardey is preparing to retire and Chairman Josef El-Raghy was supposed to retire at the end of last year.“The transaction would also provide a new, strong and highly credible management team for Centamin at a time when transitions in terms of both CEO and chairman are ongoing,” said RBC’s Bell. “The feedback we keep hearing from global investors is that single asset gold producers are potentially not viable long-term investments and hence may struggle to gain premium ratings.”Endeavour is proposing to exchange 0.0846 of its own shares for each Centamin share, the company said in a statement. The deal represents a 5% premium to the 30-day average price and would result in Endeavour investors owning about 53% of the combined company. Centamin shares rose as much as 10% in London, the most since July.Should Endeavour pursue a hostile offer, it would echo a similar move by Barrick this year for Newmont Mining Corp. Endeavour said the benefits of a combination included geographic diversification, better access to capital and a stronger position to pay dividends. Endeavour operates mines in Ivory Coast and Burkina Faso. Egyptian billionaire Naguib Sawiris’s La Mancha Holding S.a.r.l., Endeavour’s’s biggest shareholder, backs the proposal.Endeavour said it wrote to Centamin’s chairman and CEO proposing an all-share merger in October 2018, but the offer was immediately rejected. After another attempt last month, Centamin refused to hold any discussions without standstill and non-disclosure agreements that would restrict the ability to canvass shareholder sentiment, Endeavour said.This isn’t the first time Endeavour has tried to combine with another Africa-focused producer. The company ended talks for a potential deal with Acacia Mining Plc in March 2017 after failing to reach an agreement.(Adds details on Egyptian operations in sixth paragraph)To contact the reporters on this story: Elena Mazneva in London at firstname.lastname@example.org;Thomas Biesheuvel in London at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Stuart Wallace, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Zijin Mining Group Co. agreed to buy Continental Gold Inc. in a deal worth C$1.37 billion ($1 billion), marking the second takeover in as many weeks of a Canadian gold miner.Zijin will pay C$5.50 a share in cash for Continental and said major shareholder Newmont Goldcorp Corp. was supportive, according to a statement on Monday. The offer reflects a 29% premium to the share price from the past 20 days.The company, China’s biggest listed producer of mined gold, has been making deals across the world in recent years as it looks to bolster its exposure to gold and copper. The acquisition would give Zijin control of the Buritica gold project in Colombia, which is currently being developed. Output at Zijin Mountain, China’s top gold mine which the producer is named for, is dropping because of depleting resources. The deal comes just a week after Canada’s Kirkland Lake Gold Ltd. agreed to buy Detour Gold Corp. for $3.7 billion, furthering an M&A spree that’s swept the gold mining industry.There’s been constant speculation about gold mining acquisitions after huge deals rocked the industry in the last year: Newmont Mining Corp.’s acquisition of Goldcorp Inc. and Barrick Gold Corp.’s takeover of Randgold Resources Ltd. The two combinations created companies that dwarf the rest of the industry and mean that smaller miners feel the need to consolidate if they’re going to stay relevant to shareholders.To contact the reporter on this story: Thomas Biesheuvel in London at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Like everyone else, elite investors make mistakes. Some of their top consensus picks, such as Amazon, Facebook and Alibaba, have not done well in Q4 of 2018 due to various reasons. Nevertheless, the data show elite investors' consensus picks have done well on average over the long-term. The top 20 stocks among hedge funds beat […]
Australia's Evolution Mining Ltd on Tuesday agreed to buy Canadian gold mining complex Red Lake from Newmont Goldcorp Corp for $375 million in cash. "Red Lake is an under-capitalised asset which, through a committed investment in development and exploration, is intended to become a cornerstone asset in the Evolution portfolio," said Jake Klein, Evolution's executive chairman. Newmont said in a statement that the sale was part of its efforts to streamline its asset base.
Canadian miner Barrick Gold Corp is keen to top its $1.5 billion target for asset sales after shedding its half of the Super Pit gold mine in Western Australia, Chief Executive Officer Mark Bristow said on Monday. Australia's Saracen Mineral Holdings Ltd agreed on Monday to buy Barrick's 50% stake of the Kalgoorlie Consolidated Gold Mines Joint Venture, which operates one of Australia's largest gold mines, for $750 million.. Newmont Goldcorp Corp holds the other 50% share. The deal is a first step in Barrick's plan to jettison at least $1.5 billion in less-profitable assets by the end of 2020 in the wake of its acquisition of Rangold Resources a year ago.
Canadian miner Barrick Gold Corp is keen to top its $1.5 billion target for asset sales after shedding its half of the Super Pit gold mine in Western Australia, Chief Executive Officer Mark Bristow said on Monday. Australia's Saracen Mineral Holdings Ltd agreed on Monday to buy Barrick's 50% stake of the Kalgoorlie Consolidated Gold Mines Joint Venture, which operates one of Australia's largest gold mines, for $750 million.. Newmont Goldcorp Corp holds the other 50% share.
Australia's Saracen Mineral Holdings Ltd said on Monday it would buy a 50% stake in the Kalgoorlie Consolidated Gold Mines Joint Venture in western Australia from Barrick Gold Corp for $750 million. Saracen intends to partially fund the acquisition through a an A$796 million ($545.66 million) capital raise and the balance of the consideration through a loan of A$450 million. Newmont Goldcorp Corp be will be Saracen’s joint venture partner, retaining its 50% stake.
(Bloomberg) -- Barrick Gold said it agreed to sell its 50% stake in Kalgoorlie Consolidated Gold Mines in Western Australia to Saracen Mineral Holdings for $750m in cash.NOTE: Earlier, Saracen Said to Near $750 Million Deal in Barrick Mine Stake To view the source of this information click hereTo contact the reporter on this story: Jim Silver in New York at email@example.comTo contact the editor responsible for this story: Sebastian Tong at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Saracen Mineral Holdings Ltd. is nearing a deal for Barrick Gold Corp.’s share of the Kalgoorlie Super Pit gold mine in Western Australia, according to people familiar with the matter.Perth-based Saracen prevailed over a number of other bidders with an offer that values the 50% stake in the mine at about $750 million, the people said, asking not to be identified discussing confidential matters. Talks could still fall apart and there is no guarantee a deal will be reached, the people said.Spokespeople for Barrick and Saracen couldn’t be immediately reached for a comment.Buying Barrick’s share in the giant operation in Western Australia will give Saracen exposure to an asset that was the country’s third-largest producing gold operation last year, according to industry researcher Surbiton Associates Pty. The site includes a 3.5-kilometer (2-mile) long open pit, an underground mine and processing facilities.Barrick and its key rival Newmont Goldcorp Corp. are in the process of offloading unwanted mines after major acquisitions since 2018 that have reshaped the gold sector. Newmont, which holds the remaining 50% of the Kalgoorlie Super Pit, previously targeted $1.5 billion from asset sales, though has more recently cautioned that it is under no pressure to sell.An earlier attempt by Barrick to sell its Kalgoorlie stake ended in 2017 when Shandong Tyan Home Co. said tighter controls in China on outbound investment meant it could no longer proceed with a proposed $1.3 billion deal.Since then, the Kalgoorlie asset has experienced operational challenges, including rock falls in the open pit in 2018 that have crimped production. Output declined by a third in the nine months to Sept. 30 as costs rose 40%, Newmont said in a Nov. 5 filing.The site is regarded as holding potential for further development of an underground mine and there are plans to continue gold processing into the 2030s. Barrick fielded inquiries from parties across Australia and Asia, Chief Executive Officer Mark Bristow said in September.Barrick Gold hired Credit Suisse Group AG in 2016 to advise it on Kalgoorlie.(Updates with Barrick’s adviser in last paragraph.)\--With assistance from Scott Deveau and Vinicy Chan.To contact the reporters on this story: David Stringer in Melbourne at email@example.com;Harry Brumpton in Sydney at firstname.lastname@example.orgTo contact the editors responsible for this story: Fion Li at email@example.com, Linus Chua, Shamim AdamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Canada's main stock index edged higher on Wednesday, helped by an upbeat earnings report from Barrick Gold that bolstered mining stocks, while losses in energy shares kept a check on further gains. * At 09:43 a.m. ET (1443 GMT), the Toronto Stock Exchange's S&P/TSX Composite index was up 21.52 points, or 0.13%, at 16,703.44. * The materials sector added 0.4% as Barrick Gold Corp jumped 3% after beating quarterly profit estimates and raising its dividend payout, benefiting from higher production and better gold prices.