|Bid||24.35 x 0|
|Ask||24.40 x 0|
|Day's Range||23.97 - 24.49|
|52 Week Range||12.54 - 24.67|
|Beta (3Y Monthly)||-0.68|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.21 (0.88%)|
|1y Target Est||N/A|
Passive investing in index funds can generate returns that roughly match the overall market. But if you pick the right...
The price of gold rose continues its rise, surpassing the $1,500-an-ounce mark earlier this month. Barrick Gold stock gained early Monday morning after reporting second-quarter earnings. Adjusted earnings and revenue met Wall Street’s expectations, and the company said it expects full-year gold production in the upper end of its prior outlook.
(Bloomberg) -- Eight months into his job, Barrick Gold Corp. CEO Mark Bristow is shopping, selling and negotiating his way through a complex portfolio of assets in a massive retrofit of the global miner.The chief executive officer of the world’s second-largest gold producer is pushing ahead with plans to sell about $1.5 billion in assets by the end of next year, while looking to buy more top-tier gold projects, in Canada and elsewhere, and invest in copper assets.After reporting positive second-quarter earnings, Bristow also flagged the possibility Newmont Goldcorp Corp., its partner in the Kalgoorlie open-pit gold mine, may be swayed to join Barrick in selling the entire Australian asset.“KCGM is for sale, straight up, we put the sign out,” Bristow said of its 50% stake in Kalgoorlie after Barrick released its second-quarter earnings statement. “Gary said to me, depending on the price he’ll sell it, buy it or partner it,” Bristow said, referring to Newmont CEO Gary Goldberg.“We would consider transactions to consolidate or divest our interest in KCGM under the right valuation terms,” Omar Jabara, a spokesman for Newmont, said by email. “Beyond that we are not able to speculate.”‘No Shortage’Goldberg has said he’d be interested in buying Barrick’s half of Kalgoorlie at the right price. During Monday’s interview, Bristow said Northern Star Resources Ltd. is “one of the front-runners” among companies that have expressed interest in Barrick’s stake.“We’ve got no shortage of interest in that asset -- it’s an icon in the gold industry,” Bristow said in an interview Monday, referring to Kalgoorlie. Barrick has engaged with Goldberg and “he needs to decide,” Bristow said.Barrick shares climbed as much as 2.9% in New York trading Monday after reporting that second-quarter revenue climbed 21% and costs this year will be at the lower end of forecasts. The company’s shares later closed 0.9% lower, trimming this year’s gain to 33%, still almost double the pace of bullion.Among countries targeted for deals, Barrick is keen to buy more mines in Canada and is actively looking for opportunities. “We’re under-invested in Canada: watch this space,” he said. “We don’t want to buy companies; we’re after assets.”To contact the reporters on this story: Danielle Bochove in Toronto at email@example.com;Vinicy Chan in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
As gold enjoys something of a revival amid global recession fears, mining stocks have emerged as a popular play. Barrick Gold in particular has been hot, outperforming the gold ETF and surging after its latest financial reports.
The U.S.-listed shares of Barrick Gold Corp. shot up 1.9% toward a more than 2-year high in morning trading Monday, as in-line second-quarter profit and strength in gold prices helped trump a revenue miss. The gold miner reported earlier that it swung to net income of $194 million, or 11 cents a share, from a loss of $94 million, or 8 cents a share, in the year-ago period. Excluding non-recurring items, adjusted EPS rose to 9 cents from 7 cents, to match the FactSet consensus of 9 cents. Revenue rose 21% to $2.06 billion, but was below the FactSet consensus of $2.10 billion, as gold production increased 27% to 1.35 million ounces and copper production grew 17% to 97 million pounds. Meanwhile, continuous gold futures rose 0.4% toward a more than 2-year high, as concerns over rising U.S.-China trade tensions and global economic weakness drove investors into safe-haven assets, like gold. Barrick's stock, which is on track to close at the highest level since April 2017, has shot up 53.9% over the past three months, while the VanEck Vectors Gold Miners ETF has hiked up 46.1% and the S&P 500 has gained 0.8%.
The Toronto-based miner on Monday reported second-quarter earnings that were mostly in line with consensus estimates. Barrick Gold stock has thrived, gaining 34% since the start of 2019. Barrick Gold’s second quarter met Wall Street’s expectations.
Barrick Gold stock has been strong this year, rallying more than 34%. After reporting earnings, shares hit new 52-week highs. Here's when to buy this red-hot gold play.
Barrick Gold Corporation (NYSE: GOLD ) reported second-quarterly earnings of 9 cents per share. This is a 28.57% increase over earnings of 7 cents per share from the same period last year. In July, Barrick ...
Barrick Gold Corp is not actively seeking to sell its Tongon mine in Ivory Coast and the Massawa project in Senegal but will consider various options for both, Chief Executive Mark Bristow told Reuters on Monday. "We don't have a for-sale sign" at Tongon and Massawa, Bristow said in an interview in Toronto. While Barrick has said it will focus on its best-performing assets and look to divest the rest, it is also trying to extract more from its mines by stepping up exploration around them.
"We don't have a for-sale sign" at Tongon and Massawa, Bristow said in an interview in Toronto. While Barrick has said it will focus on its best-performing assets and look to divest the rest, it is also trying to extract more from its mines by stepping up exploration around them. The company is open to acquiring assets around Tongon from junior miners to extend its life, or selling the mine as part of a bigger transaction, possibly with Massawa, Bristow said.
Barrick Gold posted stronger-than-expected second quarter earnings Monday as a the strongest rise in bullion prices in more than three years continues to support the bottom line of the world's second-biggest gold producer.
Acacia Mining said the Tanzanian government had allowed it to resume gold exports from its largest mine in the country. The London-listed company said Tanzania’s Ministry of Minerals had authorised exports from its North Mara Gold mine following a two-day investigation last month. The news comes a month after Acacia’s board recommended a buyout offer for the miner by its majority shareholder Barrick Gold, the world’s second-largest gold miner.
Barrick Gold’s production rose 27 per cent in the second quarter as the world’s second-biggest gold miner edged closer to ending a tax dispute with the Tanzanian government. “That’s a lot of boxes ticked in a short time,” said Mark Bristow, Barrick’s chief executive, who took over the top job in January.
Second-quarter earnings season winds down with reports also from Cisco, Nvidia, and Walmart. Economic data this week will tell investors a lot about how consumers are faring in this market.
Barrick Gold plans to start a formal sale process in the near term for all or a part of its stake, the report said, citing people familiar with the matter. The Tongon mine, located north of the Ivory Coast's port city of Abidjan, is expected to produce 250,000 ounces to 270,000 ounces of gold in 2019. The company is also working with Scotiabank to sell its Massawa gold project in Senegal and plans to divest its Lumwana copper mine in Zambia, according to the report.
(Bloomberg) -- Barrick Gold Corp. is considering a sale of its Tongon Gold mine in the Ivory Coast as the company ramps up asset disposals following its purchase of Randgold Resources Ltd., people familiar with the matter said.The miner is working with Bank of Nova Scotia to identify buyers for the asset, the people said, asking not to be identified as the information is private. The company aims to start a formal sale process in the near term for part or all of its stake, the people said. Deliberations are at an early stage, and Barrick may decide against selling the operations, they said.Rising gold prices are triggering more deal activity as Goldman Sachs Group Inc. analysts expect prices will continue to climb in the next six months. The volume of gold asset acquisitions has risen nearly sixfold this year compared to the same period in 2018, according to data compiled by Bloomberg. That’s a boon for Barrick as it works to offload assets after spending $5.4 billion to buy Randgold.Barrick is separately working with advisers at Scotiabank to find a buyer for its Massawa gold project in Senegal, the people said. The company is considering divesting other projects including the Lumwana copper mine in Zambia, they said.A representative for Barrick declined to comment. A representative for Scotiabank didn’t immediately respond to a request for comment.Barrick has a nearly 90% stake in the Tongon gold mine, which is located 682 kilometers (424 miles) north of the coastal city of Abidjan. The Ivorian government and local investors own the remainder, according to the company’s website. The mine produced more than 230,000 ounces of gold in 2018 and expects to produce as many as 270,000 ounces this year.Newmont Goldcorp Corp. Chief Executive Officer Gary Goldberg said in a recent interview that he’s interested in buying out Barrick’s stake in the Kalgoorlie Super Pit, an asset jointly owned by the two companies that ranks as Australia’s biggest open-pit gold mine.To contact the reporters on this story: Dinesh Nair in London at firstname.lastname@example.org;Vinicy Chan in Hong Kong at email@example.com;Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Fion Li at email@example.com, ;Liana Baker at firstname.lastname@example.org, ;Dinesh Nair at email@example.com, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Gold futures rallied above $1,500 an ounce on sustained demand for the traditional haven as the U.S.-China trade war festers, global growth slows and central banks around the world ease monetary policy.The metal advanced as much as 2.6% an ounce on the Comex to the highest since 2013. The move extends this year’s climb to 19%, with gains underpinned by inflows into exchange-traded funds and central bank purchases. China’s central bank expanded its gold reserves for an eighth straight month in July.Gold has been one of the chief beneficiaries of the turmoil in global financial markets as Washington and Beijing spar over trade. In recent days, the Trump administration threatened fresh tariffs against Chinese goods, the yuan was allowed to sink, and the U.S. branded China a currency manipulator. The stand-off has boosted the odds of more easing from the Federal Reserve. Mounting “growth worries,” prompted Goldman Sachs Group Inc. to predict prices will climb to $1,600 an ounce over the next six months.“Gold is serving its traditional role as a safe-haven asset,” said Wayne Gordon, executive director for commodities and foreign exchange at UBS Group AG’s wealth management unit. Under the bank’s risk case, marked by a further escalation of the trade fight, prices could go as high as $1,600, he said.Futures for December delivery rose 2.4% to settle at $1,519.60 an ounce at 1:30 p.m. in New York, gaining for a fourth day. Silver also surged, with futures climbing above $17 for the first time since June 2018.Miners also benefited from the rally, with AngloGold Ashanti Ltd. rising 4.8% to its highest price in more than seven years. Kinross Gold Corp., Barrick Gold Corp. and Newmont Goldcorp Corp. also soared.Lower RatesLast month, the Fed reduced borrowing costs for the first time in more than a decade, responding in part to the impact of the trade war. Lower rates boost the appeal of non-interest-bearing bullion.On Wednesday, New Zealand’s Reserve Bank shocked markets with a half-percentage point interest-rate reduction, while India’s central bank also delivered a bigger-than-expected move. Those cuts were followed by the Bank of Thailand unexpectedly lowering its benchmark interest rate for the first time in more than four years.The latest ructions have sent investors rushing to havens, pushing the world’s stockpile of negative-yielding bonds to a record, with the market value of the Bloomberg Barclays Global Negative Yielding Debt Index closing at $15.01 trillion Monday. The yield on 10-year Treasuries has tumbled.Bullion has plenty of fans among veteran investors. Mark Mobius said in July prices were poised to top $1,500 as interest rates headed lower, declaring: “I love gold.” Billionaire hedge-fund manager Ray Dalio has suggested the market may just be at the start of a period that would be very positive for gold.In addition to the challenges thrown up by the trade war, there are other risks. In Europe, investors are tracking the chances of a no-deal Brexit later this year, while there are tensions in the Middle East between Iran and the U.S.Further support for the rally has come from central-bank buying, with authorities in China, Russia, Poland and Kazakhstan all boosting holdings. That trend shows no sign of slowing, with the People’s Bank of China adding almost 10 tons to reserves in July.“We see the ongoing steep rise in the gold price as an expression of the high risk aversion among market participants,” said Daniel Briesemann, an analyst at Commerzbank AG. “Gold is quite clearly still in demand as a safe haven in the current market environment, as reflected, among other things, in continuing ETF inflows. ”\--With assistance from Krystal Chia.To contact the reporters on this story: Ranjeetha Pakiam in Singapore at firstname.lastname@example.org;Rupert Rowling in London at email@example.com;Justina Vasquez in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Phoebe Sedgman at email@example.com, ;Luzi Ann Javier at firstname.lastname@example.org, Jake Lloyd-Smith, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.