|Bid||38.65 x 0|
|Ask||38.74 x 0|
|Day's Range||37.95 - 38.93|
|52 Week Range||17.52 - 40.41|
|Beta (5Y Monthly)||0.34|
|PE Ratio (TTM)||16.06|
|Earnings Date||Aug 10, 2020|
|Forward Dividend & Yield||0.38 (0.99%)|
|Ex-Dividend Date||May 28, 2020|
|1y Target Est||13.81|
Barrick Gold (GOLD) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Barrick Gold (GOLD) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Barrick Gold (GOLD) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 2 (Buy).
Is (GOLD) Outperforming Other Basic Materials Stocks This Year?
TORONTO, Aug. 03, 2020 (GLOBE NEWSWIRE) -- In line with its objective of finding and developing the best assets, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has strengthened its exploration team through the appointment of eminent geologists Aoife McGrath and Leandro Sastre in the newly created positions of vice president exploration for Africa and Middle East, and Latin America and Asia Pacific respectively. McGrath has worked with and led exploration teams in Africa, North and South America and Europe and her experience spans the full spectrum of company size and exploration stages. Named as one of the ‘Global 100 Inspirational Women in Mining’, she has been involved in a number of major discoveries and brings strong commercial skills to her new role.Sastre was previously mine operations and technical manager at the Veladero gold mine. His wide skills base ranges from exploration through ore control to resource modelling. He was closely involved with Exeter’s discovery and delineation of the Caspiche orebody in Chile, now part of Barrick’s Norte Abierto project, and the Cerro Moro orebody in Argentina, which is now an operating mine.President and chief executive Mark Bristow said these appointments reflect Barrick’s commitment to what it regards as its main growth driver. “Exploration has always been an integral part of Barrick’s strategy of creating value and we look forward to the contribution Aoife and Leandro will make towards adding to our global mineral inventory,” he said. Enquiries: Kathy du Plessis Investor and Media Relations +44 20 7557 7738 Email: firstname.lastname@example.orgWebsite: www.barrick.comCautionary Statement on Forward-Looking InformationCertain information contained in this press release, including any information as to our strategy, projects, plans or future operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “objective”, “develop”, “commitment”, “create”, “add”, “will” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s objective to find and develop the best assets, Barrick’s commitment to exploration as its main growth driver and Barrick’s goal to add to its global mineral inventory. These statements are based on the reasonable assumptions, estimates, analysis, and opinions of management made in light of management’s experience and perception of trends, current conditions, and expected developments, as well as other factors that management considers to be relevant and reasonable at the date that such statements are made. Forward-looking information involves known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company, as applicable, to be materially different from those anticipated, estimated, or intended. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
(Bloomberg) -- AngloGold Ashanti Ltd.’s chief executive officer was pushed to leave after shareholders asked for further investigations into a bonus payment by his former employer that he didn’t initially disclose, according to people familiar with the matter.The mining company announced on Thursday that Kelvin Dushnisky would step down after only two years. That followed a demand from a major shareholder, South Africa’s Public Investment Corp., for an independent probe into a payment of $926,000 from Barrick Gold Corp., according to the people, who asked not to be identified as the details aren’t public.The world’s third-largest gold miner hired Dushnisky from Barrick to steer a new growth path, and under his management he started to the sell mines in South Africa and Mali. AngloGold has declined 9% in Johannesburg trading since it was announced he’s leaving. The shares have risen fivefold since the CEO’s arrival as the price of gold soared.Before starting work at AngloGold, Dushnisky agreed to a signing bonus to make up for a payment from Barrick that he would lose out on as the company wanted him to start work before year-end. When it was published in Barrick’s annual report that it did pay him the bonus, the CEO was asked by the board to repay the $800,000.While the board had found that there was a breach of trust and a “mistake in judgment,” it didn’t take further action. After the demand for a probe by the PIC, Africa’s biggest fund manager that owns about 12% of Anglogold shares, the company then pushed for Dushnisky to resign or face a potentially damaging investigation, the people said.“AngloGold Ashanti’s board rejects as false any allegation that it threatened the company’s CEO with an investigation into the matter of a bonus. Neither did the board request Mr. Dushnisky’s resignation, which was a personal decision that we respect and understand,” AngloGold said in an e-mailed response.“The PIC can state that it has formally written to the AngloGold board to raise its concerns” related to the payments, it said in an emailed response to Bloomberg News last month. The PIC had said it’s awaiting a “response on actions that will be taken by the company.”The PIC didn’t immediately respond to emailed questions on Friday.For more on CEO resignation, click hereThe CEO resigned to be closer to his family in Toronto, AngloGold said in an emailed response to questions on Thursday. Dushnisky didn’t respond to calls and a text message seeking comment.Dushnisky will step down on Sept. 1, but will work with AngloGold from Toronto until Feb. 28 to ensure a smooth handover, the company said. Chief Financial Officer Christine Ramon will be interim CEO while it searches for a replacement.(Updates with AngloGold response in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
There could be more room for gold—and gold-mining stocks—to advance, with inflation-adjusted U.S. rates negative and the U.S. government running enormous deficits.
Gold has long been regarded as a safe haven in times of market turmoil. Many investors have gained exposure to the precious metal by buying stocks of companies engaged in exploration and mining. Some of the major players in the gold industry include mining companies Franco Nevada Corp.
Should gold stocks be on your buy list as the spot gold price registers all-time highs on a soft dollar and easy Federal Reserve? Here's a primer on investing in gold.
(Bloomberg Opinion) -- Gold’s record run to almost $2,000 an ounce has burnished cash flows and driven a surge in shares of bullion producers. The rally provides a renewed test of discipline for Barrick Gold Corp. and peers after a similar climb a decade ago prompted a spate of inflated deals and overly optimistic investments that wasted billions.The 2020 redux isn’t being fueled by traditional demand: The China Gold Association says consumption in the world’s biggest buyer plunged by more than a third in the first half. Instead, it’s a combination of low bond yields, pandemic worries and institutional investor appetite. Silver has also rallied, breaking through $24 an ounce this week to its highest since 2013. Precious metals aren’t always predictable, but Covid’s stubborn resistance means the general picture is unlikely to change soon.For gold-mining companies, this is becoming a test of memories. With costs contained even after pandemic-related closures, virtually all are churning out impressive cash: In the first three months, Toronto-based Barrick alone generated $438 million in free cash flow based on a realized price of not far off $1,600, compared to $146 million a year earlier. Valuations look better too, especially for the sector’s largest players.That’s a temptation to expand for those like Barrick Chief Executive Officer Mark Bristow who are facing constrained production growth and a metal price that’s likely to be supported for some time yet. Recall, though, just how bad things got around 10 years ago, when prices last glittered this brightly. In 2017, chastising the industry, the hedge fund of longtime gold bull John Paulson put the gold mining sector’s cumulative impairments since 2010 at $85 billion. According to the same presentation, 80% of the value of the top eight deals was impaired. Enough to give today’s executive pause.The starting gun for this wave of gold deals has already been fired. That began with some operational logic and a dash of hubris, when Barrick announced plans to tie up with Africa-focused Randgold Resources Ltd. in 2018, only to bid unsuccessfully for Newmont Mining Corp. months later, when the target was buying Goldcorp Inc. More significant for what comes next, however, is that premiums were non-existent or modest; Barrick and Newmont never did combine, and ended up agreeing a more sensible joint venture in Nevada.For an industry trying to woo back generalist investors and regain credibility, Chris LaFemina of Jefferies points out, the model is still pre-merger Randgold: a high dividend, net cash, no value-destroying share issues. Shiny prices haven’t changed that yet.This year it is China’s bullion miners that have driven much of the action, in search of market clout and increased relevance. Shandong Gold Mining Co. agreed to buy Canada’s TMAC Resources Inc. in May, a deal now facing some local opposition, and has also battled Russia’s Nord Gold SE for West Africa-focused Cardinal Resources Ltd. No less acquisitive, Zijin Mining Group Co. agreed last month to buy Canada-headquartered Guyana Goldfields Inc. for $240 million. Expect that to continue.Paying out the 2020 windfall in dividends may be no bad thing, given how fast gold can turn. Investors will cheer. Still, if prices stay high, diggers can capitalize on the current excitement by encouraging a little more risk to tackle the problem of stagnant production. It’s true that there were as many terrible greenfield projects in the past boom as there were bad M&A deals, but there is an extra incentive to bet on the yellow metal: Extra supply doesn’t tend to erode the gold price.Miners will need to invest $37 billion by 2025 to keep output at 2019 levels, Wood Mackenzie Ltd. estimates. Not all of those projects will be in top destinations, or easy to extract. Gold at $2,000 might just make a return to mining’s buccaneering roots attractive enough. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Investment demand for gold continues to be strong. There could be more room for the mining stocks to rally since their profits are leveraged to gold prices.
The dollar weakened and gold rose further on Thursday as a gauge of global equities meandered after earlier gains in Europe and Asia as rising cases of COVID-19 crimped the U.S. labor market and deteriorating U.S.-China relations gave investors pause. Investors are selling the greenback on expectations the U.S. economy will likely underperform its peers in the developed world as the surge in new U.S. coronavirus infections pushed the overall number of cases over 4 million. "There has been a turn in dollar sentiment," said Marc Chandler, chief market strategist at Bannockburn Forex in New York.
(Bloomberg) -- Canadian miner Yamana Gold Inc. plans to list in London in the coming months, potentially signaling a revival in fortunes for the city that’s lost its biggest gold names in recent years.Once Yamana lists in London, it will offer local investors exposure to production in the Americas and another choice to larger rival precious metal miners Fresnillo Plc and Polymetal International Plc. The company said it won’t raise money as part of the listing, but hopes to become the “investment of choice” for those seeking gold exposure.While Toronto, Johannesburg and Sydney have long hosted the biggest producers, London vies with New York as the world’s premier gold trading hub and its financiers have bankrolled the industry since the development of South Africa’s giant gold fields more than 130 years ago. Still, most of the London-listed gold miners have struggled in recent years or left all together.Star performer Randgold Resources Ltd. delisted about a year and a half ago after being bought by Barrick Gold Corp., while companies such as Petropavlovsk Plc and Centamin Plc have struggled to deliver consistent returns.Yamana currently produces about 1 million ounces a year of gold and silver equivalent and has a market value of C$7.2 billion ($5.3 billion). The company has producing mines in Canada, Brazil, Chile and Argentina.Other gold miners have also looked to repeat the success of Randgold, which became an investor favorite before it was bought. Resolute Mining Ltd. listed last year, while AngloGold Ashanti Ltd. is also considering a listing in London.Yamana’s plan to list on the London Stock Exchange also comes as gold prices trade near an eight-year high. The metal has rallied as investors seek a haven from the global economic downturn and massive central bank stimulus measures.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Massif Capital letter to investors for the second quarter ended June 2020, discussing the rally in the gold prices. The core portfolio for Massif Capital was up 18.3% during the second quarter of 2020. Year-to-date, as of the end of second quarter, the portfolio has returned 21.9%. A detailed report on individual account performance will be provided […]
In his first "Executive Decision" segment of Mad Money Thursday evening, Jim Cramer spoke with Mark Bristow, CEO of Barrick Gold for an update on the company. Bristow said after a brief shutdown for Covid-19, Barrick's mines are back in full operation. Bristow said the market is strong for both gold and copper, and with gold prices on the rise, it's always "more enjoyable" to be in the mining business.
(Bloomberg) -- Barrick Gold Corp. says its costs to produce gold and copper rose in the second quarter as the global pandemic raged, while bullion production fell.The so-called all-in-sustaining cost to produce an ounce of gold was likely 7% to 9% higher in the second quarter, compared with the previous three months, the Toronto-based miner said Thursday in a statement. Copper’s all-in-sustaining costs per pound were 4% to 6% higher, according to the preliminary results.The global pandemic has caused disruptions to mining operations around the world. Second-quarter gold production fell largely because of Covid-19 disruptions at Barrick’s Veladero mine in Argentina, as well as a planned maintenance shutdown in the Dominican Republic and reduced production in Papua New Guinea.In May, the world’s second-largest gold miner lowered its guidance for 2020 production to a range of 4.6 million to 5 million ounces, in part because of a conflict with the government of Papua New Guinea over its Porgera mine.“Comprehensive programs to counter the spread of Covid-19 are in place at all of Barrick’s operations and it continues to take the necessary steps to manage the impact of the pandemic on its business,” Chief Executive Officer Mark Bristow said in the statement.Barrick is still on track to meet its 4.6 million to 5 million annual guidance, it said. The miner had previously guided that second-quarter preliminary gold production would be lower than in the first quarter. Barrick said it produced 1.15 million ounces in the period, beating the average analyst estimate.The company also continued to benefit from strong gold prices, which it said averaged $1,711 an ounce in the second quarter.The statement was released before the start of regular trading in New York, where Barrick slipped 0.9% as of 7:45 a.m.(Updates with comment from the CEO in)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
All amounts expressed in US dollars TORONTO, July 16, 2020 -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary second.
Barrick Gold Corp will reduce power supply to townships near its Porgera gold mine in Papua New Guinea, the mine's operator said on Thursday, to save costs amid a deepening standoff with the government over mining rights. Canada's Barrick, the world's second-biggest gold miner, was refused an extension of its expired lease on the mine in April, with the government citing unrest and pollution concerns. It stopped production and said in a statement from mine operator Barrick (Niugini) Ltd that "due to necessary cost reductions" electricity the mine provides free to nearby communities would from Friday only be supplied for 12 hours a day.
Chile's Antofagasta and unionized workers at its Zaldívar mine entered into mediation with the government on Wednesday in a last-ditch effort to stave off a strike amid a coronavirus outbreak in the South American nation. A period of government mediation will run through July 22, the union told Reuters. Antofagasta still has until Friday to request government mediation at another of its copper mines, Centinela, where supervisors paved the way for a strike after rejecting the company's pay offer.