|Bid||22.45 x 0|
|Ask||22.55 x 0|
|Day's Range||22.27 - 22.84|
|52 Week Range||12.54 - 22.84|
|Beta (3Y Monthly)||-0.65|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 12, 2019|
|Forward Dividend & Yield||0.21 (0.96%)|
|1y Target Est||13.81|
Twenty years after Morila started production, the Barrick owned and operated gold mines in Mali continue to make a major contribution to the country’s economy and lead the growth of its mining industry, president and chief executive Mark Bristow said here today. The Loulo-Gounkoto complex currently comprises the Yalea and Gara underground mines and the Gounkoto super pit, with a fourth mine in the form of an underground operation at Gounkoto at the feasibility study stage.
Gold prices hit their highest level since 2013 this past week, an indication that investors increasingly view the often-maligned metal as a good alternative to paper money and government bonds at a time of accommodative monetary policies around the world. Gold climbed to $1,446 an ounce before ending on Friday at $1,425. With gold rallying, gold stocks got a lift.
TONGON, Côte d’Ivoire, July 19, 2019 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (GOLD) (ABX.TO) is actively seeking to extend the life of its Tongon gold mine while at the same time exploring new opportunities elsewhere in Côte d’Ivoire, president and chief executive Mark Bristow said here today. Speaking at a briefing for local media visiting the mine, Bristow noted that Tongon was now in its 10th year of operations while its developer Randgold Resources, since merged with Barrick, had been involved in Côte d’Ivoire for more than 20 years, spending in excess of $90 million (CFA 52 billion) on exploration alone during that time.
Barrick Gold could sell some mining assets owned by Acacia Mining after it gains full control of its African unit, chief executive Mark Bristow told Reuters. Barrick on Friday struck a deal to buy out fellow shareholders in Acacia after raising its offer.
(Bloomberg) -- For the past two years, Acacia Mining Plc has faced deteriorating relationships with its largest shareholder, Barrick Gold Corp. and the government of Tanzania. Now, one of those battles has found a truce.The two companies said Friday that they reached a deal for Barrick to buy the roughly 36% stake in Acacia it doesn’t already own. Barrick sweetened its offer to win over Acacia shareholders, some of whom had decried the previous bid as too low. The new offer has an implied value of about 232 pence per Acacia share, a 24% premium to the closing price on Thursday.“Given all the circumstances, this is possibly the best outcome,” Acacia’s acting Chief Executive Officer Peter Geleta said by phone.The agreement paves the way for Barrick to negotiate with Tanzania in hopes of resolving a public battle that crippled Acacia’s operations in the country, where it runs three gold mines. Acacia hopes the talks will help set up a “new partnership” with the Tanzanian government, Geleta said.“I’m pleased that after engaging with shareholders, Barrick has reconsidered its initial offer,” said James Goldstone, a fund manager at Invesco, which holds less than 1% of Acacia. “It’s a compromise,” he said, without elaborating on how his fund would vote.Acacia’s shares rallied as much as 20% on Friday and traded at 221.40 pence at 12:59 p.m. in London. Before today, the stock had gained 1.8% this year.A successful deal would close the nearly decade-long chapter of Acacia’s life as a public miner, after the unit was spun out in 2010 as African Barrick Gold. Since then, it has fended off challenges spanning an infiltration by criminal gangs, to invasion by hundreds of intruders armed with machetes and hammers and mining-tax changes.Its biggest challenge came two years ago, when Tanzania imposed an export ban on two of Acacia’s units and handed the miner a $190 billion tax bill. Since then, the company’s position in the country has deteriorated further, with the government saying in May it would no longer allow Acacia to manage its mines in the country and will only work with Barrick.Just this week, Tanzania ordered Acacia to stop using a waste-storage facility at its core gold mine, which could disrupt production.The dispute with Tanzania has had a crippling effect of Acacia’s business -- forcing the company to stockpile output and curb production -- and its shares dropped 50% since the start of 2017 before this week’s announcement.The higher offer shows that Barrick CEO Mark Bristow was forced to shift his position that he wouldn’t raise the bid. In an interview in June, he said he had no intention of raising the offer. But he faced shareholder pressure in recent months, with Odey Asset Management opposing the valuation.Barrick has led discussions with the government in an effort to solve the impasse with Tanzania, while Acacia moved ahead separately with arbitration proceedings.In a 2017 meeting between Tanzanian President John Magufuli and Barrick Executive Chairman John Thornton, it was tentatively agreed that Acacia would pay $300 million to the government to settle tax claims and would split future returns from operations with the country. At the time, Acacia criticized the move and blamed Barrick for its worsening relationship with Tanzania after Thornton took over negotiations.(Updates with Invesco comment in fifth paragraph.)To contact the reporters on this story: Elena Mazneva in Moscow at email@example.com;Danielle Bochove in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, ;Luzi Ann Javier at firstname.lastname@example.org, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Barrick Gold Corp has struck a deal to buy out fellow shareholders in Acacia Mining after raising its offer to end a two-month standoff between the world's second biggest gold miner and its African unit. The deal was announced hours before a regulatory deadline for Barrick to make a firm bid or walk away. Barrick spun off Acacia in 2010, but still owns a 64% stake and said earlier this year it wanted to take back full control as it sought to resolve a protracted dispute between Acacia and Tanzania over valuable mining assets.
Barrick Gold Corp has agreed to buy out fellow shareholders in Acacia Mining in a deal that values the firm at 951 million pounds, ending a two-month standoff between the world's second biggest gold miner and its Africa unit. Barrick had spun off Acacia into a separate company in 2010, but owns about 64% of the company. The deal will offer Acacia shareholders, as well as special dividends on Acacia exploration properties and deferred cash consideration dividends, 0.168 Barrick shares per Acacia share, implying a value of about 232 pence per share, the miner said.
Barrick Gold has raised an offer that would give it full control of Acacia Mining, bowing to minority shareholders as it tries to resolve a tax dispute with the Tanzanian government. at its largest gold mine by this weekend.
Barrick Gold Corporation (GOLD)(ABX.TO) announced today that it continues to make good progress on achieving its goals and objectives set out at the start of the year. Reflecting another solid operating performance across its portfolio, Barrick announced preliminary second quarter sales of 1.37 million ounces of gold and 96 million pounds of copper, as well as preliminary second quarter production of 1.35 million ounces of gold and 97 million pounds of copper. The average market price for gold in the second quarter was $1,309 per ounce, while the average market price for copper in the second quarter was $2.77 per pound.
(Bloomberg) -- Acacia Mining Plc hit another roadblock in Tanzania, two days before a deadline for its parent Barrick Gold Corp. to make an offer to minority shareholders.Tanzania ordered the company’s core gold mine, North Mara, to stop using its tailings storage from Saturday because of alleged seepage from the facility, Acacia said in a statement on Wednesday. The miner also said an international arbitration with Tanzania could be postponed to give the government time to settle a wider dispute through talks with Barrick.Acacia shares fell as much as 2.6% in London and ended the session down 0.1%.Barrick, which owns 64% of Acacia, said in May it might buy out minorities in an all-stock deal, but a formal offer has been delayed since then. The current deadline to submit a bid is Friday as Barrick responds to an independent report that attaches a higher value to Acacia than the one the Toronto-based mining giant has proposed.The timing of the decision to halt the tailings storage has nothing to do with the buy-out situation, Doto Biteko, Tanzania’s mining minister, said in an interview. “This has been a long-running problem since 2009, and we have warned Acacia several times, but they have not rectified this problem.”Two years ago, Tanzania imposed an export ban on two of Acacia’s units and handed the miner a $190 billion tax bill. Since then, the company’s position in the country has deteriorated further, while its relationship with Barrick has become increasingly strained.Acacia said Wednesday that it will “immediately seek” a stay of their international arbitration, for which hearings were due to start next Monday. The company is also reaching out to the Tanzanian government to seek clarification on the ban.Earlier this month, Acacia said it produced record monthly gold output of 47,849 ounces at the North Mara mine in June.(Updates with comment from Tanzanian mining minister in fifth paragraph.)\--With assistance from Danielle Bochove and Dylan Griffiths.To contact the reporters on this story: Elena Mazneva in London at email@example.com;Ken Karuri in Dar es Salaam at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, ;Luzi Ann Javier at firstname.lastname@example.org, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Acacia Mining said on Wednesday it was seeking a stay of international arbitration proceedings against Tanzania, a step that could ease tensions between the two sides locked in a dispute following a $190-billion tax bill. The offer to postpone arbitration, which was scheduled to start on July 22, precedes a looming July 19 deadline for Acacia's majority owner Barrick Gold Corp, holder of a 63.9% stake, to make a firm bid to buy out Acacia. Acacia and many of its shareholders have opposed the offer, saying it is too cheap.
Tanzania has stepped up the pressure on gold miner Acacia Mining, ordering it to stop using a waste storage facility at its largest gold mine by Saturday, an act that could cripple operations. The order by Tanzanian’s National Environment Management Council comes just days after Acacia was told its North Mara mine had to be investigated before it could export gold. It also comes before a Friday deadline for Acacia’s majority shareholder Barrick Gold to make a final offer for the London-listed company, after a preliminary bid in May was strongly rejected by Acacia’s minority shareholders.
Acacia Mining said on Wednesday it was seeking a stay of international arbitration proceedings against Tanzania, a step that could ease tensions between the two sides locked in a dispute following a $190-billion tax bill. The offer to postpone arbitration, which was scheduled to start on July 22, precedes a looming July 19 deadline for Acacia's majority owner Barrick Gold Corp , holder of a 63.9% stake, to make a firm bid to buy out Acacia.
The Kibali gold mine remains on track at the year’s halfway point to meet or beat its production forecast of 750,000 ounces for 2019, says Mark Bristow, president and chief executive of operator and co-owner Barrick Gold Corporation. Speaking at a briefing for local media here today, Bristow said this year marked the 10th anniversary of the acquisition of the Moto project which since then has been developed into one of the largest gold mines in the world, contributing $2.7 billion to the Congolese economy in the process. It is also now a full year since Kibali became the owner-operator of its underground mine, which ranks as one of the most advanced in the global industry in terms of automation. The system is currently being developed to the next technological level, where it will allow manned and unmanned operations within the same area.
(Bloomberg) -- A Barrick Gold Corp. and Antofagasta Plc joint venture was awarded $5.8 billion in damages from Pakistan over a disputed mining license, though the copper and gold project remains a long way from development.“I think, at the end of the day, Reko Diq will be developed,” Barrick Chief Executive Officer Mark Bristow said, referring to the Pakistan deposit. “The question is when, and by who.”An international tribunal run by the World Bank ordered Pakistan to pay the global mining giants after the country denied them a license to develop the copper and gold deposit in 2011. The damages include compensation of $4.09 billion for the fair market value of the Reko Diq project when the mining lease was denied, plus interest of $1.75 billion. The tribunal also awarded the joint venture just under $62 million in costs.Collecting the funds may be a challenge, given Pakistan’s fragile economic state, but the ruling may provide leverage to the mining companies if they still hope to develop the asset. “Along with our partners at Antofagasta, we remain willing to engage with Pakistan to explore the potential for a negotiated settlement,” Bristow said in a separate statement.The damages almost match the $6 billion bailout Pakistan agreed to with the International Monetary Fund two months ago to help the South Asian nation avert an economic crisis. Pakistan’s government said it will review the ruling and consider a potential petition to the tribunal.A feasibility study conducted before the 2011 standoff began showed Reko Diq to be one of the largest undeveloped copper and gold deposits in the world, capable of producing 200,000 tons of copper and 250,000 ounces of gold a year for more than half a century. At the time, the joint venture said it had spent more than $500 million on the project. The initial capital investment would have exceeded $3 billion.Bristow and Barrick Executive Chairman John Thornton have previously suggested it would make sense to combine some of Barrick’s copper assets through partnerships. The Toronto-based miner’s operating copper assets are Jabal Sayid in Saudi Arabia and Lumwana in Zambia. On Monday, Bristow damp speculation the company might sell Lumwana, saying it might make make more sense to look at partnerships there as well.“Given the size of the award, we expect the Government of Pakistan to appeal by any route possible and to defer and delay to all and any extent possible,” Andrew Kaip, an analyst with BMO Capital Markets, said in a research note. “That said, we ascribe no value to Barrick for Reko Diq, so any settlement would be positive, in our view.”Antofagasta surged as much as 6% in London, for its biggest gain in a month, before slipping back to trade up 4%. Barrick fell 1.1% to C$21.27 in Toronto.While Antofagasta said there are limited grounds for challenging the award under the World Bank’s International Center for Settlement and Investment Disputes, the company will only recognize potential proceeds once they have been received.“It’s a step in the right direction, but they are unlikely to receive any dollars anytime soon,” said James Bell, an analyst at RBC Capital Markets. “I think the shares are a bit overdone.”The loan Pakistan agreed to with the IMF in May represents the 13th bailout since the late 1980s for a country facing a balance-of-payments crisis triggered by high fiscal and current-account deficits and dwindling foreign exchange reserves.(Updates with analyst comment in ninth paragraph)\--With assistance from Ismail Dilawar.To contact the reporters on this story: Elena Mazneva in London at email@example.com;Taonga Clifford Mitimingi in Lusaka at firstname.lastname@example.org;Danielle Bochove in Toronto at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Dylan Griffiths, David ScanlanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Barrick Gold Corporation (GOLD)(ABX.TO) (“Barrick” or the “Company”) today announced that the World Bank International Centre for Settlement of Investment Disputes (“ICSID”) has awarded $5.84 billion in damages to Tethyan Copper Company Pty Limited (“TCC”), a joint venture held equally by Barrick and Antofagasta plc, in relation to the arbitration claims filed against the Islamic Republic of Pakistan following the unlawful denial of a mining lease for the Reko Diq project in Pakistan in 2011. Damages include compensation of $4.087 billion in relation to the fair market value of the Reko Diq project at the time the mining lease was denied, and interest until the date of the award of $1.753 billion. Compound interest continues to apply at a rate of US Prime +1% per annum until the award is paid.
Canadian gold producing giant Barrick Gold has been awarded nearly $6 billion in damages related to a 2011 arbitration case involving it and a partner being denied a mining lease in Pakistan.
Pakistan said on Sunday it welcomed a statement by Tethyan Copper expressing willingness for a negotiated settlement after a World Bank tribunal ordered the government to pay $5.8 billion in damages in a dispute over the Reko Diq copper mine. The statement from the attorney general's office came after a World Bank arbitration court ruled in favour of Tethyan Copper, a joint venture between Chile's Antofagasta Plc and Canada's Barrick Gold, in a dispute over a lease to the mine, located in a remote area of southwestern Pakistan.
Acacia Mining says the Tanzanian government will conduct an inspection of its main gold mine in the country, in a sign of increasing government pressure on the gold miner as it faces an imminent takeover by Canada’s Barrick Gold. The London-listed miner said it had been informed by Tanzania’s Ministry of Minerals that it would “soon conduct an inspection” of its North Mara gold mine before it issues export permits. The inspection is the latest sign of trouble for Acacia in Tanzania, following a ban on some of its gold exports two years ago by the government following charges it had not paid billions of dollars in taxes.
TORONTO, July 11, 2019 -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) will release its Second Quarter 2019 Results on Monday August 12, 2019. President and CEO.
It is not uncommon to see companies perform well in the years after insiders buy shares. The flip side of that is that...
London hedge fund Odey Asset Management has increased the pressure on Barrick Gold to raise its offer for Acacia Mining, saying it would reject any offer that is not higher than 271p a share. Barrick, which is led by Mark Bristow, wants to buy the 36.1 per cent of Acacia it does not already own so that it can end a damaging stand-off with the government of Tanzania over unpaid taxes. Regulators have agreed to extend the bidding deadline until July 19, Acacia said on Tuesday.
The improved results announced earlier this week by Acacia Mining are unsustainable, according to its majority shareholder Barrick Gold, which is trying to buyout the shares in the company it does not already own in an increasingly bitter takeover battle. Barrick said the 51 per cent increase in second quarter production revealed by Acacia on Monday was down to developing a very high-grade part of an underground mine at its flagship North Mara asset in Tanzania.