ABX.TO - Barrick Gold Corporation

Toronto - Toronto Delayed Price. Currency in CAD
19.24
-0.02 (-0.10%)
At close: 4:00PM EDT
Stock chart is not supported by your current browser
Previous Close19.26
Open18.88
Bid19.26 x 0
Ask19.27 x 0
Day's Range18.67 - 19.35
52 Week Range12.54 - 19.49
Volume5,228,993
Avg. Volume4,114,690
Market Cap33.708B
Beta (3Y Monthly)-0.83
PE Ratio (TTM)N/A
EPS (TTM)-1.22
Earnings DateFeb 12, 2019 - Feb 18, 2019
Forward Dividend & Yield0.22 (1.11%)
Ex-Dividend Date2019-05-30
1y Target Est13.81
  • Reuters2 hours ago

    Resolute Mining determined to grow as adds London listing

    Australian-listed gold miner Resolute Mining lists on the London Stock Exchange on Thursday to broaden its investor base and pursue its ambition to be a high-tech, pan-African gold producer, partly through acquisitions. New listings have been scant in London, where uncertainty over Britain's departure from the European Union has impacted decision-making.

  • Ignored by Big Banks, Smaller Gold Miners Are Paying More to Expand
    Bloomberg8 hours ago

    Ignored by Big Banks, Smaller Gold Miners Are Paying More to Expand

    (Bloomberg) -- The cost of money is rising for small and mid-sized gold miners.Newmont Goldcorp Corp. and Barrick Gold Corp., the biggest producers, have grown even bigger by buying up peers, shaping themselves as strong candidates for commercial bank lending. Meanwhile, smaller companies struggling to meet deadlines and budgets on new projects are increasingly forced to turn to private equity to expand.In some ways that’s good. Private financing often offers smaller miners more insight on projects than a commercial bank might. At the same time, private capital is harder to land and higher priced, with an average weighted cost of roughly 15%-20% compared with 5%-6% for the majors, according to Sprott Inc., a precious metals-focused money manager.“Private equity money tends to be expensive,” said Douglas Silver, a portfolio manager at Orion Mine Finance. “But where else are they going to get the money? It’s expensive to mine these days.”Small gold companies, which are usually mineral explorers and mine developers, have little to no revenue, while miners are considered mid-sized when they produce less than 1 million ounces a year. In contrast, Barrick, which closed on its acquisition of Randgold Resources Ltd. on Jan. 1, produced 1.4 million ounces in just the first quarter of 2019.While future growth prospects can entice equity investors, debt investors’ primary concern is whether a company can produce enough cash to make good on their obligations. The smallest companies often produce little or no steady revenue as evidence of their value.With gold prices sitting under $1,400 an ounce, almost 30% below their peak earlier this decade, mine development is a tough sell. “Large banks aren’t willing to lend debt to companies that don’t have revenue,” said Andrew Kaip, an equity analyst at BMO Capital Markets.Smaller miners are “having a very difficult time finding sources of capital," Kaip said in an interview. “That’s where private equity comes in.”Growing GapPeter Grosskopf, Sprott’s chief executive officer, said last month that the gap between the biggest producers and everyone else is sitting at its widest ever. "Based on all my experience, there has never been a greater divergence," Grosskopf said at the Mines and Money Conference in New York.“In the asset management business, everything is based on what you can index and what you can put in diversified portfolios easily,” Grosskopf said. “You can’t do that with gold, so every single gold sector fund in the world is either being liquidated or under pressure to index. There is no room for juniors."Major mining companies raised $3.37 billion in capital during 2018 on the Toronto Stock Exchange -- the world’s most popular exchange for miners -- down from a decade ago at $19.02 billion. Meanwhile, between about $20 billion and $30 billion in private capital is currently flowing to miners, according to data collected by Orion Mine Finance’s Silver.“The market collapsed in 2008, 2009 and they increased the margin calls on the big banks,” Silver said. In reaction, banks pulled back from riskier investments, which meant reducing their exposure to mining.U.S. gold miners have issued decreasing amounts of debt to the market in the last decade, down to $17.9 billion in 2018 from $42.98 billion in 2010, according to data from CreditSights Inc. The challenge: “they don’t have anything that’s driving the free cash flow,” said Wen Li, a mining analyst at the debt research firm.“For the smaller companies it’s going to be dependent on the company itself,” he said. “Are they generating cash? Do they have assets? Are they rallying on the developments? Generally speaking it’s going to be more difficult for a smaller company to come to the market and tap the capital needed versus a bigger company out there.”Still, there are mid-sized miners that have managed to gain the attention of commercial banks. B2Gold Corp. has won a number of revolving credit facilities from a group of banks including HSBC over the last several years.Earlier this month it announced it received new commitments from the group at $600 million with the possibility of another $200 million available “if and when we wanted it,” CEO Clive Johnson said in an interview last month.Now at the bottom of a market cycle, private firms are placing bets on the industry’s upside. The only caveat is the funding costs more, and companies like Premier Gold Mines Ltd. can feel it.“Right now Premier is a company that’s growing,” CEO Ewan Downie said in an interview in New York last month.While Downie said he’s thankful the company is able to spend money on the two mines it’s developing, he recognizes one of the challenges of being a smaller miner right now is that investors aren’t as readily trusting of companies his size and charge him more than he’d pay to a big bank for the risk.“We’re being penalized for spending money,” he added. “It’s a necessary evil. You have to spend the money to make the money in our business.”\--With assistance from Sonali Basak and Claire Boston.To contact the reporter on this story: Justina Vasquez in New York at jvasquez57@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Reg Gale, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters18 hours ago

    Barrick said Tuesday comments on Acacia offer not a 'no-increase statement'

    The comments, made to Bloomberg on Tuesday, addressed pending discussions with minority shareholders of Acacia Mining Plc over Barrick's proposal to offer 0.153 Barrick shares for each Acacia share. "My job is to sit down in the next few weeks and work through it with the minority shareholders," Bristow said in the phone interview.

  • Barrick Offers More Talk But Not More Stock for Acacia Stake
    Bloomberg19 hours ago

    Barrick Offers More Talk But Not More Stock for Acacia Stake

    (Bloomberg) -- Barrick Gold Corp.’s CEO has no intention of raising his offer to buy out the rest of troubled African unit Acacia Mining Plc -- but he will use the next three weeks to talk.Barrick said in a statement on Tuesday it received a three-week extension to make a formal offer to minority shareholders for the roughly 36% stake in Acacia it doesn’t already own.“My job is to sit down in the next few weeks and work through it with the minority shareholders,” Barrick Chief Executive Officer Mark Bristow said in a phone interview Tuesday. Asked if those talks will include an offer for a higher indicative price, he was unequivocal. “No, we’re not,” he said. “We’re not. We would have done that already.”On Wednesday, Barrick released another statement citing Bloomberg’s interview with Bristow and confirming it’s “proposing to engage intensively with Acacia’s minority shareholders.” Barrick’s shares fell as much as 1.5% in pre-market trading in New York, while Acacia declined in London.Export BanThe clock is ticking as the London-listed unit, stuck in a public battle with Tanzania’s government since 2017, has seen its shares collapse by more than 60%. The Tanzanian government won’t engage with Acacia in any way, Bristow said, raising the possibility the situation could get even worse. “How much longer can these assets actually survive in a situation where the executive management of Acacia is unable to travel to the country, even?”Two years ago, Tanzania handed Acacia an export ban and a $190 billion tax bill, saying it falsely declared bullion sales abroad. Since then, the miner’s position in the East African country has deteriorated further. Its relationship with Barrick has also become increasingly strained, although Bristow said Tuesday’s statement from Acacia is a positive step on that front.Acacia said in a statement Tuesday it was open to a formal offer, provided the price was fair and its shareholders support the transaction. But on Wednesday, Acacia said it “strongly disagrees” with a number of statements in Barrick’s announcement regarding the situation in Tanzania and its mine plans in the East African nation. Acacia said in that statement it would provide a detailed response in due course, and urged its shareholders to take no action.‘Being Genuine’Under an informal proposal by Barrick in May, the Toronto-based company would buy out Acacia’s minority shareholders with its own shares at a ratio that implied a discount to the unit’s market value. Not all shareholders jumped on board, arguing the indicated price was too low, a fact Bristow has found frustrating. “We thought that they would at least accept that we were being genuine. But some people haven’t got their head around that, despite the fact that they are shareholders in Barrick and they have known me for years.”Since May, stronger gold prices have propelled gold miners higher. As of Monday, the proposed offer price valued Acacia at $887.8 million, Barrick said in its statement, which is close to the company’s current market value.‘Best Outcome’Some of Barrick’s largest shareholders, who also own Acacia shares, are backing the proposed swap. “The best outcome is a resolution, and the longer they delay that resolution, the longer it continues to destroy value,” Joe Foster, a portfolio manager at VanEck, said Tuesday by phone. “I expect both companies to do what it takes to get a quick resolution.”Acacia has been seeking to work out some of its issues with Tanzania through international arbitration, which is expected to begin in London in mid-July. Bristow said he doesn’t know if Acacia still plans to proceed with that legal process but said that Tuesday’s news is unrelated.Bristow’s hope is that Acacia’s board, and at least three-quarters of its minority shareholders, will support a Scheme of Arrangement proposal which would be the most “constructive” way for Barrick to assume 100% ownership. “It’s less costly, less burdensome on everyone, more efficient and much quicker,” he said.That may appeal to investors who want to move past the dispute so the companies can focus on production. “Generalist investors like us are upset with all the execution issues,” said Simon Jaeger, a portfolio manager at Flossbach von Storch AG, another of Barrick’s top shareholders. “They should get their heads together and solve it as soon as possible.”(Updates with comment from Barrick in fourth paragraph.)\--With assistance from Thomas Biesheuvel and Elena Mazneva.To contact the reporters on this story: Danielle Bochove in Toronto at dbochove1@bloomberg.net;Elena Mazneva in London at emazneva@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, ;Lynn Thomasson at lthomasson@bloomberg.net, Steven Frank, Christine BuurmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • ACCESSWIRE22 hours ago

    Barrick Gold Corporation Announces Statement re. Acacia Mining plc - 19/06/2019

    TORONTO, CA / ACCESSWIRE / June 19, 2019 / Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) ("Barrick" or the "Company") today provides the following further update in relation to Acacia Mining plc ("Acacia"). Barrick notes the article by Bloomberg dated 18 June 2019 (the "Article") and confirms that it is proposing to engage intensively with Acacia's minority shareholders in coming weeks. As referred to in the Article, these discussions will be on the basis of the proposal set out in Barrick's announcement of 21 May (the "Proposal") and will provide an update on the situation in Tanzania and a review of Acacia's mine plans which together underpin Barrick's view that the Proposal represents fair value (as set out in full in Barrick's announcement of 18 June).

  • GlobeNewswire22 hours ago

    Statement re. Acacia Mining plc

    Barrick Gold Corporation (GOLD) (ABX.TO) (“Barrick” or the “Company”) today provides the following further update in relation to Acacia Mining plc (“Acacia”). Barrick notes the article by Bloomberg dated 18 June 2019 (the “Article”) and confirms that it is proposing to engage intensively with Acacia’s minority shareholders in coming weeks. As referred to in the Article, these discussions will be on the basis of the proposal set out in Barrick’s announcement of 21 May (the “Proposal”) and will provide an update on the situation in Tanzania and a review of Acacia’s mine plans which together underpin Barrick’s view that the Proposal represents fair value (as set out in full in Barrick’s announcement of 18 June).

  • ACCESSWIRE22 hours ago

    Barrick Gold Corporation Announces Statement re. Acacia Mining plc

    TORONTO / ACCESSWIRE / June 19, 2019 / Barrick Gold Corporation (GOLD) (ABX.TO) ("Barrick" or the "Company") today provides the following further update in relation to Acacia Mining plc ("Acacia"). Barrick notes the article by Bloomberg dated 18 June 2019 (the "Article") and confirms that it is proposing to engage intensively with Acacia's minority shareholders in coming weeks. As referred to in the Article, these discussions will be on the basis of the proposal set out in Barrick's announcement of 21 May (the "Proposal") and will provide an update on the situation in Tanzania and a review of Acacia's mine plans which together underpin Barrick's view that the Proposal represents fair value (as set out in full in Barrick's announcement of 18 June).

  • Financial Timesyesterday

    Acacia Mining hits back at Barrick over criticism of mine plans

    Acacia Mining has hit back at its biggest shareholder Barrick Gold, promising a detailed response to claims that its mine plans are not appropriately risked or supportable. “The company strongly disagrees with a number of statements made in the announcement,” said Acacia, which operates three gold mines in Tanzania. a further three weeks to make a formal offer for the 36 per cent of Acacia it does not already own.

  • Financial Timesyesterday

    Like a Virgin? Challenger bank CYBG looks to Branson brand

    Yorkshire’s small business owners no longer think “where there’s muck, there’s brass”. Or so market research by Clydesdale and Yorkshire Banking Group would seem to suggest. Straight-talking Yorkshire pragmatism is out.

  • Barrick CEO believes Acacia offer is fair after extending bid deadline
    Reuters2 days ago

    Barrick CEO believes Acacia offer is fair after extending bid deadline

    Acacia agreed on Tuesday to extend to July 9 the deadline for Toronto-based Barrick to make a firm offer to acquire the 36.1% of the company it does not already own. Barrick's May 21 share-for-share proposal valued Acacia at $787 million, a near 9% discount to its pre-offer closing price, drawing protests from Acacia's minority shareholders.

  • Why Jeffrey Gundlach Likes Gold
    Market Realist2 days ago

    Why Jeffrey Gundlach Likes Gold

    During DoubleLine's investor webcast on June 13, Jeffrey Gundlach said, “I am certainly long gold.” His call on gold is based on his expectation that the US dollar (UUP) will finish lower this year.

  • ACCESSWIRE2 days ago

    Barrick Gold Corporation Announces Update re Acacia Mining: Tanzania and Mine Plans

    TORONTO, ON / ACCESSWIRE / June 18, 2019 / Barrick Gold Corporation (GOLD) (ABX.TO) ("Barrick" or the "Company") today provides the following further update in relation to Acacia Mining plc ("Acacia"). On 21 May 2019 Barrick announced that it had met with Directors and senior management of Acacia and presented a proposal for consideration by the independent directors of Acacia ("Independent Directors") to acquire all of the Acacia shares it does not already own through a share for share exchange of 0.153 Barrick shares for each ordinary share of 10 pence each in Acacia (the "Proposal").

  • ACCESSWIRE2 days ago

    Barrick Gold Corporation Announces Update re Acacia Mining, PUSU Deadline Extension

    TORONTO, ON / ACCESSWIRE / June 18, 2019 / Barrick Gold Corporation (GOLD) (ABX.TO) ("Barrick" or the "Company") today provides the following further update in relation to Acacia Mining plc ("Acacia"). On 21 May 2019 Barrick announced that it had met with Directors and senior management of Acacia and presented a proposal for consideration by the independent directors of Acacia ("Independent Directors") to acquire all of the Acacia shares it does not already own through a share for share exchange of 0.153 Barrick shares for each ordinary share of 10 pence each in Acacia (the "Proposal").

  • GlobeNewswire2 days ago

    Further Update Concerning Acacia Mining plc – Situation in Tanzania and Review of Acacia Mine Plans

    Barrick Gold Corporation (GOLD) (ABX.TO) (“Barrick” or the “Company”) today provides the following further update in relation to Acacia Mining plc (“Acacia”). On May 21, 2019 Barrick announced that it had met with Directors and senior management of Acacia and presented a proposal for consideration by the independent directors of Acacia (“Independent Directors”) to acquire all of the Acacia shares it does not already own through a share for share exchange of 0.153 Barrick shares for each ordinary share of 10 pence each in Acacia (the “Proposal”). On the basis of the market closing price of a Barrick share on the New York Stock Exchange on June 17, 2019 and the 410,085,499 Acacia ordinary shares in issue on that date this implies a value for Acacia of US$887.8 million and total consideration to the minority shareholders of Acacia of US$320.1 million.

  • GlobeNewswire2 days ago

    Further Update Concerning Acacia Mining plc – Extension of PUSU Deadline

    Barrick Gold Corporation (GOLD) (ABX.TO) (“Barrick” or the “Company”) today provides the following further update in relation to Acacia Mining plc (“Acacia”). On May 21, 2019 Barrick announced that it had met with Directors and senior management of Acacia and presented a proposal for consideration by the independent directors of Acacia (“Independent Directors”) to acquire all of the Acacia shares it does not already own through a share for share exchange of 0.153 Barrick shares for each ordinary share of 10 pence each in Acacia (the “Proposal”).

  • Financial Times2 days ago

    Barrick Gold seeks bid support from Acacia investors

    Barrick Gold has called on minority shareholders to support its proposed bid for Acacia Mining, warning of a “catastrophic” loss of value if they oppose the deal. The Canadian-listed miner said its all-stock offer was the only credible way to end a bitter dispute with the government of Tanzania over unpaid taxes that has crippled Acacia’s operations and hammered its share price. by UK regulators to persuade minority shareholders to back its proposed offer and make a formal bid.

  • Gold rally narrows Acacia Mining, Barrick Gold offer gap ahead of deadline
    Reuters3 days ago

    Gold rally narrows Acacia Mining, Barrick Gold offer gap ahead of deadline

    TORONTO/LONDON (Reuters) - Ahead of Tuesday's deadline for Barrick Gold Corp to make a firm buyout bid for its Acacia Mining unit, a gold rally has eroded, but not eliminated, a discount and big Acacia shareholders say they still oppose the offer. Barrick must either firm up its proposal to acquire the 36.1% of Acacia it does not own by June 18, or walk away for at least six months under British takeover law. In the event opposition melts away and a friendly offer materialises, 75% of the minority shareholders would have to back it.

  • Which Gold Miners Offer Free Cash Flow Upside in 2019 and Beyond?
    Market Realist6 days ago

    Which Gold Miners Offer Free Cash Flow Upside in 2019 and Beyond?

    In the first quarter, Barrick Gold’s (GOLD) FCF (free cash flow) fell 19% YoY (year-over-year) to $146 million, and its operating cash flow rose 2.6% YoY to $520 million. Its FCF was lower due to its higher capex.

  • What Are the Production Drivers for These Gold Miners?
    Market Realist6 days ago

    What Are the Production Drivers for These Gold Miners?

    Agnico Eagle Mines’ (AEM) gold (GLD) production improved by 2% YoY (year-over-year) to 398,217 ounces in the first quarter. The company's Meliadine mine reached commercial production in May 2019.

  • GlobeNewswire6 days ago

    Barrick continues its good work on gender equality in the workplace

    Barrick Gold Corporation (GOLD)(ABX.TO) continues to make great advances in its commitment to gender equality in the workplace. Yesterday, Barrick Pueblo Viejo began a certification process for gender equality at the Pueblo Viejo mine in the Dominican Republic. With this initiative Barrick continues to support the UN Sustainable Development Goals (SDG) and the Dominican Strategy Development Law in reducing gender salary differences, increasing employment of women and promoting the participation of women in leadership positions.

  • Is Barrick Gold Corporation  (GOLD) A Good Stock To Buy?
    Insider Monkey6 days ago

    Is Barrick Gold Corporation (GOLD) A Good Stock To Buy?

    It is already common knowledge that individual investors do not usually have the necessary resources and abilities to properly research an investment opportunity. As a result, most investors pick their illusory “winners” by making a superficial analysis and research that leads to poor performance on aggregate. Since stock returns aren't usually symmetrically distributed and index […]