|Bid||16.06 x 3100|
|Ask||0.00 x 21500|
|Day's Range||16.10 - 16.40|
|52 Week Range||9.53 - 16.68|
|Beta (3Y Monthly)||-0.15|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.16 (0.98%)|
|1y Target Est||16.19|
Tanzania's Acacia Mining on Wednesday said it was seeking a stay of international arbitration proceedings, days before a hearing was due to start and two days before a deadline for a buyout proposal by Barrick Gold Corp , . The gold miner has been fighting a bid by majority shareholder Barrick, which Acacia says undervalues it. The deadline for a firm bid from Barrick, which holds 63.9% of Acacia, is Friday.
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.
Tanzania's Acacia Mining on Wednesday said it was seeking a stay of international arbitration proceedings, days before a hearing was due to start and two days before a deadline for a buyout proposal by Barrick Gold Corp,. The gold miner has been fighting a bid by majority shareholder Barrick, which Acacia says undervalues it. The deadline for a firm bid from Barrick, which holds 63.9% of Acacia, is Friday.
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.
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.
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.
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.
(Bloomberg) -- Acacia Mining Plc said it’s worth a lot more than the takeover offer drafted by Barrick Gold Corp., showing the African gold miner is digging in its heels in a long dispute with its top shareholder.The company released a report by a consultant that put its “preferred value” at 271 pence a share. That’s 38% more than Barrick’s informal proposal to buy the company in an all-stock transaction currently worth 197 pence a share. Barrick said in a statement that it is reviewing the report against its own due diligence study of Acacia’s assets.Barrick, which owns 64% of Acacia, also said its request to postpone making a firm offer until July 19 had been approved by the U.K. Takeover Panel. The company plans to meet early next week with Acacia and the consultant, and provide an update to shareholders.The extension drags out the contested takeover battle even longer and comes after Barrick was already granted a three-week delay. In an interview in June, Chief Executive Officer Mark Bristow said he would use the time to lobby minority shareholders, but had no intention of raising the bid price.The clock is ticking as Acacia, stuck in a public battle with Tanzania’s government since 2017, has seen its shares collapse by more than 60%. Acacia rose as much as 4% in London and was up 2.2% as of 8:55 a.m.Top officials in the East African country won’t engage with Acacia in any way, Bristow said last month, raising the possibility the situation could get even worse.Two years ago, Tanzania imposed an export ban on Acacia 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 Toronto-based Barrick has become increasingly strained. Acacia has been seeking to work out some of its issues with Tanzania through international arbitration, which is expected to begin in London later this month.Bristow surprised the market in May with an informal plan to buy out Acacia’s minority shareholders for $285 million in stock, a discount of about 8.5% based on closing prices of both companies at the time. Several minority shareholders reportedly balked at the offer.(Updates with Barrick comments in third paragraph.)To contact the reporters on this story: Elena Mazneva in London at email@example.com;Danielle Bochove in Toronto 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, Dylan Griffiths, Lynn ThomassonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
TORONTO, ON / ACCESSWIRE / July 10, 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 has continued to discuss the proposal 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") with the Independent Directors and the Chief Executive Officer of Acacia (the "Acacia Transaction Committee").
Barrick Gold Corporation (GOLD) (ABX.TO) (“Barrick” or the “Company”) today provides the following further update in relation to Acacia Mining plc (“Acacia”). Barrick has continued to discuss the proposal 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”) with the Independent Directors and the Chief Executive Officer of Acacia (the “Acacia Transaction Committee”).
Tanzania's largest gold miner Acacia Mining Plc said on Tuesday it is worth more than a buyout proposal by majority shareholder Barrick Gold Corp values it at, and extended the deadline for a firm bid to July 19. Based on a review by independent technical consultant SRK Consulting, Acacia is worth 271 pence per share under a "preferred-value" scenario, with a range of 203 pence to 281 pence per share under low- and high-value scenarios, the London-listed miner said in a statement. Barrick on May 21 had offered 0.153 of its own shares to acquire the 36.1% of Acacia it does not already own.
Based on a review by independent technical consultant SRK Consulting, Acacia is worth 271 pence per share under a "preferred-value" scenario, with a range of 203 pence to 281 pence per share under low- and high-value scenarios, the London-listed miner said in a statement. Barrick on May 21 had offered 0.153 of its own shares to acquire the 36.1% of Acacia it does not already own. "271p is the absolute minimum the minorities will accept," a minority shareholder in Acacia told Reuters.
Canada’s Barrick Gold has been given an extra 10 days to make a formal buyout offer for London-listed Acacia Mining, which is holding out for a higher bid. 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.
A strong five-week rally by gold stocks and related ETFs like the SPDR Gold Trust (NYSEARCA:GLD) hit a wall two weeks ago, but it was completely reversed this past week. As it turns out, the Federal Reserve is more or less happy with where interest rates are right now, and the strong June jobs report has quashed inflation worries for now, buying the FOMC some more time.Source: Shutterstock GLD has fallen 3% from its late-June peak, while leading gold stocks like Barrick Gold (NYSE:GOLD) and Newmont Goldcorp (NYSE:NEM) have suffered similar setbacks. In short, the buying that sent gold prices up 30% beginning in early May appears to have been mistimed. * 7 A-Rated Stocks to Buy for the Rest of 2019 Before jumping to conclusions that this is just another false start for gold stocks though -- extending a multi-year streak of false starts -- it would be wise to take a step back and digest another stark reality about the use of gold as a hedge against any sort of financial difficulties. The reality is that, for better or worse, gold never actually behaves as it's "supposed to."InvestorPlace - Stock Market News, Stock Advice & Trading TipsMeanwhile, charts tend to lead views on gold rather than the other way around. Reality CheckGold is allegedly a hedge against inflation. It's also a safe haven against currency turbulence. It's also a preferred holding during economic lulls. And gold prices as well as gold stocks are often viewed as a beneficiary of falling interest rates.Finally, gold prices are expected to rise when the U.S. dollar loses value.All of these moving parts result in one overarching reality: Speculating on gold is mostly a coin toss.That's not a truth a wide swath of gold pundits agree with, though that doesn't change the facts of the matter. Specifically, the presumed relationship between interest rates and gold prices doesn't hold up. Neither does the relationship between gold and inflation. As a result, since interest rates and inflation also impact the actual value of currency, the correlation between gold and the U.S. dollar is wobbly at best.The idea of using gold as a currency hedge may hold some water, though the volatility of exchange rates can be difficult if not impossible to successfully handicap.None of this means that the basic underpinnings of all the aforementioned relationships don't hold any water. They do. I'm simply pointing out that many of the underpinnings are also impacted in unpredictable ways -- often in opposing ways -- by one or more of the other drivers of gold prices.But gold prices are still impacted primarily by speculation.Speculation controlled gold prices between 2010 and 2012, when inflation remained tame and interest rates were steady. The value of the dollar was relatively weak at the time, too, but it was also holding steady, even as gold and gold stocks soared on the presumption that the greenback would lose more value.It didn't.The failure of those factors to ever fully justify the large jump in gold prices ultimately set the stage for a big price pullback by GLD and gold stocks in 2013 and 2014. The U.S. dollar was on the mend at that point, but not to the degree suggested by the gold selloff. The Outlook of GLD and Gold StocksDon't misread my message. While the recent gold rally was thwarted by new perceptions that a rate cut isn't a foregone conclusion and the increasingly clear message that inflation isn't an issue just yet, the rebound efforts could be rekindled.The key is the shape of the chart.Based on the chart of GLD, one can see that the peak from two weeks back may have been destiny anyway. GLD's recent high near $135.50 more or less lines up with peaks from mid-2017 and early 2018. Click to EnlargeAlso note that since the late-2015 low, gold prices have managed to log a string of higher lows. Big swings between the technical floor and ceiling have been the norm, though.And those big swings haven't necessarily been in conjunction with the appropriate changes in interest rates, the dollar's value, or inflation. Assumption and speculation have continued to be responsible for most of the movement of the prices of gold stocks and of GLD.That's not necessarily a bad thing, though. Right or wrong, speculators tend to move in rather predictable patterns that become visibly evident on a chart.In this case, a slide back to the floor near the $114 area wouldn't be out of character for GLD, while a break above the recently-conformed ceiling near $136 would likely spark a melt up. Even if such a bullish thrust is in the cards though, it's unlikely to take shape without a small setback first, which will give the bulls the opportunity for another running start to punch through that resistance.Little to none of that action, of course, will actually have anything to do with the things traders like to pretend control GLD and gold stocks.In other words, if your gut is at odds with the rhetoric, don't be afraid to trust your gut.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 A-Rated Stocks to Buy for the Rest of 2019 * 7 Education Stocks to Buy for the Future of Academia * 5 Stocks to Buy as You Rebalance Your Portfolio The post If You Like Gold Stocks Now, Don't Sweat the Pessimistic Headlines appeared first on InvestorPlace.
Ahead of Tuesday’s bidding deadline, Acacia Mining has announced a big increase in production thanks to a strong performance at its flagship asset in Tanzania. The London-listed miner said output rose 51 per cent to almost 159,000 ounces of gold in the three months to June, up from 105,000, boosted by a record breaking performance from its North Mara mine. It churned out 119,000 ounces of gold in the quarter and set a monthly production record of nearly 48,000 ounces in June.
Acacia Mining on Monday reported a 19% jump in gold production for the second quarter as output from its Tanzania mine improved, adding pressure on majority shareholder Barrick Gold to revise its buyout proposal. The miner, which has previously said that Barrick's buyout offer undervalues it, said overall gold production was 158,774 ounces for the period ended June, aided by a 39% surge in output from its Gokona Mine in North Mara, Tanzania. Acacia also reiterated it annual production guidance of 500,000 ounces to 550,000 ounces.
Legal and General has signalled its opposition to Barrick Gold’s plans to buy out gold miner Acacia Mining, saying it raises “serious questions” about the treatment of minority shareholders. Barrick, which is led by Mark Bristow, wants to buy the 36.1 per cent of Acacia it does not already own to end a stand-off with the government of Tanzania over unpaid taxes. In May, when Barrick first made its proposal, it was pitched at an 8 per cent discount to Acacia’s share price.
(Bloomberg) -- Barrick Gold Corp. is working with advisers to find a buyer for its Massawa gold project in Senegal, which it acquired as part of its purchase of Randgold Resources Ltd., people familiar with the matter said.The asset could fetch a value of about $500 million, the people said, asking not to be identified because the deliberations are private. The company aims to kick off a formal sale process shortly for part or all of its stake, the people said.Barrick is targeting $1.5 billion in asset sales through 2020 following the company’s $5.4 billion takeover of Randgold completed in January. The gold mining industry is consolidating quickly, and the biggest producers have been selling off smaller, unwanted assets as they merge.Acquisitions of gold miners are up nearly sixfold over the last 12 months to about $27 billion, according to data compiled by Bloomberg. No final decisions have been made, and there’s no certainty the deliberations will lead to a sale of the Massawa project, the people said.A spokeswoman for Barrick declined to comment.Barrick owns about 83% of the Massawa project, according to its website. The asset is located in eastern Senegal, about 700 kilometers (435 miles) southeast of the capital city of Dakar.Massawa is an an example of a project where Barrick could sell part of its stake to another miner operating nearby, Chief Executive Officer Mark Bristow said in a May interview. Other companies in the area include Toronto-listed Teranga Gold Corp. and closely held Toro Gold Ltd., Bristow said.Barrick walked away from a nearly $18 billion bid for Newmont Mining Corp. earlier this year, opting instead for a joint venture around the two companies’ Nevada mining assets. Newmont in April agreed to buy Goldcorp Inc. in a deal valued at $10 billion, becoming Newmont Goldcorp Corp. in the largest takeover of its kind.\--With assistance from Danielle Bochove and Doug Alexander.To contact the reporter on this story: Dinesh Nair in London at email@example.comTo contact the editors responsible for this story: Aaron Kirchfeld at firstname.lastname@example.org, Amy Thomson, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Acacia Mining last month strongly disagreed with the world's No. 2 gold miner's valuation of the company, saying the proposal undervalued its mine plans and appeared to have ignored the value of its exploration and development assets. Barrick's proposal to take full control of its African unit to resolve a long-standing tax dispute with Tanzania has drawn the ire of Acacia's minority shareholders, who may have the ultimate vote on a deal.