Seeking Alpha

Ben Kramer-Miller

 
View as an RSS Feed
View Ben Kramer-Miller's Articles BY TICKER:
  • Update: Barrick Gold Suspends Its Lumwana Mine As The Royalty Rate Spikes To 20%
    Fri, Dec. 19 ABX 1 Comment

    Summary

    • Barrick Gold just announced that it is suspending its Lumwana Mine in Zambia due to a high royalty rate.
    • I had not anticipated this back in October.
    • Barrick is de-risking which is a positive development, but this means less production and less cash flow going forward.
  • Update: Barrick Gold Completes Its JV Deal With Ma'aden For Its Saudi Arabian Jabal Sayid Copper Project
    Sun, Dec. 7 ABX 1 Comment

    Summary

    • Barrick Gold just finalized its JV with Ma'aden for its Jabil Sayid Project.
    • I had anticipated this and lauded the consequent de-risking of this deal in a recent article.
    • Barrick is not the best gold play out there by a long shot, but it may have reached a level where it offers compelling value.
  • Update: Barrick To Appoint Shaun Usmar As CFO
    Mon, Nov. 24 ABX 1 Comment

    Summary

    • Barrick Gold just announced that Shaun Usmar will take over as CFO starting February 18th.
    • I had not anticipated this.
    • Barrick has been shaking up management for years now, with improvements coming inconsistently, and I remain skeptical that this is a viable investment.
  • Update: Barrick Gold's Q3 Earnings Show Improvements
    Fri, Oct. 31 ABX Comment!

    Summary

    • Barrick Gold earned $125 million in the third quarter reflecting continued cost reduction and no major writedowns.
    • I had anticipated that the company can earn a slight profit with gold prices where they are.
    • Shares made a new multi-decade low on the day on weakness in the gold market; the selling is nearing an end.
  • Is It Finally Time To Buy Barrick Gold?
    Fri, Oct. 24 ABX 11 Comments

    Summary

    • Barrick shares are trading at 15 year lows in spite of the fact that the gold price has risen more than 4X in value.
    • While there are reasons to believe that there is an opportunity in light of this there continue to be risks.
    • Even if you decide Barrick is a good bet there are simply too many other good ones in the gold mining space without the aforementioned risks. .
    • Thus I continue to avoid the stock even at the current valuation.
  • Update: Barrick To Eliminate Its Corporate Development Division
    Wed, Aug. 27 ABX 11 Comments

    Summary

    • Reuters just reported that Barrick intends to eliminate its corporate development division in order to cut costs.
    • While a positive insofar as the company's corporate development has done a poor job -- as I pointed out last August -- this seems a bit drastic.
    • Barrick is moving to operate without a CEO and without a corporate development division, which leaves a lot of uncertainty, meaning I am continuing to stay away.
  • Update: Barrick Gold's Earnings-The Losses Continue
    Thu, Jul. 31 ABX 2 Comments

    Summary

    • Barrick Gold reported a second quarter loss of $269 million, or adjusted net earnings of $159 million on revenue of $2.43 billion.
    • Gold production fell substantially from 1.8 million ounces to 1.4 million ounces, although this was offset by higher copper production and lower operating costs.
    • As I have been arguing the company continues to lose money as it writes down assets and as gold production falls, but the company is moving in the right direction.
    • This earnings report is mixed, and I would rather look for opportunities elsewhere in the space.
  • Update: Barrick Gold Shakes Up Management, CEO Jamie Sokalsky To Step Down
    Wed, Jul. 16 ABX 3 Comments

    Summary

    • Barrick Gold announced that it would be shaking up its management and that CEO Jamie Sokalsky would be stepping down.
    • Senior Executive VP Kelvin Dushnisky and Senior Executive VP and COO Jim Gowans will co-run the company.
    • This shouldn't surprise readers of my past criticisms of Barrick's management for poor capital allocation.
    • This is probably a move in the right direction, but I would be much happier with an outsider stepping in to lead the company. I'm staying away.
  • Update: Barrick Partners With Ma'aden To Develop Its Jabal Sayid Copper Project In Saudi Arabia
    Sun, Jul. 13 ABX 3 Comments

    Summary

    • Barrick Gold is selling half of its Jabal Sayid Copper Project in Saudi Arabia to Ma'aden--a company with expertise in the region.
    • While I have been negative on the company given its over-emphasis on copper, I think this is an excellent move.
    • It is not enough to get me behind the company, but it is a step in the right direction and evidence that Jamie Sokalsky can turn Barrick around.
  • Barrick Gold Shakes Up Management, But I'm Still Not Buying
    Dec. 6, 2013 ABX 14 Comments
  • Why The Market Loves Goldcorp And Hates Barrick Gold
    Nov. 13, 2013 GG, ABX 20 Comments
  • Barrick Gold Is Destroying Shareholder Value
    Aug. 30, 2013 ABX 36 Comments
  • The Case For Shorting Barrick Gold
    Apr. 8, 2013 ABX 18 Comments
More on ABX by Ben Kramer-Miller