Barrick Gold seen at "turning point," with or without Newmont Mining

|About: Newmont Mining Corporation ... (NEM)|By:, SA News Editor

Newmont Mining (NEM +0.1%) may still be open to a merger with Barrick Gold (ABX +0.3%), but Newmont may need Barrick more than Barrick needs Newmont; in fact, RBC analysts think ABX is “reaching a key turning point" and sees a strong operational rebound in 2015.

In raising its price target for ABX shares to $25 from $23, RBC also lifts its NAV estimate to $14.77/share from $14.05, driven primarily by cost improvements achieved YTD that should carry forward.

With company-wide all-in sustaining costs tracking below the guidance range YTD and key mines production expected to begin a rebound in 2015, RBC estimates operating free cash flow of $1.5B in 2015; the firm says ABX also offers upside optionality through its Goldrush and Turquoise Ridge projects in Nevada.