- Barrick Gold (ABX +1.5%) is added to the Conviction Buy List at Goldman Sachs, highlighting at least some more potential upside for the gold mining giant.
- Goldman cites several key positive catalysts, including an improving operational profile; the firm expects ABX’s high-quality core assets to contribute ~80% to total cash flows leading to a decline in overall costs.
- The firm estimates ABX should turn free cash flow positive beginning in Q3, generating more than $5B of free cash flow over 2014-18.
- Goldman also likes ABX's path toward continued portfolio optimization, seeing continued divestments in 2014 and beyond which, combined with strong FCF generation, should lower net debt and improve financial flexibility.
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