Barrick Gold CorporationNYSE
Wed, Dec. 7, 4:58 PM
- Chile's government rejects an attempt by local communities to block modifications needed to maintain the viability of Barrick Gold's (NYSE:ABX) Pascua Lama gold and silver project.
- The project, which straddles the border of Argentina and Chile in the Andes Mountains, was put on hold in 2013, but ABX said in September that it would advance a scaled-back development plan for the project that would focus on Argentina; however, the project is opposed by many on the Chilean side who say it will pollute already scarce water resources in the country's arid north.
- "The modifications in question related to the water monitoring system... had been approved by Chile's environmental regulators some time ago," says an ABX spokesperson.
Tue, Dec. 6, 6:55 PM
- Barrick Gold (NYSE:ABX) says Latin America will play an increasingly important role in its growth strategy, as it appoints Pablo Marcet - with decades of mining experience in the region - to its board.
- Marcet worked for 15 years for BHP Billiton and was president of Northern Orion Resources' South American operations before the company was acquired by Yamana Gold.
- Several of ABX's biggest gold projects are in Argentina and Chile, including the delayed Pascua-Lama venture, the more recent Alturas discovery and the Cerro Casale deposit.
Fri, Dec. 2, 12:05 PM
- Overstuffed bears are taking some profits in gold and silver today as the strong November jobs report confirms what most already knew - the economy is cruising along and a rate cut is coming this month.
- Gold is higher by 0.6% and sliver by 1.5%.
- The precious metals miner ETFs: GDX +3.7%, SIL +4.1%
- Barrick Gold (ABX +5.3%), Newmont Mining (NEM +3.7%), Goldcorp (GG +2.4%), Silver Wheaton (SLW +2.9%), First Majestic (AG +10%), Continental Gold (OTCQX:CGOOF +7.9%), Detour Gold (OTCPK:DRGDF +11.1%), Northern Dynasty (NAK +16%)
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, JNUG, GLDX, JDST, SGDM, ASA, RING, PSAU, SGDJ, TGLDX, GDJJ, GDXX, GDXS, MELT, SIL, SLVP, SILJ
Wed, Nov. 30, 6:47 PM
- Tumbling gold prices could cause shares of Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM) to continue their downward slide, but Goldcorp (NYSE:GG) could enjoy gains, Morgan Stanley analyst Evan Kurtz says.
- While continuing to rate ABX and NEM as Equal Weight, Kurtz rates GG at Overweight as a good entry point in the stock, believing GG's management has set the operational bar at an achievable level.
- Kurtz prefers GG because the stock is pricing in gold below the strip, based on NAV; production guidance for 2016-18 appears conservative; and it is less likely to start work on a large greenfield project or be acquisitive in a big way due to its steady medium-term production and large resource base.
Mon, Nov. 28, 3:21 PM
- Barrick Gold (ABX +4.6%) is reviewing the financial backing behind a ~$1.3B bid for its 50% stake in Australia's Kalgoorlie mine by China's Minjar Gold, Reuters reports.
- It is unclear if Newmont Mining (NEM +4.7%) - ABX's Kalgoorlie joint venture partner and the mine's operator, and which has said it was interested in buying the remaining stake - is interested in matching Minjar's offer, but the price makes a counteroffer less likely, according to the report.
- ABX announced sale plans for Kalgoorlie in July and its president said in September that there was "robust" interest in the asset, which analysts had estimated was worth $600M-$1B.
Tue, Nov. 15, 6:15 PM
- Barrick Gold (NYSE:ABX) and NovaGold (NYSEMKT:NG) announced yesterday that they had appointed Andy Cole to manage their Donlin gold project in Alaska, and J.P. Morgan analyst John Bridges thinks it is good news for ABX.
- The Donlin project was finalized at the highlight of the gold boom in 2011, when capital was abundant, making scale a virtue, and now Cole will manage the re-engineering of the project to make a smaller but higher return project fit within the permitted footprint, Bridges writes.
- Bridges believes ABX will be motivated to find a way to bring Donlin - "a unique project due to its size and location within the U.S." - to account quickly and thus benefit the partners.
- Cole has more than 20 years of experience in permitting, building and operating major gold mines in North America, and served in a variety of senior operating roles at ABX, including as manager of the Goldstrike mine, one of ABX's largest operations, and the Ruby Hill mine.
Wed, Nov. 9, 10:51 AM
- Gold has pared early gains approaching 5%, now just +1% at $1,287.70/oz., with silver +1.5% at $18.64/oz., but precious metals mining stocks continue to enjoy strong gains.
- “The market is telling you that the mining sector is the biggest beneficiary of a Trump election, particularly precious metals,” says Investec Securities analyst Jeremy Wrathall.
- Among precious metals miners today: ABX +3.5%, NEM +4.3%, GG +5.6%, AEM +4.2%, SLW +3.4%, KGC +4.2%, RGLD +5.1%, EGO +3.8%, NG +5.8%, GOLD +5%, GFI +5.5%, AU +4.5%, HMY +5.9%, SBGL +7.1%, FNV +3.8%, AUY +5.3%, IAG +4.6%, BTG +6.3%, NGD +7.6%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, GGN, DUST, PSLV, SIL, PHYS, USLV, SIVR, SGOL, ZSL, GLDX, UGL, DGP, GTU, UGLD, GLL, DZZ, SLVO, SGDM, GLDI, ASA, DSLV, OUNZ, SLVP, DGL, RING, DBS, DGZ, DGLD, PSAU, TGLDX, GYEN, USV, GEUR, UBG, GDXX, GDXS
Fri, Oct. 28, 5:36 PM
- Barrick Gold (NYSE:ABX) CEO Kelvin Dushnisky says he is keeping the door open to selling pieces of prized assets such as its Veladero mine and Pascua-Lama project, possibly through South American partnerships, but likely would not sell stakes in the company’s two key Nevada mines.
- “A core mine doesn’t stay a core mine forever,” the CEO tells Bloomberg, “but if you consider a Goldstrike or a Cortez, those are examples where these are engines of growth for company. They’ll be core mines for a very, very long period of time.”
- ABX is not concerned that selling core mines, or stakes in those mines, would reduce production, Dushnisky says, noting that the company remains focused on improving margins.
- Proceeds from any asset sales likely would be used for debt repayment than to replenish production, Dushnisky says, adding that ABX’s debt stood at ~$8.5B at the end of Q3 and should be down to $8B by year-end.
Wed, Oct. 26, 6:26 PM
- Barrick Gold (NYSE:ABX) +1% AH after Q3 earnings and revenues come in ahead of expectations while increasing production and cutting costs.
- ABX says Q3 gold production fell 17% Y/Y to 1.38M oz., while the average realized gold price rose to $1,333/oz. from $1,125/oz. a year earlier; all-in sustaining cash costs in the latest quarter were $704/oz., down from $771 a year ago.
- ABX raises its gold production guidance for FY 2016 to 5.25M-5.55M oz., up from 5M-5.5M oz.
- For FY 2016, ABX now expects production of 5.25 million ounces to 5.55 million ounces of gold, at all-in sustaining costs of $740-$775/oz., down from $750-$790.
- ABX also says it remains on track to reduce its debt by at least $2B this year after ending Q3 with $2.65B in cash and $8.54B in debt.
Wed, Oct. 26, 5:40 PM
Wed, Oct. 26, 5:05 PM
Tue, Oct. 25, 5:35 PM
- ABX, ACGL, AEM, AHL, ALDW, ALGT, AMSF, ANIK, AR, ARI, ARRS, AXS, AXTI, BGG, BWLD, CAA, CACI, CAKE, CDE, CHE, CMO, CMPR, CRY, CSGP, CSII, CW, DDR, DLB, DRE, ECHO, EFX, EGHT, EPE, EQY, ESND, ESV, EXR, FBHS, FFIV, FISV, FORR, GG, GRPN, GTY, HUBG, IBKC, INFN, JBT, KEX, KMT, KNX, KRA, KRC, KWR, LLNW, LMAT, MB, MC, MEOH, MKSI, MMLP, MMSI, MN, MUR, NEM, NEU, NOW, NTGR, NTRI, NXPI, O, OCN, ORLY, PLNT, PLXS, PPC, PRXL, PSA, PTC, QDEL, QEP, QTM, RCII, RGA, RHI, RJF, SCI, SFLY, SGMO, SHLM, SIGI, SU, TER, TILE, TIS, TRN, TSLA, TTMI, TXN, TYL, UCTT, UHS, UNM, VAR, VMW, WCN, WDC, WIRE, WLL, XL
Tue, Oct. 25, 2:18 PM
- Barrick Gold's (ABX +3.2%) Veladero gold mine in Argentina has attracted strong interest from China's Zijin Mining (OTCPK:ZIJMF) and Shandong Gold Mining, which have held separate talks with ABX to buy a 50% stake in the mine, which could fetch more than $1B, Reuters reports.
- The high quality of the mine, production capacity and the prospect for geographical diversification have appealed to the Chinese suitors, according to the report.
- Veladero, one of ABX's five core mines, is expected to produce 580K-640K oz. of gold this year.
Fri, Oct. 14, 2:15 PM
- Newmont Mining (NEM -1%) CEO Gary Goldberg, who has been saying for more than a year that he would consider buying Barrick Gold’s (ABX -1.3%) half of their jointly owned Kalgoorlie Super Pit mine in Australia at the right price, says the companies are aligned on the resource value but not on the future value of the mine.
- Goldberg tells Bloomberg that the companies are "not misaligned" on the value of the resource in the ground, "but people have different assumptions on exchange rates, and gold price, those sorts of things.”
- NEM’s agreement to operate Kalgoorlie expires in 2020, and Goldberg says the company has cut costs by 30% and raised production 20% Y/Y since taking over the mine’s operation in May 2015.
- The miners have declined to say how much they think their stakes are worth; analyst valuations have ranged from $400M to ~$1.5B.
Fri, Oct. 7, 9:37 PM
- Barrick Gold’s (NYSE:ABX) 50% stake in the Kalgoorlie super pit gold mine has attracted interest from Kinross Gold (NYSE:KGC) and Zijin Mining (OTCPK:ZIJMF) in a sale that could fetch as much as $1B, Bloomberg reports.
- Australia's Newcrest Mining (OTCPK:NCMGF), Northern Star Resources (OTCPK:NESRF) and Evolution Mining (OTCPK:CAHPF), as well as some Chinese companies, also are considering bids, due by the end of October, according to the report.
- ABX is said to be considering ways to structure the sale, including the possibility of selling shares in the holding company that owns the mine, which would not include a right of first offer for Kalgoorlie operator and joint venture partner Newmont Mining (NYSE:NEM) and thus would allow other buyers to potentially acquire the stake.
- NEM has expressed interest in the 50% of the mine it does not already own ever since ABX announced plans to sell its stake in July.
Wed, Oct. 5, 2:32 PM
- Barrick Gold (ABX +2.5%) is removed from the Conviction Buy List at Goldman Sachs but remains Buy rated with a $27 price target, as the miner is well positioned to outperform peers and continue to “flag idiosyncratic opportunities."
- While ABX has been hit by the recent drop in gold prices driven by the shift in expectations toward U.S. interest rates, Goldman expects the company to soon begin construction of some of its projects with potential for strong organic growth.
- The firm thinks believes one of the key catalysts for ABX is the sale of additional non-core assets, and it sees several divestiture candidates in ABX’s portfolio which could allow the company to achieve its $2B debt reduction goal for 2016.