Barrick Gold Corporation (ABX) - NYSE
  • Nov. 12, 2015, 8:11 AM
    • Barrick Gold (NYSE:ABX) agrees to sell its stakes in four non-core assets in Nevada in two transactions for a combined $720M, as it works to meet its stated $3B debt reduction target for 2015.
    • ABX says it will sell its 50% interest in the Round Mountain mine and 100% of the Bald Mountain mine to Kinross Gold (NYSE:KGC) for $610M in cash.
    • ABX also will sell its 70% interest in the Spring Valley project and its 100% interest in the Ruby Hill mine to subsidiaries of P-E firm Waterton for $110M.
    • ABX -0.4%, KGC -1.2% premarket.
    | Nov. 12, 2015, 8:11 AM | 10 Comments
  • Nov. 11, 2015, 2:58 PM
    • Stock price targets for Barrick Gold (ABX +0.7%) and Newmont Mining (NEM +1.6%) are raised at Credit Suisse despite gold’s recent weakness.
    • The firm maintains ABX at Neutral but with a $9 target, raised from $8, primarily on a higher near-term cash flow outlook driven by higher production and lower costs from the Veladero and Lumwana projects.
    • Credit Suisse reiterates NEM with an Outperform rating but with a $25 price target, up from $22, based on higher near-term cash flow estimates and improved net asset values at CC&V, Merian and Subika underground; the firm likes NEM's operational consistency, a longer than average reserve life, stronger balance sheet, and attractive internal opportunities to add NAV.
    | Nov. 11, 2015, 2:58 PM | 8 Comments
  • Oct. 29, 2015, 5:32 PM
    • Gold prices will bounce back as early as next year after three straight down years, sparked by purchases from central banks and insufficient supply to meet demand, Barrick Gold (NYSE:ABX) president Kelvin Dushnisky tells Bloomberg.
    • "Even beginning next year we could start to see an increase in the price,” according to Dushnisky, with gold facing some choppiness in the near term “but medium and longer term, we’re very bullish."
    • This is not the first time the world's no. 1 gold producer has predicted a gold rally; in March 2014, then-CEO Jamie Sokalsky said gold would rebound on purchases from China after "an overshoot on the downside" amid selling by ETFs; bullion prices have since fallen 14%.
    • Additionally, ABX said in its earnings conference call today that it will increase its focus on productivity and efficiency gains in 2016 to further improve its balance sheet; the miner began 2015 with $13.1B in debt, which has since improved a bit to $11.2B.
    | Oct. 29, 2015, 5:32 PM | 9 Comments
  • Oct. 28, 2015, 6:45 PM
    • Barrick Gold (NYSE:ABX) +0.5% AH after reporting better than expected Q3 earnings and saying it is on track to meet its debt-reduction goal as cost performance improves.
    • ABX posted an unadjusted net loss of $264M, including a $455M impairment charge mostly related to reclassifying its Zaldivar copper mine in Chile as “held for sale," after selling half its stake in the mine to Antofagasta for ~$1B in July.
    • ABX says it will use the sale proceeds to pay down debt, bringing total repayments to ~$2.9B and reducing overall debt by 23% to $10.1B.
    • ABX also expects to announce the outcome of the sale process for some non-core U.S. assets in the current quarter.
    • Q3 production totaled 1.66M oz. of gold, which the company says is in line with its expectations, but it narrowed full-year gold output guidance to 6.1M-6.3M oz. from a previous 6.1M-6.4M oz.
    • ABX says Q3 all-in sustaining costs were $771/oz., and lowers its full-year guidance to $830-$870/oz. from $840-$880.
    | Oct. 28, 2015, 6:45 PM | 4 Comments
  • Oct. 28, 2015, 5:38 PM
    • Barrick Gold (NYSE:ABX): Q3 EPS of $0.11 beats by $0.04.
    • Revenue of $2.32B (-10.8% Y/Y) beats by $20M.
    | Oct. 28, 2015, 5:38 PM | 1 Comment
  • Oct. 28, 2015, 3:38 PM
    • Barrick Gold (NYSE:ABX) declares $0.02/share quarterly dividend, in line with previous.
    • Forward yield 1.04%
    • Payable Dec. 15; for shareholders of record Nov. 30; ex-div Nov. 25.
    | Oct. 28, 2015, 3:38 PM
  • Oct. 27, 2015, 5:35 PM
  • Oct. 19, 2015, 12:49 PM
    • Part owner Barrick Gold (ABX -3.5%) says operations at the Porgera gold mine in Papua New Guinea have been suspended because of El Nino-induced drought conditions.
    • Production was halted due to low levels of water in the mine's reservoir, used in processing the raw ore, operator ABX tells Reuters.
    • ABX earlier this year forecast Porgera would yield 400K-450K oz. of gold in 2015, down from its peak years of ~900K oz. when it was regarded as one of the world's foremost deposits.
    | Oct. 19, 2015, 12:49 PM | 3 Comments
  • Oct. 14, 2015, 2:26 PM
    • Gold settles at three-and-a-half month highs, rallying $14.50 (+1.2%) to $1180/oz., as soft U.S. economic data and concerns over deflationary pressures in China add to expectations the Fed will delay any interest rate increases.
    • Gold is gaining more ground in electronic trading after the Fed Beige Book release.
    • The yellow metal's eighth gain in nine sessions has sent the SPDR Gold Trust ETF (GLD +1.5%) past its 200-day moving average, and gold miners have ripped higher, as evidenced by this month's 18% gain in the Market Vectors Gold Miners ETF (GDX +5.6%).
    • Top mining stocks including Barrick Gold (ABX +7.9%), Goldcorp (GG +8.5%), Kinross Gold (KGC +8.3%), Gold Fields (GFI +5.4%), Newmont Mining (NEM +5.4%), Agnico Eagle Mines (AEM +5.7%), Silver Wheaton (SLW +6.8%), Yamana Gold (AUY +6.7%), Franco Nevada (FNV +5%), Randgold (GOLD +4.8%) and AngloGold (AU +5.6%) are all sharply higher.
    • Other ETFs: NUGT, AGQ, GGN, DUST, SIL, USLV, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, ASA, SLVP, DGL, DBS, DGZ, RING, DGLD, PSAU, USV, TGLDX, GEUR, UBG, GYEN
    | Oct. 14, 2015, 2:26 PM | 70 Comments
  • Oct. 8, 2015, 12:46 PM
    • Mining companies operating in Zambia ask the government to set mineral royalties for both underground and open pit operations at 6% to mitigate the negative impact of falling copper prices on the industry.
    • The government of Africa's second leading copper producer already cut mineral royalties for underground mines to 6% from 9% and those of open cast mines to 9% from 20% following an outcry by mining firms.
    • Glencore's (OTCPK:GLCNF, OTCPK:GLNCY) Zambian unit has said it plans to lay off more than 3.8K workers due to lower metal prices and high production costs; other foreign mining companies operating in Zambia include First Quantum Minerals (OTCPK:FQVLF), Barrick Gold (NYSE:ABX) and Vedanta Resources (OTCPK:VDNRF).
    | Oct. 8, 2015, 12:46 PM
  • Oct. 1, 2015, 6:51 PM
    • A cyanide solution spill at Barrick Gold's (NYSE:ABX) Veladero mine in Argentina did not contaminate local water supplies, according to preliminary tests by U.N. investigators.
    • The Sept. 13 leak prompted a court order that forced ABX to temporarily halt pumping the cyanide solution used in the leaching process; the ban was lifted last week.
    • Veladero produced 722K oz. of gold last year and is expected to contribute ~10% of ABX's 2015 gold output.
    | Oct. 1, 2015, 6:51 PM | 3 Comments
  • Sep. 25, 2015, 11:43 AM
    • Barrick Gold (ABX -1%) says restrictions on processing activities at its Veladero mine in Argentina have been lifted and does not expect any material impact to production as a result of a leak earlier this month.
    • An Argentine judge yesterday lifted his order forbidding ABX from pumping cyanide solution for the leaching process in the mine, saying a leak had not contaminated water in the surrounding area.
    • The Veladero mine produced 722K oz. of gold last year and is forecast contribute ~10% of ABX's 2015 gold output.
    | Sep. 25, 2015, 11:43 AM
  • Sep. 22, 2015, 6:15 PM
    • Indonesian government officials say Newmont Mining's (NYSE:NEM) copper export permit, which expired today, will not be renewed since the miner has failed to meet government stipulations for developing a domestic smelter.
    • NEM CEO Gary Goldberg says the company is in talks with the government and has filed an application with the requested information; the CEO says he expected it would take "a couple of weeks" to sort out, but in the meantime operations are continuing at full capacity.
    • Separately, Goldberg says NEM is not interested in buying the U.S. assets Barrick Gold (NYSE:ABX) has put up for sale, but would consider ABX's 50% stake in the Kalgoorlie mine in Australia at the right price.
    • Earlier today, Goldcorp CEO Chuck Jeannes also said his company was not looking at ABX's U.S. assets.
    | Sep. 22, 2015, 6:15 PM | 7 Comments
  • Sep. 22, 2015, 12:36 PM
    • Goldcorp (GG -3.4%) reiterates 2015 production estimates at the upper end of its 3.3M-3.6M oz. guidance range, as Latin American mines help counter minor setbacks at its newest operation in Canada.
    • Earlier this month, GG cut its production forecast for the Eleonore mine in Quebec, citing higher than expected folding, but CEO Chuck Jeannes now adds that only a small percentage of the ore body is being affected as other mines perform well.
    • The CEO also is “very comfortable” with GG's $1.2B-$1.4B capex guidance, as well as an all-in sustaining cost forecast of $850-$900/oz.
    • Also, while Jeannes says he always keeps an eye open for acquisition opportunities, the U.S. mines being marketed by Barrick Gold (ABX -5.6%) would not be the kind of assets he would find attractive.
    | Sep. 22, 2015, 12:36 PM | 19 Comments
  • Sep. 21, 2015, 8:26 AM
    • Barrick Gold (NYSE:ABX) has seen strong interest in a package of U.S. gold assets it is trying to sell, President Kelvin Dushnisky says, expecting a deal to close before year-end.
    • Newmont Mining (NYSE:NEM) and Kinross Gold (NYSE:KGC) are considered likely buyers of the assets, Reuters reports.
    • ABX said last month it wanted to sell six of its U.S. gold mines and projects: Bald Mountain, Round Mountain, Spring Valley, Ruby Hill, Hilltop and Golden Sunlight.
    • If done before year-end, the sales would enable ABX to exceed its $3B debt reduction target following other asset disposals and financings, including a recent streaming deal on its Pueblo Viejo mine in the Dominican Republic.
    • Dushnisky says he is not concerned about the possibility of ABX slipping into junk status; ABX is rated at the lowest investment grade by S&P and Moody’s, although both have stable outlooks.
    | Sep. 21, 2015, 8:26 AM | 3 Comments
  • Sep. 18, 2015, 3:18 PM
    • Barrick Gold’s (ABX -2.2%) credit rating could be at risk if gold prices remain near $1,100/oz., RBC analyst Stephen Walker contends, as the miner's YTD divestments and debt repayment do not lead to a meaningful improvement in his estimates of long-term debt relative to EBITDA over the 2015-18 period.
    • RBC cuts its stock price target to $8 from $10 due to its lower copper price forecasts and other model revisions that reduce ABX's net asset value by ~25%, also noting that asset sales could reduce gold production from 7.4M oz. in 2012 to 4.7M oz. by 2018 (Briefing.com).
    • Separately, ABX says it will close its Salt Lake City office by the end of November, cutting loose more than 100 employees, and dissolve a standalone copper unit, as it continues to cut costs.
    | Sep. 18, 2015, 3:18 PM | 1 Comment
Company Description
Barrick Gold Corp. operates mines and advanced exploration and development projects on four continents, and holds large land positions on some of the most prolific and prospective mineral trends. It operates its projects in Canada, the United States, the Dominican Republic, Australia, Papua New... More
Industry: Gold
Country: Canada