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Barrick Gold Corporation

5/19/2013, 9:13 PM ET

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Thursday, May 16, 9:40 AM Barrick Gold (ABX -3.2%) is downgraded to Underperform from Neutral with an $18 price target (from $21.50) at Macquarie, which views ABX as a mature company with few opportunities to grow and high debt. The firm calls ABX's recent amendment to its Dominican Republic mine contract a dangerous precedent. 4 Comments [Commodities, Quick Ideas, On the Move]
Wednesday, May 15, 6:06 PM John Paulson, whose hedge fund is the single biggest owner of the SPDR Gold Trust (GLD), maintained a 21.8M-share position even as the value of its holdings fell ~$165M in the latest quarter. But all that remains of his Barrick Gold (ABX) holdings is 36K call options vs. 915K shares at the end of 2012. Other positions in miners AU, NG, AEM, IAG and ANV were unchanged or modestly changed. 7 Comments [Commodities]
Wednesday, May 15, 5:53 PM After-hours top gainers, as of 5:30 p.m.: CSCO +8.5%. TSLA +5.1%. LMCA +4.9%. ABX +3.7%. GOLD +3.7%.
After-hours top losers: NQ -8.3%. CASH -4.9%. ACXM -3.9%. MBTF -3.3%. CTSH -3.2%. Comment! [On the Move]
Tuesday, May 14, 8:47 AM Saying it has become uneasy with Barrick Gold's (ABX) approach to disposing of mining waste as well as its handling of community grievances, government retirement fund New Zealand Superannuation sells its entire stake in the miner, worth 1.9M New Zealand dollars (US$1.6M). The fund says ABX's activities are inconsistent with U.N. standards on human rights and the environment. Shares -1.3% premarket. 5 Comments [Commodities]
Friday, May 10, 12:23 PM The mini-recovery in gold and metals mining stocks is stopped as gold prices sink 3% today to ~$1,425/oz. after closing higher in each of the past two weeks. A breach of key chart levels is prompting heavy selling of gold futures, already under pressure from a stronger dollar and rising stock markets. Among big miners: ABX -3%, NEM -2.1%, GG -1.6%, KGC -3.8%, SLW -2.7%, FCX -1.8%. Comment! [Commodities, On the Move]
Friday, May 10, 7:58 AM The Australian unit of China’s biggest gold producer Zijin Mining Group says it will look at bidding for three mines Barrick Gold (ABX) has put up for sale, signaling confidence in gold’s prospects. Chinese companies are stepping up deal activity in the gold sector while many of their big Western rivals are pulling back their spending. 2 Comments [Commodities, Global & FX]
Thursday, May 9, 3:05 PM Barrick Gold's (ABX) deal with the Dominican Republic agreeing to a near-equal split of cash flow with the government isn't as bad as it may seem, J.P. Morgan says, with ABX still set to stay within a 3x investment grade coverage ratio assuming gold prices above $1,300 and equity gold production in 2014-15 of 7.5M oz. But while the deal clears the political overhang, it shifts benefits from shareholders to the government, Peter Koven writes. 1 Comment [Commodities]
Thursday, May 9, 10:51 AM Those wanting exposure to gold producers must pay close attention to both cash costs and balance sheets if they want to avoid ugly surprises, Clarus analyst Jamie Spratt says, suggesting a core holding of low-leverage names with longer-term upside, as they generally can fund their growth internally with relatively stronger free cash flow: ABX, IAG, BAA, OSKFF.PK, DRGDF.PK. 1 Comment [Commodities, Quick Ideas]
Thursday, May 9, 9:45 AM Barrick Gold (ABX -1.4%) says it reached a deal with the government of the Dominican Republic over the taxation of the Pueblo Viejo mine, which it owns with Goldcorp (GG -1%). ABX says the new deal will see an almost equal split of cash flow with the Dominican government from the mine between 2012-16. 2 Comments [Commodities]
Wednesday, May 8, 2:05 PM Today's dead-cat bounce in the mining sector looks like a reaction to the overwhelming bearishness, expressed in the options market yesterday by heavy buying of GDX puts. Volume in the gold miners ETF (GDX +4.8%) is only about average so far, indicating mere short-covering and no stampede back into gold stocks, Randall Forsyth writes. ABX +7.6%, GG +4.5%, NEM +4%. 5 Comments [Commodities, On the Move]
Tuesday, May 7, 2:10 PM Some big moves in today’s options trading make it appear that investors are banking on another drop in the gold miners ETF (GDX -3%), already -36% YTD. Volume in GDX options is heaviest in the June $27 strike puts, where nearly 40K puts have traded vs. open interest of ~16K contracts. Big miners are broadly lower: HMY -5.5%, GFI -5.2%, AU -3.2%, ABX -3.1%, EGO -2.8%, NEM -2.2%, GG -2%. 3 Comments [Commodities, On the Move]
Tuesday, May 7, 10:29 AM Barrick Gold's (ABX -3.4%) sale of $3B in debt is expected to provide enough breathing room to complete $3.7B in planned capex for the next two years, RBC Capital says, estimating ABX can meet its obligations and complete current development plans even if gold falls to as low as $1,200/oz. While that's a positive, RBC says the long-term key for ABX is completing the Pascua-Lama project in Chile. Comment! [Commodities, On the Move]
Monday, April 29, 3:44 PM Moody's downgrades Barrick Gold's (ABX) corporate credit closer to junk status, sending the rating to Baa2 from Baa1 with a negative outlook. The agency cites weaker debt protection metrics and increased leverage, particularly if gold and copper prices are more volatile than expected, plus uncertainty surrounding the Pascua Lama project and the potential for further time delays and increased capital costs. 1 Comment [Commodities]
Monday, April 29, 2:42 PM More on Citi's review of gold mining stocks: On Buy-rated Barrick (ABX +3.4%), the firm believes liquidity concerns at $1,400/oz. gold are misplaced since ABX already has announced $600M in spending cuts, plans to issue new long-term debt to address near-term maturities, and continues to negotiate non-core asset sales. Citi also keeps a Buy on Kinross (KGC -2.2%) because of the growth offered by the Tasiast project. 5 Comments [Commodities, Quick Ideas, On the Move]
Monday, April 29, 11:39 AM Gold miners (GDX) have been smacked by plunging gold prices, but Citigroup and HSBC think they have further to fall. Citi worries about AngloGold (AU) because negative free cash flow would hit its "already stretched balance sheet," but Harmony Gold (HMY) has the balance sheet to weather similar problems; Gold Fields (GFI) is its sector favorite. HSBC cuts GFI, Agnico Eagle (AEM) and many others. 1 Comment [Commodities, Quick Ideas]
Wednesday, April 24, 2:43 PM It's non-binding, but Barrick Gold (ABX +4.4%) shareholders vote against the miner's executive compensation proposals, which includes a $17M pay package for new co-chairman John Thornton. Shareholder anger seems limited to lofty salaries despite the stock's 47% YTD drop, as they also agree to re-elect all 13 directors to ABX’s board. 3 Comments [Commodities, On the Move]

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