|Bid||22.75 x 0|
|Ask||22.76 x 0|
|Day's Range||22.40 - 22.80|
|52 Week Range||12.54 - 22.84|
|Beta (3Y Monthly)||-0.65|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 12, 2019|
|Forward Dividend & Yield||0.21 (0.96%)|
|1y Target Est||13.81|
Twenty years after Morila started production, the Barrick owned and operated gold mines in Mali continue to make a major contribution to the country’s economy and lead the growth of its mining industry, president and chief executive Mark Bristow said here today. The Loulo-Gounkoto complex currently comprises the Yalea and Gara underground mines and the Gounkoto super pit, with a fourth mine in the form of an underground operation at Gounkoto at the feasibility study stage.
Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (16,485.94, down 8.29 points).Nemaska Lithium Inc. (TSX:NMX). Materials. Up 8.5 cents, or 38.64 per cent, to 30.5 cents on 11.1 million shares.Jaguar Mining Inc. (TSX:JAG). Materials. Up one cent, or 6.45 per cent, to 16.5 cents on 9.3 million shares.Pure Multi-Family REIT LP. (TSX:RUF.UN). Real estate. Up 44 cents, or 4.58 per cent, to $10.05 on 8.2 million shares.Kinross Gold Corp. (TSX:K). Materials. Down one cent, or 0.18 per cent, to $5.61 on 7 million shares.B2Gold Corp. (TSX:BTO). Materials. Down two cents or 0.46 per cent, to $4.32 on 6.3 million shares.Barrick Gold Corp. (TSX:ABX). Materials. Up four cents, or 0.18 per cent, to $22.50 on 5.9 million shares. Companies in the news:West Fraser Timber Co Ltd. (TSX:WFT). Down five cents to $54.50. Mill cutbacks in British Columbia are still happening, but West Fraser Timber Co Ltd. said Friday that the worst of the pullback is behind it. The company, like many in B.C.'s lumber industry, has cut back and closed mills in recent months in response to limited log supplies and a plunge in lumber prices from record highs last year. Canfor, for example, announced late Thursday it was indefinitely suspending operations at its Mackenzie sawmill and permanently cutting a shift at its Isle Pierre mill to reduce outputLaurentian Bank (TSX:LB). Down 31 cents to $44.75. An era is about to end at the Laurentian Bank with customers no longer having access to teller services as of Monday in almost all of its branches. Six rural locations will continue to offer these services until September. The changes are part of a plan that began in 2016 to offer only branch-level financial advice by the end of 2019. Thirty-one of 91 locations have already eliminated their tellers. The change that will result in the elimination of 350 positions. The Canadian Press
TORONTO — Barrick Gold Corp. has reached a deal to buy the stake in Acacia Mining that it does not already own, after raising its offer for the African gold miner.Under the deal, the Toronto-based mining giant will swap 0.168 of a Barrick share for each share of Acacia in a transaction that values the company at about $1.56 billion (951 million pounds).Acacia shareholders will also be entitled to receive special dividends related to Acacia exploration properties. As well, shareholders will be entitled to deferred cash consideration dividends paid as a result of the sale of certain Acacia exploration properties.Barrick, which owns about a 63.9 per cent stake in Acacia, had previously offered 0.153 of a Barrick share for each Acacia share in May.The deal could help clear the way for Barrick to resolve a major dispute between Acacia and the government in Tanzania that started in 2017 when the country handed the African gold miner a US$190 billion tax bill.Since then, Acacia has faced export restrictions, reduced production, and accusations of environmental and financial violations as negotiations dragged on.Just this week Tanzania ordered the company to stop using a tailings storage facility at its North Mara mine due to seepage from the facility.Barrick has been negotiating with the government since the dispute began, and in late 2017 reached a proposed settlement that would include a US$300 million payout as well as future 50-50 profit sharing from Acacia's three mines in the country.London-based Acacia didn't endorse the settlement and has asked for more direct involvement in the negotiations.Shares in Barrick have risen from about $16 at the end of May to $22.46 on the Toronto Stock Exchange on Thursday.Barrick spun out its African gold assets into a separate listing called African Barrick Gold in 2010, later renamed Acacia.Mark Bristow, who came on as CEO of Barrick at the start of the year, brought with him extensive experience working in Africa after previously leading Randgold Resources. Companies in this story: (TSX:ABX)The Canadian Press
TONGON, Côte d’Ivoire, July 19, 2019 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (GOLD) (ABX.TO) is actively seeking to extend the life of its Tongon gold mine while at the same time exploring new opportunities elsewhere in Côte d’Ivoire, president and chief executive Mark Bristow said here today. Speaking at a briefing for local media visiting the mine, Bristow noted that Tongon was now in its 10th year of operations while its developer Randgold Resources, since merged with Barrick, had been involved in Côte d’Ivoire for more than 20 years, spending in excess of $90 million (CFA 52 billion) on exploration alone during that time.
(Bloomberg) -- For the past two years, Acacia Mining Plc has faced deteriorating relationships with its largest shareholder, Barrick Gold Corp. and the government of Tanzania. Now, one of those battles has found a truce.The two companies said Friday that they reached a deal for Barrick to buy the roughly 36% stake in Acacia it doesn’t already own. Barrick sweetened its offer to win over Acacia shareholders, some of whom had decried the previous bid as too low. The new offer has an implied value of about 232 pence per Acacia share, a 24% premium to the closing price on Thursday.“Given all the circumstances, this is possibly the best outcome,” Acacia’s acting Chief Executive Officer Peter Geleta said by phone.The agreement paves the way for Barrick to negotiate with Tanzania in hopes of resolving a public battle that crippled Acacia’s operations in the country, where it runs three gold mines. Acacia hopes the talks will help set up a “new partnership” with the Tanzanian government, Geleta said.“I’m pleased that after engaging with shareholders, Barrick has reconsidered its initial offer,” said James Goldstone, a fund manager at Invesco, which holds less than 1% of Acacia. “It’s a compromise,” he said, without elaborating on how his fund would vote.Acacia’s shares rallied as much as 20% on Friday and traded at 221.40 pence at 12:59 p.m. in London. Before today, the stock had gained 1.8% this year.A successful deal would close the nearly decade-long chapter of Acacia’s life as a public miner, after the unit was spun out in 2010 as African Barrick Gold. Since then, it has fended off challenges spanning an infiltration by criminal gangs, to invasion by hundreds of intruders armed with machetes and hammers and mining-tax changes.Its biggest challenge came two years ago, when Tanzania imposed an export ban on two of Acacia’s units and handed the miner a $190 billion tax bill. Since then, the company’s position in the country has deteriorated further, with the government saying in May it would no longer allow Acacia to manage its mines in the country and will only work with Barrick.Just this week, Tanzania ordered Acacia to stop using a waste-storage facility at its core gold mine, which could disrupt production.The dispute with Tanzania has had a crippling effect of Acacia’s business -- forcing the company to stockpile output and curb production -- and its shares dropped 50% since the start of 2017 before this week’s announcement.The higher offer shows that Barrick CEO Mark Bristow was forced to shift his position that he wouldn’t raise the bid. In an interview in June, he said he had no intention of raising the offer. But he faced shareholder pressure in recent months, with Odey Asset Management opposing the valuation.Barrick has led discussions with the government in an effort to solve the impasse with Tanzania, while Acacia moved ahead separately with arbitration proceedings.In a 2017 meeting between Tanzanian President John Magufuli and Barrick Executive Chairman John Thornton, it was tentatively agreed that Acacia would pay $300 million to the government to settle tax claims and would split future returns from operations with the country. At the time, Acacia criticized the move and blamed Barrick for its worsening relationship with Tanzania after Thornton took over negotiations.(Updates with Invesco comment in fifth paragraph.)To contact the reporters on this story: Elena Mazneva in Moscow at email@example.com;Danielle Bochove in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, ;Luzi Ann Javier at firstname.lastname@example.org, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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The blue-chip index ended up 0.2%, after climbing as much as 0.7%. The mid-cap FTSE 250 rose 0.4%, as Acacia Mining soared after agreeing to an increased buyout offer from Barrick Gold. Acacia surged more than 19% to 222.6 pence on its best day ever after Barrick , its largest shareholder, agreed to buy out the remaining shares in the company it does not already own at an implied value of 232 pence a share.
TORONTO/LONDON (Reuters) - Barrick Gold Corp has struck a deal to buy out its fellow shareholders in Acacia Mining with a higher bid than originally proposed, raising expectations Acacia's long-running tax dispute with the Tanzanian government will finally be resolved. The original buyout proposal from Barrick, which owns 63.9% of Acacia, drew accusations from minority shareholders that Barrick was taking advantage of the Tanzania-focused company's woes to buy it on the cheap. The improved bid was welcomed by the company and investors, with Acacia shares jumping as much as 20% on Friday.