|Bid||22.08 x 0|
|Ask||22.10 x 0|
|Day's Range||22.00 - 22.72|
|52 Week Range||15.37 - 26.69|
|Beta (3Y Monthly)||0.13|
|PE Ratio (TTM)||25.63|
|Earnings Date||Nov. 6, 2019|
|Forward Dividend & Yield||0.26 (1.16%)|
|1y Target Est||13.81|
Suncor Energy (TSX:SU)(NYSE:SU) and Barrick Gold (TSX:ABX)(NYSE:GOLD) appear cheap right now. Is one a better RRSP bet?
(Bloomberg) -- Barrick Gold said it agreed to sell its 50% stake in Kalgoorlie Consolidated Gold Mines in Western Australia to Saracen Mineral Holdings for $750m in cash.NOTE: Earlier, Saracen Said to Near $750 Million Deal in Barrick Mine Stake To view the source of this information click hereTo contact the reporter on this story: Jim Silver in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Sebastian Tong at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Barrick Gold Corporation (GOLD)(ABX.TO) today announced it has reached an agreement to sell its 50 percent interest in Kalgoorlie Consolidated Gold Mines ("KCGM") in Western Australia to Saracen Mineral Holdings Limited (“Saracen”) for a total consideration of $750 million in cash. While this iconic gold mine has been a valuable contributor to Barrick over the years, the asset does not fit with our strategy of operating mines that we own.
(Bloomberg) -- Saracen Mineral Holdings Ltd. is nearing a deal for Barrick Gold Corp.’s share of the Kalgoorlie Super Pit gold mine in Western Australia, according to people familiar with the matter.Perth-based Saracen prevailed over a number of other bidders with an offer that values the 50% stake in the mine at about $750 million, the people said, asking not to be identified discussing confidential matters. Talks could still fall apart and there is no guarantee a deal will be reached, the people said.Spokespeople for Barrick and Saracen couldn’t be immediately reached for a comment.Buying Barrick’s share in the giant operation in Western Australia will give Saracen exposure to an asset that was the country’s third-largest producing gold operation last year, according to industry researcher Surbiton Associates Pty. The site includes a 3.5-kilometer (2-mile) long open pit, an underground mine and processing facilities.Barrick and its key rival Newmont Goldcorp Corp. are in the process of offloading unwanted mines after major acquisitions since 2018 that have reshaped the gold sector. Newmont, which holds the remaining 50% of the Kalgoorlie Super Pit, previously targeted $1.5 billion from asset sales, though has more recently cautioned that it is under no pressure to sell.An earlier attempt by Barrick to sell its Kalgoorlie stake ended in 2017 when Shandong Tyan Home Co. said tighter controls in China on outbound investment meant it could no longer proceed with a proposed $1.3 billion deal.Since then, the Kalgoorlie asset has experienced operational challenges, including rock falls in the open pit in 2018 that have crimped production. Output declined by a third in the nine months to Sept. 30 as costs rose 40%, Newmont said in a Nov. 5 filing.The site is regarded as holding potential for further development of an underground mine and there are plans to continue gold processing into the 2030s. Barrick fielded inquiries from parties across Australia and Asia, Chief Executive Officer Mark Bristow said in September.Barrick Gold hired Credit Suisse Group AG in 2016 to advise it on Kalgoorlie.(Updates with Barrick’s adviser in last paragraph.)\--With assistance from Scott Deveau and Vinicy Chan.To contact the reporters on this story: David Stringer in Melbourne at firstname.lastname@example.org;Harry Brumpton in Sydney at email@example.comTo contact the editors responsible for this story: Fion Li at firstname.lastname@example.org, Linus Chua, Shamim AdamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Ever since Newmont Goldcorp Corp (TSX:NGT)(NYSE:NEM) acquired Goldcorp earlier this year, it has been challenging for top spot in the industry.
(Bloomberg) -- Bullion giant Barrick Gold Corp. pleasantly surprised the market by raising its dividend 25%. Will the move portend a new era of largess from the normally tightfisted gold miners?There are certainly reasons for investors to be hopeful. Producers have been striving to cut costs and consolidate operations, while the price of gold has climbed over 20% in the past year to hover around $1,500 an ounce. Barrick’s move Wednesday was echoed a few hours later when Canadian rival Kirkland Lake Gold Ltd. raised its quarterly payout 50%. B2Gold Corp. preceded both by announcing its first-ever dividend a day earlier.“The companies are positioned to start to pay dividends and give more back to shareholders,” Joe Foster, a portfolio manager and strategist at VanEck, said by phone Wednesday. “It happens to coincide with the rising gold price, so you’re getting to see more aggressive moves on the dividends front than we would have seen if gold was $100 or $200 lower.”Gold miners trimmed costs following the sharp decline of the metal’s price toward the start of the decade. Barrick and B2Gold are both expecting costs this year to come in at or below the lower end of company guidance.Barrick rose Wednesday in New York trading, ending the day up 2.2%. The shares were down 0.4% at 9:24 a.m. pre-market on Thursday as gold prices fell. Kirkland Lake gained 2.8% in Toronto Wednesday, while B2Gold climbed 4%.Not all producers have embraced increased payouts this earnings season. On Tuesday Newmont Goldcorp Corp., the world’s largest gold producer, held its dividend steady as it grapples with integrating problematic assets acquired in its mega-merger with Goldcorp Inc.In an interview after assuming the role of chief executive officer Oct. 1, Newmont’s Tom Palmer used a common phrase in the gold industry: capital allocation discipline. For Palmer, that means the first focus will be paying down debt, then funding projects, and finally increasing dividends.A disciplined approach should continue to translate to shareholder returns, says Stephen Walker, RBC Capital Markets’ head of global mining research.“Shareholders have been asking companies to be more disciplined,” Walker said by phone Wednesday. “The ability to return a portion of excess capital to shareholders” is evidence of their improved cost performance, he said.(Updates with shares in fifth paragraph.)To contact the reporter on this story: Justina Vasquez in New York at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, Steven Frank, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The CEO of Barrick Gold Corp. says "every box has been ticked" when it comes to a list of goals set when the Toronto-based company merged with Randgold Resources Ltd. in a US$6.1-billion all-stock deal early this year.On a conference call from London, CEO Mark Bristow said Wednesday the company has accomplished much in the past 10 months but more remains to be done."That stated aim of the new Barrick was to create the world's most valued mining company and in the process set an example of modern mining business for an industry in need of invigoration," he said."And there's no better time to talk about this because, really, everyone dislikes mining, but it's a absolute core component of everyday life and we as miners have a big challenge to get accepted by the communities and the investors as well."Bristow headed Randgold, which was listed in London, prior to the merger, and said returning to London for a board meeting and earnings conference calls fulfills a commitment made at the time of the merger.Barrick said Wednesday it would raise its quarterly dividend by a penny to a nickel per share as it reported a third-quarter profit boosted by a one-time gain related to its Turquoise Ridge mine, which is part of its Nevada Gold Mines joint venture with Newmont Goldcorp Corp. struck last spring.The company, which keeps its books in U.S. dollars, forecast of annual synergy savings of US$450 million to US$500 million when it announced the joint venture — Bristow said it has already realized US$311 million and will reach its goal by early 2020.Production from the joint venture was up 26 per cent in the third quarter from the previous quarter, he added, and cost cutting from more efficient operations are expected to allow the venture to increase reserves by more than one million ounces.Following the merger with Randgold, Barrick cut about 100 head office jobs in Toronto, leaving about 70, as it shifted towards a decentralized management model.The company is now reducing the workforce at Hemlo in northwestern Ontario, its only remaining operating gold mine in Canada, after considering shutting it down, Bristow said."At the time of the Barrick-Randgold merger, there was some debate about Hemlo's viability but the anticipated performance improvements are now expected to secure its future," he said on the call.Last week, Barrick said it would phase out the open pit operation at the 34-year-old mine and move to a "contract mining model" at its underground works.It said it is inviting most of its employees working underground to participate in a "voluntary separation program" without saying how many people would be laid off.In an email Wednesday, a Barrick spokeswoman said further details would be provided when they are available.The mine on the north shore of Lake Superior, 350 kilometres east of Thunder Bay, has produced more than 21 million ounces of gold. In a 2017 report on its website, Barrick said the mine had 442 employees and between 150 and 200 contractors.Barrick reported Wednesday it earned nearly US$2.28 billion or $1.30 per share in the quarter ended Sept. 30, up from a loss of $412 million or 35 cents per share a year ago.Revenue totalled $2.68 billion, up from $1.84 billion in the same quarter last year before the Randgold merger. its realized gold price was $1,476 per ounce, up from $1,216 in the same quarter last year.On an adjusted basis, Barrick said it earned $264 million or 15 cents per share in its most recent quarter compared with an adjusted profit of $89 million or eight cents per share in the same quarter last year.Analysts on average had expected a profit of 11 cents per share on $2.82 billion in revenue in the three months ended Sept. 30, according to financial markets data firm Refinitiv.This report by The Canadian Press was first published Nov. 6, 2019.Companies in this story: (TSX:ABX)Dan Healing, The Canadian Press
(Bloomberg) -- Barrick Gold Corp.’s chief said there’s a logic to combining with Freeport-McMoran Inc. as a way to expand into copper, but isn’t committing to any deals yet.A tie-up with Freeport could bolster Barrick’s U.S. presence, where it already operates gold mines in Nevada, said Chief Executive Officer Mark Bristow, who cautioned that it’s not something currently being considered.“Everyone has been fingered as a potential suitor of Freeport,” said Bristow, when asked if he was interested in a combination. “There’s a bit of work for us to do before we can get our head around broadening our scope.”Freeport has long been seen as a takeover target for mining majors such as Rio Tinto Group and BHP Group. The biggest miners are all bullish on copper because it’s crucial for the electrification of transport and cities, but supplies look constrained in the long term.Freeport CEO Richard Adkerson said last year that any strategic move is possible, including acquisitions, partnerships, or even a full sale. The company operates several open-pit copper mines in North America, as well as the giant Grasberg project in Indonesia.Tier-One CopperBristow has previously expressed an interest in buying copper assets because the two metals are often mined together. While Barrick, the world’s second-largest gold producer, already has some copper assets, they’re lower in quality compared with other major mining companies.“I’ve raised the flag up the pole on copper,” Bristow said in an interview in London. “If there is a strategic metal, it’s copper. If you believe in electrification, copper is the metal and copper comes with gold.”“For me, it’s all about tier-one assets,” he added.Bristow, who took the top job this year, already has a track record of bold M&A moves in his short tenure at Barrick. After making a failed hostile bid for Newmont Mining Corp. in February, he stitched together a joint venture to combine their giant Nevada gold projects.Barrick shares rose 2% on Wednesday after the company reported better-than-expected profit and raised its dividend. Third-quarter adjusted earnings were 15 cents a share, compared with the average analyst estimate of 11 cents. The miner also said it’s on schedule with plans to sell $1.5 billion of non-core assets by the end of next year.To contact the reporter on this story: Thomas Biesheuvel in London at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Nicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Canada's main stock index edged higher on Wednesday, helped by an upbeat earnings report from Barrick Gold that bolstered mining stocks, while losses in energy shares kept a check on further gains. * At 09:43 a.m. ET (1443 GMT), the Toronto Stock Exchange's S&P/TSX Composite index was up 21.52 points, or 0.13%, at 16,703.44. * The materials sector added 0.4% as Barrick Gold Corp jumped 3% after beating quarterly profit estimates and raising its dividend payout, benefiting from higher production and better gold prices.
All amounts expressed in US dollars unless otherwise indicated. LONDON, Nov. 06, 2019 -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today posted its third strong quarter in.
All amounts expressed in US dollars LONDON, Nov. 06, 2019 -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced that its Board of Directors has declared a dividend.
How far off is Barrick Gold Corporation (TSE:ABX) from its intrinsic value? Using the most recent financial data...
Operations at Hemlo are being modernized and refocused to secure the gold mine’s continued viability, Barrick Gold Corporation (GOLD) (ABX.TO) announced today. Several programs have been introduced to improve its performance and the next step will be to phase out the open pit operation and move to an underground contract mining model. The objective is to upgrade Hemlo to a Barrick Tier 2 asset and extend its Life of Mine well into the future.
TSX: "ABX") as joint venture partner and a second major gold producer, Resolute Mining Limited (ASX/LSE: "RSG"), as a 27% shareholder, is pleased to announce the appointment of Peter Cowley as President of the Company and Minecon Resources and Services Limited as geological consultants. Mr. Cowley is a geologist with over 40 years’ experience in the minerals industry and a history of major exploration successes in Africa, including the DRC.
The successful two-decade partnership between the government of Mali and Randgold (now Barrick Gold Corporation (GOLD)(ABX.TO)) has made the gold mining industry one of the key drivers of the country’s economy, Barrick president and chief executive Mark Bristow said here today. Briefing local media on the Loulo-Gounkoto complex’s current performance, Bristow said Barrick was committed to further investment in Mali.
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterPakistan’s top business tycoons have offered to take over a disputed copper and gold deposit that was once explored by Barrick Gold Corp. and Antofagasta Plc, according to people familiar with the matter.Officials at the provincial Balochistan government are said to have met with a consortium of four business groups including tycoons Arif Habib and Muhammad Ali Tabba who are willing to invest about $1 billion of their own cash in the project, the people said, asking not to be named because the discussions are private. The consortium is willing to go through a bidding process to take over the project, the people said. Pakistan’s provincial government spokesman didn’t respond to requests for comment.An international tribunal run by the World Bank in July ordered Pakistan to pay $5.8 billion in damages to Barrick Gold and Antofagasta after the country denied them a license to develop the Reko Diq mine in 2011. Collecting the funds though may be a challenge, given Pakistan’s fragile economic state. The damages almost match the International Monetary Fund’s $6 billion bailout for Pakistan earlier this year to help the South Asian nation avert an economic crisis.The provincial chief minister has expressed a preference for Pakistani companies to take over the mine, the Dawn newspaper reported earlier this month. The business groups that showed interest in the mining project are: Yunus Brothers Group that owns Lucky Cement Ltd., Arif Habib Group, Fatima Group and the owners of Liberty Power Tech Ltd., the people said. The four are being led by Shamsuddin Shaikh, who spearheaded a group of companies to mine coal from Pakistan’s Thar desert for the first time.Reko Diq is one of the largest undeveloped copper and gold deposits in the world, capable of producing 200,000 tons of copper and 250,000 ounces of gold a year for more than half a century, according to a feasibility study before the dispute. The capital investment at the time would have exceeded $3 billion.To contact the reporter on this story: Faseeh Mangi in Karachi at email@example.comTo contact the editors responsible for this story: Arijit Ghosh at firstname.lastname@example.org, Alpana Sarma, Atul PrakashFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterBarrick Gold Corp. believes its Zambian copper mine is worth more than the $735 million carrying value listed in its latest annual report.Chief Executive Officer Mark Bristow said he’s received interest from potential buyers of the mine, called Lumwana, but isn’t in a hurry to sell it. Bristow disputed a report that it would start the disposal process in January.“We believe it’s got substantially higher value,” he said in a phone interview. “That’s the past. We have and we continue to improve the business.”Lumwana has attracted interest from companies including China Minmetals Corp., Jiangxi Copper Co. and Zijin Mining Group Co., people familiar with matter said earlier this month.Bristow declined to comment on the names, only saying “we have had expressions of interest.”The company, the world’s second-biggest gold producer, has had a tough time with Lumwana. It bought the operation as part of a $7 billion deal two months after copper prices peaked in 2011.Two years later, Barrick had written down the asset by $3 billion. The company has dealt with frequent tax changes and power shortages in Zambia, Africa’s second-biggest copper producer.Since taking over as Barrick CEO in January, Bristow has replaced management at Lumwana, where the company plans to produce 210 million pounds to 240 million this year. The operation produced 224 million pounds last year, making it one of the biggest producers in Zambia.Another hurdle facing Lumwana is that two copper smelters in Zambia have shut for maintenance, leaving the mine with nowhere to process its material.It could make sense for the mine to be owned by another company that does have a smelter, Bristow said.Speculation of an ownership shake-up in the Zambian copper industry has swirled in recent months. The government has moved to liquidate Vedanta Resources Ltd.’s Konkola Copper Mines Plc unit and wants to bring in a new owner. Jiangxi Copper bought an indirect stake in First Quantum Minerals Ltd.“What the Zambian mining industry needs is a re-arrangement of assets,” said Bristow.\--With assistance from Matthew Hill.To contact the reporter on this story: Taonga Clifford Mitimingi in Lusaka at email@example.comTo contact the editors responsible for this story: Antony Sguazzin at firstname.lastname@example.org, Lynn ThomassonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The underground operation at Kibali Gold Mine set new mining and shaft production records in the third quarter to keep the Barrick Tier 1 gold mine on track to meet or beat its guidance of 750,000 ounces for the year1. Briefing local media here today, Barrick president and chief executive Mark Bristow said Kibali – already a world leader in automation – was taking this to the next level with the commissioning of a Newtrax system which would provide real-time data collection, enhance predictive maintenance, track and manage the fleet, and implement a digital safety system with personnel tracking. The success of this policy is evident in Kibali’s consistently excellent performance and shows what can be achieved with a world-class asset in a remote and under-developed region of Africa,” Bristow said.
Barrick Gold Corp. announced a deal with the government of Tanzania that will see the gold miner pay US$300 million to settle all outstanding tax and other disputes over its mines in the African country.The company and Tanzania are also to share the future economic benefits from the mines on an equal basis and create a dispute resolution framework.On the Toronto Stock Exchange on Monday, Barrick fell as low as $21.95, down 63 cents or 2.8 per cent from a close of $22.58 on Friday.The slide came despite the deal announced on Sunday matching the company's key expectations as revealed in an announcement in July, analysts pointed out."The announcement ... by Barrick is not too dissimilar to the prior release and provides incremental details on the path forward," said Andrew Kaip of BMO Capital Markets in a report."Though we see the transaction as slightly dilutive to Barrick, it brings with it clarity and the potential to add value over time. We expect Barrick will undertake a number of reviews and studies to maximize asset value."Under the agreement, a new operating company called Twiga Minerals Corp. has been formed to manage the Bulyanhulu, North Mara and Buzwagi mines in Tanzania. Twiga is the Swahili word for giraffe, Tanzania's national symbol.The government is to acquire a 16 per cent stake in each of the mines and will receive its half of the economic benefits from taxes, royalties, clearing fees and participation in all cash distributions made by the mines and Twiga."Rebuilding these operations after three years of value destruction will require a lot of work, but the progress we've already made will be greatly accelerated by this agreement," said Barrick CEO Mark Bristow in a news release."Twiga, which will give the government full visibility of and participation in operating decisions made for and by the mines, represents our new partnership not only in spirit but also in practice."Barrick took over the management of the mines after buying the stake in Acacia Mining that it did not already own earlier this year.Acacia and Tanzania had been embroiled in a dispute that started in 2017 when the country handed the African gold miner a US$190-billion tax bill.Bristow said the agreement marks the end of the long impasse between the government and Acacia which had led, among other things, to the closure of North Mara and the freezing of export concentrate from the two other operations.Since then it has negotiated the reopening of North Mara, although last week it blamed lower output there in part for third-quarter production that fell short of analyst expectations.This report by The Canadian Press was first published Oct. 21, 2019.Companies in this story: (TSX:ABX) Dan Healing, The Canadian Press