|Bid||18.71 x 3000|
|Ask||18.74 x 1800|
|Day's Range||18.35 - 18.75|
|52 Week Range||11.65 - 20.07|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||21.71|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||20.76|
TORONTO — Barrick Gold Corp. has signed an agreement with the Tanzanian government to formalize a joint venture relating to three mines that ends a long-running tax dispute with the African country.The Toronto-based gold miner signed the deal with United Republic of Tanzania President John Pombe Magufuli that will give the government "full visibility of and participation in operating decisions made for and by the North Mara, Bulyanhulu and Buzwagi mines."The agreement also formalizes the creation of a jointly owned management company that will oversee Barrick's local operations.Barrick owns 84 per cent with the government owning the remaining 16 per cent, however the economic benefits will be shared evenly after the repayment of capital investments.The company has agreed to partner with the University of Dar es Salaam and commit up to US$10 million over a decade for training and skills development in the mining industry. It will also spend up to US$40 million to upgrade a road and build a housing compound with related infrastructure.Barrick settled a long dispute with Tanzania in October when it struck the deal that would see it pay US$300 million to settle all outstanding tax and other disputes over its mines in the country.This report by The Canadian Press was first published Jan. 24, 2020.Companies in this story: (TSX:ABX)The Canadian Press
Barrick Gold Corporation (GOLD) (ABX.TO) says it has made significant progress in reshaping the Tanzanian operations it consolidated through the take-over of Acacia Mining in September last year in order to create a sustainable business capable of long-term value creation for its stakeholders. At a signing ceremony with the President of the United Republic of Tanzania, Dr John Pombe Magufuli, to formalize the establishment of a joint venture between Barrick and the government, Bristow said the joint venture, which will give the government full visibility of and participation in operating decisions made for and by the North Mara, Bulyanhulu and Buzwagi mines, was a pioneering move which would take Barrick’s policy of partnership with its host countries to a new level.
(Bloomberg Opinion) -- Peak gold production is looking a little more distant. Global supply of the yellow metal has been inexorably approaching its high-water mark, as ore is extracted faster than new discoveries are made. Mines have been aging fast. A sustained price rally can change that picture, as investors rekindle their enthusiasm for large-scale exploration and technological innovation. Bullion miners’ margins will benefit.Gold is coming out of a long period in the investor wilderness. Last year marked the biggest annual gain in prices since 2010. It broke through $1,570 last week — the highest in almost seven years. Gold prices are driven by factors that aren’t always predictable, but there’s certainly scope to go higher, with interest rates low and geopolitical tensions simmering. Holdings of gold in exchange-traded funds, popular with retail investors, are near 2012’s lofty levels. Central banks remain buyers too.This isn’t a repeat of 2011, when gold cracked a gravity-defying $1,900 per ounce — at least, not yet. The all-time high remains some way off, despite a handful of analysts already pointing to $2,000 gold. But the impact of higher prices is already trickling down. All-in sustaining cash costs remained at around $934 per ounce for the largest producers in the third quarter of 2019, according to Bloomberg estimates. The industry measure, though rising, makes for healthy margins. Barrick Gold Corp., for example, reported third-quarter free cash flow of $502 million, compared to $55 million in the previous three months.Last year’s flurry of M&A speaks to that exuberance: from Barrick Gold’s merger with Randgold Resources Ltd., completed that January, to Goldcorp Inc.’s union with Newmont Corp., plus a string of opportunistic offers among smaller companies, and imaginative deals like Barrick’s Nevada joint venture with Newmont. Overall, 2019 marked a return to levels last seen during the boom.There’s more to come, especially among smaller players. Diverging levels of bullishness, after years of homogenous forecasts, will create opportunities for miners to expand portfolios.But the deal spike tells a supply story too, and those numbers are grim even after miners pair up, with reserves down steadily for much of the past decade. The average life of a gold mine shrank to 11 years by 2018 from 16 in 2012, according to consulting company Wood Mackenzie Ltd. Back in 2015, as prices fell toward $1,000 an ounce, the World Gold Council warned that the industry was nearing “peak gold,” after which output would begin to decline. That’s still a threat.Tie-ups are no panacea. The trouble is there’s no short-term link between gold prices and supply. Sure, marginal projects become viable, but that’s a transient boost. Also, the lag effect means mines commissioned in boom years will still take years to come into production. Meanwhile, the scars of the 2011 excesses will make miners reluctant to change their assumptions for the long-term gold price, which are largely still at or below $1,300.The good news is that this works both ways. Higher supply, through exploration or innovation, also won’t depress prices.That should increase enthusiasm for exploration. Budgets have shrunk and success rates have been decreasing, even if gold continues to command the lion’s share of the mining sector’s exploration outlays. So far, spending has increased largely on existing projects rather than new finds. Splashy budgets don’t guarantee success, but the supply numbers will have to rise. There are already signs of long-awaited projects accelerating, such as Polyus PJSC’s Sukhoi Log in Siberia. Then there is investment in technology. This isn’t only to automate and electrify fleets, but to upgrade exploration and processing techniques. For gold, processing improvements could make even complex, refractory ore — resistant to more common extraction methods — attractive. Barclays Plc estimated in December that innovation could add 10% of incremental supply growth through 2025. Cost per ounce may come down 4%. That’s a target worth aiming for. To contact the author of this story: Clara Ferreira Marques at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
TORONTO — Barrick Gold Corp. says its gold production for 2019 is expected to come in near the top end of its guidance, while copper production is forecast to be more than its earlier expectations.The gold miner says preliminary results indicate it produced 5.5 million ounces of gold last year compared with its guidance for between 5.1 million and 5.6 million ounces.Preliminary copper production results indicate it produced a total of 432 million pounds compared with guidance for between 375 million and 430 million pounds.Barrick says preliminary fourth-quarter results show sales of 1.413 million ounces of gold and 91 million pounds of copper, as well as fourth quarter production of 1.439 million ounces of gold and 117 million pounds of copper.The average market price for gold in the fourth quarter was US$1,481 per ounce, while the average market price for copper in the fourth quarter was US$2.67 per pound.Barrick is expected report its quarterly and full-year 2019 results on Feb. 12.This report by The Canadian Press was first published Jan. 16, 2020.Companies in this story: (TSX:ABX)The Canadian Press
The average market price for gold in the fourth quarter was $1,481 per ounce, while the average market price for copper in the fourth quarter was $2.67 per pound. Preliminary fourth quarter gold sales and production were higher than third quarter levels as a result of a strong fourth quarter performance from Nevada Gold Mines, in particular at Turquoise Ridge, as well as Pueblo Viejo and Veladero.
Barrick Gold Corp is set to elevate its troubled Papua New Guinea mine to its top-tier assets, despite landowner and government demands to cede a larger stake and deteriorating security at the joint venture with China's Zijin Mining . With a 20-year lease renewal application in the balance, Barrick has faced backlash from Papua New Guinea (PNG) landowners and residents. Critics say the Porgera mine has polluted the water supply and created other environmental and social problems, with minimal economic returns for locals.
There is an increasing number of reasons why reevaluating the investment portfolio and looking at gold stocks like Barrick has become necessary in 2020.
Stop gambling! This herd of cash cows, including Barrick Gold (TSX:ABX)(NYSE:GOLD), can help build your wealth the prudent way.
Why gold and gold miners like Barrick Gold Corp. (TSX:ABX)(NYSE:GOLD) are not the answer for investors who want to do well over the long-term.
TORONTO, Jan. 09, 2020 -- Barrick will release its fourth quarter and year end results to end December 2019 on Wednesday, February 12, 2020. President and CEO Mark Bristow.
TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:Toronto Stock Exchange (17,168.06, up 62.59 points).Aurora Cannabis Inc. (TSX:ACB). Health care. Down seven cents, or 2.85 per cent, to $2.39 on 6.9 million shares.Western Energy Services Corp. (TSX:WRG). Energy. Up 6.5 cents, or 22.41 per cent, to 35.5 cents on 6.3 million shares.Encana Corp. (TSX:ECA). Energy. Up one cent, or 0.16 per cent, to $6.35 on 5.1 million shares.Enbridge Inc. (TSX:ENB). Energy. Down 21 cents, or 0.4 per cent, to $51.65 on 4.7 million shares.Barrick Gold Corp. (TSX:ABX). Materials. Up 16 cents, or 0.67 per cent, to $24.01 on 4.6 million shares.The Bank of Nova Scotia. (TSX:BNS). Financials. Down 68 cents, or 0.94 per cent, to $71.74 on 4.4 million shares. Companies in the news:CIBC (TSX:CM). Down 21 cents to $107.33. Canadian bank executives are sharing their 2020 priorities today after a year that saw them grapple with layoffs, an increase in insolvencies and talk of an impending recession. Leaders from each of the country's major banks are discussing their outlook for the year at the 2020 Canadian Bank CEO Conference in Toronto. CIBC President Victor Dodig is predicting the growth of direct banking in Canada and the U.S. this year because of demand from millennials wanting to bank without brick-and-mortar branches. His Royal Bank of Canada counterpart Dave McKay is keeping an eye on Canada's housing supply and the mortgage stress test because he says the country has to be careful of the ramifications if it relaxes the policy.Lightspeed POS Inc. (TSX:LSPD). Up $3.19 or 8.6 per cent to $40.20. Technology firm Lightspeed POS Inc. says it has reached a deal to buy German point-of-sale company Gastrofix for upwards of $164 million. The deal for the cloud-based, hospitality-focused company includes $79.4 million in cash and $52.7 million in shares on closing, plus a further $19 million in cash and $12.7 million in shares if some performance conditions are met. Montreal-based Lightspeed says the deal strengthens its presence in Europe and its capacity to offer services to merchants and restaurants in key regions across the continent.This report by The Canadian Press was first published Jan. 7, 2020.The Canadian Press
Barrick Gold Corp (TSX:ABX)(NYSE:GOLD) has already proven to be highly profitable at current gold prices, so as prices rise over time, look for major growth from the stock in 2020 and beyond.