1. Barrick Gold (Market cap: US$43 billion)
Barrick Gold (TSX: ABX; NYSE: GOLD) has gold and copper mining operations and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia. Its diversified portfolio spans many of the world’s prolific gold districts, and the company is focused on high-margin, long-life assets.
Barrick operates six ‘tier one’ gold assets: Carlin (including the former Goldstrike operation) and Cortez, both in Nevada; Loulo-Gounkoto in Mali, Kibali in the Democratic Republic of Congo; Pueblo Viejo in the Dominican Republic; and Turquoise Ridge in the U.S. (To qualify for tier one status, a mine has to have annual production in excess of 500,000 oz., a mine life of at least ten years, and total cash costs in the bottom half of the industry range.)
Last year, Carlin produced 1.3 million oz. gold; Cortez, 963,000 oz.; Kibali, 813,000 oz.; Loulo-Gounkoto, 715,000 oz.; Pueblo Viejo, 983,000 oz.; and Turquoise Ridge, 504,000 ounces.
Barrick merged with Randgold Resources in January 2019. That transaction was followed in July 2019 with the combination of Barrick’s Nevada assets with those of Newmont’s to create Nevada Gold Mines (61.5% owned and operated by Barrick).
In September, it bought out the minority shareholders in Acacia and took over the management of its Tanzanian assets. Last year, the company saw its share price jump 78%. The company increased its dividend three times and almost halved its net debt to $2.2 billion – its lowest level since 2007.
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