Barrick Gold Corporation – Page 11

Barrick’s dividend boost looks like a harbinger for the normally tightfisted gold industry – by Justina Vasquez (Bloomberg/Financial Post – November 7, 2019)

November 8, 2019

https://business.financialpost.com/

Bullion giant Barrick Gold Corp. pleasantly surprised the market by raising its dividend 25 per cent. 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 per cent in the past year to hover around US$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 per cent. 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.

Barrick CEO Bristow Sees Long-Term Potential for Freeport Tie-Up – by Thomas Biesheuvel (Bloomberg News – November 6, 2019)

November 7, 2019

https://www.bloomberg.com/

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.”

Close offices, cut jobs, Barrick CEO says as he calls for consolidation in the gold industry – by Niall McGee (Globe and Mail – November 6, 2019)

November 7, 2019

https://www.theglobeandmail.com/

Barrick Gold Corp.’s chief executive officer says the gold-mining sector needs more merger activity to capitalize on the cost savings that come from closing head offices and cutting staff.

Mark Bristow helped kick start a wave of deal making in the industry last year when his Africa-focused Randgold Resources Ltd. agreed to be sold to Barrick for US$6-billion. A few months later, Newmont Mining Corp. announced it would acquire Goldcorp Inc. for US$10-billion, creating the world’s largest gold mining company. Barrick and Newmont also agreed this year to combine some operations in Nevada in order to reduce costs.

Now, he says, the time has come for more deals and more job cuts at gold companies. Under Mr. Bristow, Randgold was known for employing a skeleton crew at its head office.

Pakistan’s tycoons offer to take over former Barrick mine (Bloomberg/Mining Weekly – October 28, 2019)

October 28, 2019

https://www.miningweekly.com/

KARACHI – Pakistan’s top business tycoons have offered to take over a disputed copper and gold deposit that was once explored by Barrick Gold and Antofagasta, 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.

Barrick Gold reaches deal with Tanzania to settle disputes over Acacia Mining (Reuters U.S. – October 20, 2019)

October 21, 2019

https://www.reuters.com/

Oct 20 (Reuters) – Barrick Gold Corp said it had reached a deal to settle a long-running tax dispute between Tanzania and mining group Acacia, which Barrick bought in a $1.2 billion deal approved by a British court last month.

The agreement includes the payment of $300 million to settle outstanding tax and other disputes, the lifting of a concentrate export ban, and the sharing of future economic benefits from mines on a 50-50 basis, Barrick said in a statement on Sunday.

An Africa-focused international dispute resolution framework will also be established as part of the agreement, Barrick said.

Barrick misses quarterly gold output estimates on Tanzania curbs (Reuters Canada – October 17, 2019)

October 18, 2019

https://ca.reuters.com/

(Reuters) – Barrick Gold Corp (ABX.TO), (GOLD.N) fell short of analysts’ estimates for third-quarter gold production on Thursday, as lower output at its North Mara mine in Tanzania offset gains from its Randgold buy and the Nevada Gold Mines joint venture.

Operations at the Canadian company’s North Mara mine were hit by tax and environmental disputes, and restrictions were lifted in September after Barrick addressed concerns about seepage at the project’s tailings storage facility.

North Mara was operated by Acacia Mining and Barrick took full control of the miner after a British court approved its $1.2 billion takeover.

Barrick to invest $34 million to extend Veladero’s mine life – by Valentina Ruiz Leotaud (Mining.com – August 24, 2019)

August 26, 2019

https://www.mining.com/

Barrick Gold’s (TSX:ABX)(NYSE:GOLD) CEO, Mark Bristow, announced this weekend that the company is planning to invest $34 million in its Veladero operation in western Argentina with the idea of extending the mine’s life until 2028.

Veladero produced 278,000 ounces of gold in 2018 and, at present, its inferred gold resources add up to 555,000 ounces. In 2019, the mine is expected to produce between 230,000 and 250,000 ounces of the yellow metal.

According to Bristow, Barrick is in the process of reviewing Veladero’s geological model and assessing the possibility of expanding its footprint.

CORRECTED-UPDATE 2-PNG puts Barrick, Zijin on notice over Porgera gold mine negotiations – by Jonathan Barrett and Mell Chun (Reuters Africa – August 19, 2019)

August 19, 2019

https://af.reuters.com/

SYDNEY, Aug 19 (Reuters) – Papua New Guinea plans to take a larger share of the Porgera gold mine as part of lease-renewal talks, diluting the ownership of joint venture partners Barrick Gold Corp and Zijin Mining Group, the country’s commerce minister told Reuters on Monday.

The planned changes are part of a push by the South Pacific archipelago to transform its economy under new government leadership amid a perceived lack of benefits flowing from resources projects back to communities.

Porgera, located in PNG’s northern highlands region, is expected to produce 240,000 to 260,000 ounces of gold this year. Barrick and Zijin each own 47.5% of the mine, with the remaining 5% held by landowner group, Mineral Resources Enga.

Barrick Gold eyeing sale of 50-per-cent share in Australian mine – by Niall McGee (Globe and Mail – August 12, 2019)

August 14, 2019

https://www.theglobeandmail.com/

Barrick Gold Corp. is planning to sell its 50-per-cent share in the Kalgoorlie mine in Australia and has identified two Australian companies as possible buyers.

“There’s a lot of very interested parties in that asset, whether it’s Northern Star or Evolution [Mining]. Those mid-cap Aussie guys are doing extremely well,” Barrick CEO Mark Bristow said in an interview after the release of the company’s second-quarter results on Monday. Neither Northern Star nor Evolution responded to a request for comment.

After Barrick bought Randgold Resources Ltd. for US$6-billion earlier this year, the company said it intended to divest about US$1.5-billion in assets to concentrate on its highest-returning assets, such as its mines in Nevada and its massive Pueblo Viejo mine in the Dominican Republic, which needs about US$1-billion in capital expenditure over the next few years.

‘A lot of boxes ticked’: Barrick roars through summer as rival Newmont struggles with former Goldcorp mines – by Gabriel Friedman (Financial Post – August 14, 2019)

August 14, 2019

https://business.financialpost.com/

On Monday morning, Barrick Gold Corp.’s chief executive Mark Bristow visited the mining giant’s Toronto headquarters to announce second quarter earnings, and to take a victory lap on what’s shaping up to be a good summer.

“It’s a been a fun six months,” Bristow told the assembled analysts, bankers, journalists and others. “Today, I’m glad to share with you the enormous progress our teams have made.”

Barrick recently negotiated to purchase its troubled subsidiary in Tanzania, trimmed overhead and helped make other cost saving moves that helped propel its stock up 50 per cent since June.

Barrick posts profit jump, flags significant work ahead on Acacia – by Nichola Saminather and Shanti S Nair (Reuters U.S. – August 12, 2019)

August 12, 2019

https://www.reuters.com/

(Reuters) – Barrick Gold Corp (ABX.TO) (GOLD.N) reported quarterly adjusted profit that nearly doubled on higher production on Monday, and said it has a “great deal of work” ahead resolving problems around its African unit, whose buyout the company expects to complete next month.

Barrick also said it plans to begin the sale process for its 50% stake in the Kalgoorlie operation in Western Australia in the third quarter. Newmont Goldcorp (NEM.N) owns the remainder.

The world’s second-largest gold producer reported adjusted profit of $154 million, or 9 cents per share, in the second quarter ended June 30, up from $81 million, or 7 cents per share, a year earlier.

BAANG Vs. FAANG Stocks: Here’s Why You Can’t Go Wrong With These Gold Miners – by Anna Golubova (Kitco News – July 25, 2019)

July 26, 2019

https://www.kitco.com/

(Kitco News) – Could BAANG be the new FAANG? This new basket of gold miners should not be missed this year, according to Wolfe Research, which came up with the index that includes Barrick Gold, AngloGold, Agnico Eagle Mines, Franco-Nevada and Gold Fields.

“We made this index BAANG in homage to the fading FAANG,” Wolfe Research technical analyst John Roque told CNBC this week.

Roque sees his BAANG index following the same upward trajectory as gold. “[These miners are] much like gold … An excessively low-interest rate is a great environment for gold,” he said.

Barrick Gold sweetens offer, Acacia agrees to takeover deal in Tanzania – by Niall McGee (Globe and Mail – July 20, 2019)

July 23, 2019

https://www.theglobeandmail.com/

Barrick Gold Corp. and Acacia Mining PLC have reached agreement on terms of a takeover deal that could put an end to a geopolitical quagmire that has engulfed both companies for more than two years.

On Friday, Barrick announced plans to acquire the 36.1 per cent of Acacia it doesn’t already own for US$428-million by paying 0.168 of its own stock for each Acacia share.

In 2017, the Tanzanian government accused London-based Acacia of US$200-billion in tax fraud and banned it from exporting gold and copper concentrate. The development crippled production at two of its three mines in the East African country. Tanzania has refused, for the most part, to even engage with Acacia in talks to end the dispute.

Barrick set to take full control of Acacia after raising bid – by Nichola Saminather, Barbara Lewis and Zandi Shabalala (Reuters Canada – July 19, 2019)

July 19, 2019

https://ca.reuters.com/

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. But Acacia acknowledged that a takeover would be the best solution to its problems.

The improved bid was welcomed by the company and investors, with Acacia shares jumping as much as 20% on Friday. They were trading at 222 pence, their highest since April, at 1453 GMT (10:53 a.m. EDT).

Acacia faces Tanzanian roadblock as Barrick bid set to expire – by Niall McGee (Globe and Mail – July 18, 2019)

July 18, 2019

https://www.theglobeandmail.com/

Acacia Mining PLC is facing a new threat to its African gold-mining operations, as it pushes for a higher takeover offer from parent company Barrick Gold Corp.

In a statement on Wednesday, Acacia said that Tanzania’s environment regulator has ordered it to close the tailings management facility at its North Mara mine by Saturday morning, citing a “failure to contain and prevent seepage.”

The directive threatens to cripple production at the mine, which accounted for about two-thirds of Acacia’s gold output last year. The development isn’t coming entirely out of the blue. In May, Acacia was fined for environmental breaches at North Mara, and in January, Tanzania told Acacia it must completely rebuild and redesign the facility.