Barrick Gold Corporation – Page 8

Big Gold’s next big problem: How to pump up production with the commodity on the cusp of a new rally – by Gabriel Friedman (Financial Post – November 7, 2020)

November 9, 2020

Every three to four days, Barrick Gold Corp.’s chief executive Mark Bristow sits for a COVID-19 test. While the global health pandemic has triggered tough decisions for many executives about whether to work from home or return to the office, Bristow has maintained a rigorous schedule.

In recent months, he’s touched down in Papua New Guinea, the Democratic Republic of Congo, Mali, the Dominican Republic, Nevada and various other countries where the company operates mines.

Later this month he expects to stop in Canada — where the Toronto-headquartered company operates a single mine in Ontario — despite mandatory 14-day quarantine rules for jet-setters like himself.

Barrick hikes dividend as profit tops forecasts on record gold prices – by Niall McGee (Globe and Mail – November 5, 2020)

November 5, 2020

https://www.theglobeandmail.com/

Record high gold prices and lower taxes helped propel Barrick Gold Corp. past street estimates for profit in the third quarter, as it moves to end a fracas in the South Pacific that has idled one of its smaller gold mines.

The Toronto-based company, the world’s second-biggest gold miner by market value after Newmont Corp., reported a net profit of US$882-million for the three months ending on Sept. 30. On an adjusted basis, Barrick’s profit was US$0.41 a share, 8 cents better than analysts surveyed by Refinitiv expected.

Historically, gold has been sought out by investors in times of extreme financial market uncertainty, and the COVID-19 pandemic has turned bullion into one of the world’s best performing asset classes this year.

Barrick’s Mark Bristow on building a license to operate – by Trish Saywell (Northern Miner/Mining.com – October 28, 2020)

October 29, 2020

https://www.mining.com/

In an interview at Ernst & Young’s virtual Americas Mining & Metals Forum, Barrick Gold (TSX: ABX; NYSE: GOLD) chief executive Mark Bristow spoke about the importance of building a strong license to operate, creating lasting relationships with governments and all stakeholders, and attracting generalist investors.

Jeff Swinoga, co-leader of EY’s Canada Mining & Metals division, began the discussion by congratulating Bristow on Warren Buffett’s recent investment in Barrick Gold.

Bristow responded that building a sustainably profitable business is key, and something he started at Randgold Resources in 1995, prior to that company’s merger with Barrick Gold, completed early last year.

Pacific Battle Over Gold Mine Ends With Barrick Stake Deal (Bloomberg News – October 16, 2020)

October 20, 2020

https://ca.finance.yahoo.com/

(Bloomberg) — Papua New Guinea’s push for greater sway over its own mineral wealth scored a win, with Barrick Gold Corp. agreeing to a deal that will see the South Pacific nation get a big stake in a key gold mine.

Barrick will give Papua New Guinea a “major share” of the Porgera mine, the country’s Prime Minister James Marape said Thursday in a joint statement with the Toronto-based miner.

In exchange, Barrick can re-open and keep operating the facility, which had been suspended after the government didn’t extend its mining lease in April, and there would be a “fair sharing” of the economic benefits.

Barrick Gold gets good news in Papua New Guinea – by Peter Kennedy (Resource World – October 15, 2020)

October 16, 2020

https://resourceworld.com/

Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] received some good news on Thursday October 15 when Papua New Guinea Prime Minister James Marape said Barrick and its Chinese joint venture partner Zijin Mining can continue to operate the Porgera gold mine.

According to published reports, the announcement follows talks in Port Moresby, the Papua New Guinea capital, and coincides with the release today of Barrick’s third quarter 2020 production results, which were largely in line with expectations.

Barrick shares were virtually unchanged on the news, easing 0.86% or $0.32 to $36.89 on volume of 2.25 million. The shares are currently trading in a 52-week range of $41.09 and $17.52.

OPINION: Can Barrick’s Mark Bristow break down barriers to mining takeovers? – by Andrew Willis (Globe and Mail – October 12, 2020)

October 13, 2020

https://www.theglobeandmail.com/

Barrick Gold Corp. chief executive officer Mark Bristow seems determined to drive consolidation in Canadian mining through sheer force of will.

If just a few institutional investors are willing to join the endearingly blunt CEO’s crusade, then long-predicted takeovers among the country’s mid-tier gold plays may finally come to pass.

Mr. Bristow banged the drum for deals last month at the World Gold Forum, a widely followed annual event in Denver that drew even more eyeballs by going virtual this year.

Barrick CEO says gold mining industry still needs to consolidate – by Felix Njini and Steven Frank (Bloomberg News – October 7, 2020)

October 8, 2020

https://www.bnnbloomberg.ca/

Barrick Gold Corp.’s top executive says the gold industry needs more consolidation so it can increase exploration to boost depleting reserves, lure more generalist investors and improve efficiencies.

The flurry of deals that characterized the sector in the past two years will likely continue, with miners in Australia already “stamping their mark” on the industry, Chief Executive Officer Mark Bristow said in a virtual South African mining conference.

Mergers and acquisitions are likely to dominate the sector in Africa, and are needed in Canada, where the world’s second-largest gold miner is based.

Gold industry needs further consolidation, says Barrick’s Bristow – by Mariaan Webb (MiningWeekly.com – September 22, 2020)

September 22, 2020

https://www.miningweekly.com/

he gold industry still has a mismatch of assets in too many managers’ hands and is in need of further consolidation, says gold major Barrick CEO Mark Bristow.

Speaking at the virtual Gold Forum Americas conference, he said that the industry had come a long way in 18 months, but that the job was not yet finished.

“The industry could be better served if we could reallocate some of the assets into the right place, with managements that have proven track records to deliver value,” Bristow said.

Barrick accepts Chilean court ruling on Pascua-Lama project closure (Mining Technology – September 21, 2020)

September 21, 2020

https://www.mining-technology.com/

Barrick Gold has announced that it would not appeal a Chilean court’s ruling to uphold the closure order on the Chilean part of its Pascua-Lama mining project, which was imposed by the country’s environmental regulator Superintendence for the Environment (SMA).

The Pascua-Lama mine is a suspended open-pit mining project located in the Andes Mountains, on the Chilean-Argentine border.

In October 2013, Barrick Gold temporarily suspended construction activities at the Pascua-Lama citing environmental issues, political opposition, labour unrest and development costs.

Chile Court Shuts Gold Mine Over Environmental Fears – by Miguel Sanchez (Barron’s/AFP News – September 17, 2020)

September 18, 2020

https://www.barrons.com/

Chile’s environmental court confirmed Thursday a final order to close Canadian company Barrick Gold’s huge Pascua Lama mining project, on hold since 2013 over environmental concerns.

The court dismissed a legal challenge from the company and confirmed a 2018 environmental authority ruling, ordering the “total and definitive closure” of the mine project. It also imposed a $9 million fine on the Canadian miner.

“The magnitude of the danger to people’s health makes it necessary to close the Pascua Lama mining project, as other alternatives for safe operation for the environment and population health do not appear to be viable,” the court said.

Barrick fighting PNG move to grant Porgera lease to state-backed miner – by Cecilia Jamasmie (Mining.com – August 28, 2020)

August 31, 2020

https://www.mining.com/

Canada’s Barrick Gold (TSX: ABX) (NYSE: GOLD) said it would challenge the Papua New Guinea (PNG) government reported move to grant a 20-year lease for the Porgera gold mine to a state-backed firm.

The world’s second-largest gold producer and its Chinese partner, Zijin Mining, are embroiled in a dispute with Prime Minister James Marape, who in April rejected their application for a lease extension.

The companies temporarily halted operations in response. They also served Marape with a dispute notice arguing the refusal of the Porgera license extension violated a bilateral investment treaty between PNG and Australia.

‘Stars have aligned for gold’: Warren Buffett’s Berkshire takes $500-million stake in Barrick – by Gabriel Friedman (Financial Post – August 18, 2020)

August 18, 2020

https://financialpost.com/

Over the years, Buffett has disparaged gold as both a store of value and an investment

Sprott Inc. chief executive Peter Grosskopf has long fielded the same question while talking up gold to investors: Why does famed investor and multibillionaire Warren Buffett, the so-called Oracle of Omaha, hate the yellow metal? Grosskopf may never have to answer the question again.

On Friday afternoon, after years of trashing gold as an investment, Buffett’s Berkshire Hathaway Inc. revealed it had switched course and purchased 20.9 million shares in Toronto-headquartered Barrick Gold Corp. in a transaction worth an estimated US$563.5 million at the end of the second quarter.

“I think that now he seems to have come around to the fact that he can be comfortable with gold as a store of value,” said Grosskopf, whose company specializes in precious metals investment. “I think people are finally realizing it’s a legitimate part of a portfolio.”

Barrick Gold’s stock soars more than 10% after Buffett’s Berkshire reveals stake – by Maggie Fitzgerald (CNBC.com – August 17, 2020)

August 17, 2020

https://www.cnbc.com/

Barrick Gold’s stock popped 10.5% on Monday after legendary investor Warren Buffett’s Berkshire Hathaway revealed a stake in the gold miner’s stock.

Berkshire added a $562 million position in Barrick Gold in the second quarter, according to SEC filings Friday.

While the position is small for Berkshire — which owns more than $89 billion in Apple stock — the conglomerate is the 11th largest shareholder of the gold mining company, according to FactSet.

Barrick eyes place in S&P 500 while keeping Toronto HQ – by Niall McGee (Globe and Mail – August 11, 2020)

August 11, 2020

https://www.theglobeandmail.com/

Barrick Gold Corp. is hoping to be included in the S&P 500 Index in the United States but plans to keep its head office in Canada, a potentially tricky manoeuvre that, if successful, would open up the giant miner to an even larger pool of investors.

Being included in the S&P 500 would result in increased buying of Toronto-based Barrick from large institutional investors, such as index funds. While specialist mining funds have been in decline over the past decade, index-tracking exchange-traded funds are making up a bigger swath of the investment pool.

“That’s something that’s always been of interest to me, because if we got on the S&P, the index demand would increase substantially,” Barrick chief executive Mark Bristow said in an interview.

Barrick Gold reports 14% rise in dividend amid soaring gold prices, on track to achieve 2020 production guidance – by Anna Golubova (Kitco News – August 10, 2020)

August 10, 2020

https://www.kitco.com/

(Kitco News) Barrick Gold Corp. (NYSE:GOLD, TSX:GOLD.TO) said on Monday that it increased its Q2 dividend to shareholders by 14% to 8 cents per share, citing robust performance and strong balance sheets amid record-high gold prices.

The company also noted that its dividend more than doubled since the Barrick-Randgold merger announcement in September 2018.

“The Board believes that the dividend increase is sustainable and is reflective of the ongoing robust performance of our operations and continued improvement in the strength of our balance sheet, with total liquidity of $6.7 billion, including a cash balance of $3.7 billion as of the end of the second quarter, and no material debt repayments due before 2033,” said Senior executive vice-president and chief financial officer Graham Shuttleworth.