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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Barrick Gold Corp    ABX   CA0679011084

BARRICK GOLD CORP

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Barrick Gold : Acacia Mining swings to annual profit in 2018

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02/11/2019 | 03:54am EDT

LONDON (Reuters) - Acacia Mining said on Monday it swung back to profit in 2018 as its gold production and costs beat expectations even as a longstanding tax dispute rumbled on in Tanzania.

The London-listed miner, whose shares rose 3.5 percent, said in a statement that basic earnings per share totalled 14.4 cents compared to a loss of 172.5 cents a year earlier.

In 2018, gold production was 521,980 ounces at an all-in sustaining cost of $905 per ounce. Both of those figures were lower than 2017 but ahead of expectations.

Acacia, majority owned by Barrick Gold, expects production in 2019 to be 500,000 to 550,000 ounces at a cost of $860 to $920 per ounce.

The gold miner is in a two-year long tax dispute with Tanzania's government where it operates all of its mines and has been banned from exporting mineral concentrates which has forced it to cut output.

Acacia's shares are up more than 50 percent since Barrick's takeover of Randgold was announced on Sept. 24, mainly on expectations that Barrick's new chief executive, Mark Bristow, would soon broker a deal with the government.

"We continue to provide support to Barrick in its discussions with the government of Tanzania and believe that a negotiated resolution is in the best interests of all stakeholders," Acacia interim CEO Peter Geleta said in a statement.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was $48 million in the fourth quarter of 2018, in line with expectations.

(Reporting by Zandi Shabalala; Editing by Jason Neely and Edmund Blair)

Stocks treated in this article : Gold, Barrick Gold Corp
Stocks mentioned in the article
ChangeLast1st jan.
BARRICK GOLD CORP 0.41% 17.28 Delayed Quote.-6.24%
GOLD 0.19% 1277.499 Delayed Quote.-0.83%
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Financials ($)
Sales 2019 8 330 M
EBIT 2019 1 837 M
Net income 2019 616 M
Debt 2019 2 802 M
Yield 2019 1,16%
P/E ratio 2019 36,19
P/E ratio 2020 30,40
EV / Sales 2019 3,03x
EV / Sales 2020 2,86x
Capitalization 22 464 M
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Technical analysis trends BARRICK GOLD CORP
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 19
Average target price 15,7 $
Spread / Average Target 22%
EPS Revisions
Managers
NameTitle
Dennis Mark Bristow President, Chief Executive Officer & Director
John Lawson Thornton Non-Independent Executive Chairman
Graham P. Shuttleworth Chief Financial Officer & Senior Executive VP
Gustavo A. Cisneros Independent Director
J. Brett Harvey Lead Independent Director
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