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

BARRICK GOLD CORP

(ABX)
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Delayed Quote. Delayed Toronto Stock Exchange - 08/16 04:56:09 pm
24.38 CAD   -0.45%
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Barrick doesn't have 'for-sale' sign on Tongon, Massawa, but open to options: CEO

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08/12/2019 | 03:16pm EDT
FILE PHOTO: The logo of sponsor Barrick Gold Corporation is seen as visitors arrive during the PDAC convention in Toronto

(Reuters) - Barrick Gold Corp is not actively seeking to sell its Tongon mine in Ivory Coast and the Massawa project in Senegal but will consider various options for both, Chief Executive Mark Bristow told Reuters on Monday.

"We don't have a for-sale sign" at Tongon and Massawa, Bristow said in an interview in Toronto. "We're spending a lot of exploration dollars trying to extend Tongon's life."

The comments came after the world's second-biggest gold producer reported quarterly adjusted net income that almost doubled from a year ago on higher production.

While Barrick has said it will focus on its best-performing assets and look to divest the rest, it is also trying to extract more from its mines by stepping up exploration around them.

The company is open to acquiring assets around Tongon from junior miners to extend its life, or selling the mine as part of a bigger transaction, possibly with Massawa, Bristow said.

Barrick is also proceeding with Massawa's development but could sell the project to a company with the infrastructure to mine it and take a stake in the acquirer, Bristow said.

Bloomberg reported last week that Barrick is considering the sale of Tongon. The company is prepping the sale of its Lumwana mine in Zambia in the second half, Reuters reported in May.

Barrick said on Monday it plans to begin the sale process for its 50% stake in the Kalgoorlie operation in Western Australia in the third quarter.

Kalgoorlie, Tongon and Lumwana are not among the Tier 1 mines that Barrick has said it will focus on.

The Toronto-based company has undertaken a flurry of deals recently, from the acquisition of Randgold Resources to a joint venture in Nevada with the world's biggest gold producer, Newmont Goldcorp, to retaking control of Tanzania-focused unit Acacia Mining Plc.

Bristow said Barrick has a "great deal of work" to resolve a tax dispute with the Tanzanian government and increase productivity at Acacia, whose buyout the company expects to complete next month.

Barrick shares slipped 0.3% to C$23.87 in afternoon trading in Toronto after earlier gaining as much as 3%, compared with the benchmark NYSE Arca Gold Miners index's 1% drop.

Barrick reported adjusted profit of $154 million, or 9 cents per share, in the second quarter ended June 30, from $81 million, or 7 cents per share, a year earlier.

Barrick expects 2019 gold production to be at the higher end of its 5.1 million to 5.6 million range, and all-in sustaining costs to be at the lower end of its $870 to $920 per ounce range.

(Reporting by Nichola Saminather in Toronto and Shanti S Nair in Bengaluru; Editing by Shailesh Kuber, Nick Zieminski, Jonathan Oatis and Cynthia Osterman)

By Nichola Saminather and Shanti S Nair

Stocks mentioned in the article
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ACACIA MINING 0.56% 249.4 Delayed Quote.36.06%
BARRICK GOLD CORP -0.45% 24.38 Delayed Quote.32.28%
NEWMONT MINING CORPORATION 0.16% 38.58 Delayed Quote.11.17%
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Financials (USD)
Sales 2019 9 096 M
EBIT 2019 2 272 M
Net income 2019 736 M
Debt 2019 3 055 M
Yield 2019 0,87%
P/E ratio 2019 36,5x
P/E ratio 2020 26,9x
EV / Sales2019 3,87x
EV / Sales2020 3,51x
Capitalization 32 172 M
Chart BARRICK GOLD CORP
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Technical analysis trends BARRICK GOLD CORP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 16,99  $
Last Close Price 18,36  $
Spread / Highest target 15,1%
Spread / Average Target -7,47%
Spread / Lowest Target -23,0%
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
Sector and Competitors
1st jan.Capitalization (M$)
BARRICK GOLD CORP32.28%32 197
NEWMONT MINING CORPORATION11.17%31 574
NEWCREST MINING LIMITED66.33%19 119
SHANDONG GOLD MINING69.42%14 612
POLYUS PAO--.--%14 597
AGNICO EAGLE MINES LTD43.09%14 054