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

BARRICK GOLD CORPORATION

(ABX)
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Delayed Quote. Delayed Toronto Stock Exchange - 08/07 04:00:00 pm
38.56 CAD   -1.81%
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Barrick Gold : Niugini to lay off 2,650 Papua New Guinea gold mine workers

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06/24/2020 | 11:24am EDT

TORONTO — Owners of the Porgera gold mine in Papua New Guinea say they will lay off 2,650 local mine workers by the end of July as the result of a continuing dispute with the federal government.

Barrick Niugini Ltd., the joint venture mine owner and operator that is owned 47.5 per cent each by Canada'sBarrick Gold Corp. and partner Zijin Mining Group of China, says the cost of the layoffs will be more than US$52 million.

It says most of the 116 expatriate employees have already been laid off.

Production was halted in April and the mine placed on care and maintenance after the government said it would not extend its special mining lease. Workers were temporarily kept on the payroll.

BNL says the government’s decision is the subject of an ongoing judicial review in the National Court of Papua New Guinea.

In May, Barrick Gold removed Porgera output from its overall 2020 production guidance, dropping it by about 200,000 ounces to between 4.6 and 5 million ounces.

Mark Bristow, CEO of Barrick Gold, says the government has refused to enter into "meaningful discussions" to resolve the situation despite the mine's financial difficulties because it's not producing revenue.

“We understand that the loss of employment will have a significant impact on workers, their families and the Porgera community, as well as on the economy of Enga Province and the nation," he said in a news release.

"We sympathize with them and we share their frustration at the situation the government has created. We will continue diligently to seek a resolution to this issue.”

Landowners and the Enga provincial government own about five per cent of the mine.

This report by The Canadian Press was first published June 24, 2020.

Companies in this story: (TSX:ABX)

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials (USD)
Sales 2020 11 389 M - -
Net income 2020 1 567 M - -
Net Debt 2020 457 M - -
P/E ratio 2020 47,7x
Yield 2020 0,82%
Capitalization 51 189 M 51 264 M -
EV / Sales 2020 4,53x
EV / Sales 2021 3,99x
Nbr of Employees 17 500
Free-Float 98,5%
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Technical analysis trends BARRICK GOLD CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 30,30 $
Last Close Price 28,79 $
Spread / Highest target 22,2%
Spread / Average Target 5,25%
Spread / Lowest Target -46,1%
EPS Revisions
Managers
NameTitle
Dennis Mark Bristow President, CEO & Non-Independent Director
John Lawson Thornton Non-Independent Executive Chairman
Graham Patrick Shuttleworth Chief Financial Officer & Senior Executive VP
Gustavo A. Cisneros Independent Director
Joseph Brett Harvey Lead Independent Director
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