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    ABX   CA0679011084

BARRICK GOLD CORPORATION

(ABX)
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Delayed Toronto Stock Exchange  -  04:00 2022-06-29 pm EDT
23.72 CAD   -0.71%
02:04pGold Drops on Dollar Strength
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02:01pAugust Gold Contract Closes Down US$3.70; Settles at US$1,817.50 per Ounce
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Barrick boosts stocks at mines to weather supply chain storm, CEO says

05/11/2022 | 01:10pm EDT
African Mining Indaba 2022 conference, in Cape Town

CAPE TOWN, May 11 (Reuters) - Barrick Gold Corp has nearly doubled its inventory of some key supplies at mines to weather the disruptions caused by Russia's invasion of Ukraine, Chief Executive Mark Bristow told Reuters on Wednesday.

The world's second-biggest gold miner used to hold a month's worth of supplies at mines but tripled its inventory when the COVID-19 pandemic hit in early 2020.

This year, when it became clear Russia might invade Ukraine, Barrick ramped inventories up to five months' worth for key supplies like cyanide, explosives, and steel balls used for milling, Bristow said.

"We've taken some of the inventory up to five months, because of the Russian issue," he said in an interview on the sidelines of the Mining Indaba conference in Cape Town.

Russia's Feb. 24 invasion of Ukraine has caused supply chain disruptions worldwide and sent gas and metal prices soaring, turbo-charging inflation.

Bristow also said he is concerned about fuel shortages.

"Our concern is that we are going to see stock-outs right across the world, and the impact of that is significant," he said. "This is not a nice situation."

Rising inflation is impacting consumers and companies alike. Gold Fields Ltd, for example, on Monday said inflation is eating into its contingency cost buffer for its biggest project, Salares Norte in Chile.

China's COVID-19 lockdowns have dampened demand, the Barrick CEO said, but if the situation there gets back to normal it will put even more stress on global supply chains.

"We are really investing and making sure we can protect ourselves as much as possible," he said.

Asked whether Barrick was considering investing in Zambia's Mopani Copper Mines, Bristow declined to answer, saying only that he was engaging with Zambian President Hakainde Hichilema's new administration.

Zambia is looking for an outside investor to reinvigorate Mopani, which needs a big cash injection to ramp up production.

Bristow said Zambia got "ripped off" when its previous government took on $1.5 billion in debt to buy Mopani back from Glencore.

"Glencore sold at a very high price to the state when they left, and that's a challenge to try and unwind that," Bristow said.

Glencore declined to comment.

Zambia will have to increase copper production to utilize its smelting capacity, and make the Mopani and Konkola Copper Mines smelters more efficient, Bristow said. Barrick's Lumwana mine in Zambia supplies to both smelters.

Zambia's Hichilema has pledged to more than triple the country's copper production to 3 million tonnes a year within the next decade. (Reporting by Helen Reid in Cape Town Editing by Marguerita Choy and Paul Simao)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BARRICK GOLD CORPORATION -0.71% 23.72 Delayed Quote.1.95%
BRISTOW GROUP INC. -3.40% 23.59 Delayed Quote.-22.89%
GOLD -0.08% 1816.6 Delayed Quote.-0.32%
GOLD FIELDS LIMITED -0.59% 153.61 End-of-day quote.-11.79%
S&P GSCI GOLD INDEX -0.20% 1058.16 Real-time Quote.-0.21%
SILVER -0.33% 20.74 Delayed Quote.-9.15%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -2.12% 51.875 Delayed Quote.-29.14%
All news about BARRICK GOLD CORPORATION
02:04pGold Drops on Dollar Strength
MT
02:01pAugust Gold Contract Closes Down US$3.70; Settles at US$1,817.50 per Ounce
MT
09:09aGold Trading Higher on Weak Stocks, Lower Dollar and Bond Yields
MT
06/28Gold Closes With a Small Loss on Dollar Strength
MT
06/28August Gold Contract Closes Down US$3.60; Settles at US$1,821.20 per Ounce
MT
06/28Gold Steady Early Despite Rising Bond Yields and Dollar Strength
MT
06/27Gold Edges Down as the G7 Plans to Ban Imports of Russian Gold
MT
06/27August Gold Contract Closes Down US$5.50; Settles at US$1,824.80 per Ounce
MT
06/27Gold Edges Up as the G7 Plans to Ban Imports of Russian Gold
MT
06/24Gold Edges Higher on a Weakening Dollar as Bond Yields Edge Higher
MT
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Financials (USD)
Sales 2022 12 145 M - -
Net income 2022 1 572 M - -
Net cash 2022 780 M - -
P/E ratio 2022 16,1x
Yield 2022 4,17%
Capitalization 32 913 M 32 903 M -
EV / Sales 2022 2,65x
EV / Sales 2023 2,47x
Nbr of Employees 17 500
Free-Float 99,4%
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Mean consensus BUY
Number of Analysts 25
Last Close Price 18,53 $
Average target price 28,11 $
Spread / Average Target 51,7%
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Managers and Directors
Dennis Mark Bristow President, CEO & Non-Independent Director
Graham Patrick Shuttleworth Chief Financial Officer
John Lawson Thornton Co-Chairman
Gustavo A. Cisneros Independent Director
Joseph Brett Harvey Lead Independent Director
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