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    ABX   CA0679011084


Delayed Quote. Delayed Toronto Stock Exchange - 10/22 11:52:57 am
24.15 CAD   +0.79%
11:10aEuropean ADRs Move Higher in Friday Trading
09:05aGold Returns to the US$1,800 Level as the Dollar Drops and Bond Yields Ease
10/21Gold Edges Down as Dollar, Bond Yields, Move Higher
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

South Africa domicile is not main reason for Gold Fields' share discount -- CEO

08/26/2021 | 08:54am EDT
FILE PHOTO: FILE PHOTO: Chris Griffith, then-CEO of Anglo American Platinum, speaks to Reuters during an interview at the 2020 Investing in African Mining Indaba conference in Cape Town

JOHANNESBURG (Reuters) - South African miner Gold Fields is considering leaving its Johannesburg listing, though a move would not eliminate its share price discount compared to global peers, chief executive Chris Griffith said on Thursday.

The bullion miner has sold most of its mines in the country as a widespread sell-off of South African assets by miners has raised speculation among investors that companies could seek to list elsewhere.

AngloGold Ashanti has already said it plans to do so, and Gold Fields has in the past said it might also consider a move.

"It is a secondary consideration, and it is still something on the cards," Griffith, who was appointed chief executive in April from Anglo American Platinum, told Reuters in an interview.

"Yes, there may be some discount in our South African domiciliation ... It would be lazy of us to say it's just because of where our postbox address is."

Griffith said Gold Fields needed to focus on delivering on projects for investors in order to deserve better valuations.

Analysts and investors say South African mining companies are often given lower valuations compared with global rivals due to issues including regulations, power supply, and transportation issues.

Gold companies are particularly disadvantaged due to depletion of resources at South African mines and the relatively high cost of extracting ore.

Gold Fields, like many of its South African peers, has sought to diversify from its traditional home terrain, selling off all of its mines except its South Deep project.

Griffith cited three reasons for a discount of its shares compared to its global peers -- development of its Salares Norte Project in Chile, years of losses at its sole South African mine and varying mine-life estimates of its Australian assets.

"We must deliver the (Salares) project on time, in the budget...and deliver the volume that we said it would be and if we do that, it will get the full value," he said.

He said South Deep had already turned around and will continue to deliver positive cash flows for several years and should see fair value soon. In Australia, he said the company estimates the life of the mines are 10 years and beyond, but the market feels it is less.

Gold Fields' price to earnings multiple (P/E) - a widely used metric to compare companies in the same industry - is at 8.5 as compared with top gold miner Newmont Corp's 17 and Canadian company Barrick Gold's 14, according to Refinitiv data.

(Reporting by Promit Mukherjee; Editing by Joe Bavier and Mike Harrison)

By Promit Mukherjee

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLATINUM LIMITED -3.06% 1547.63 End-of-day quote.7.24%
ANGLOGOLD ASHANTI LIMITED -0.34% 276 End-of-day quote.-19.42%
BARRICK GOLD CORPORATION 0.83% 24.15 Delayed Quote.-17.38%
GOLD FIELDS LIMITED -1.27% 137.89 End-of-day quote.0.23%
11:10aEuropean ADRs Move Higher in Friday Trading
09:05aGold Returns to the US$1,800 Level as the Dollar Drops and Bond Yields Ease
10/21Gold Edges Down as Dollar, Bond Yields, Move Higher
10/21December Gold Contract Ends Down US$3.00; Settles at US$1,781.90 per Ounce
10/21Gold Edges Down as Dollar, Bond Yields Steady
10/21BARRICK GOLD : Element79 Gold Welcomes Barrick Gold Alumnus and Experienced Mining Executi..
10/20Gold Rises on a Weaker Dollar as Bond Yields Edge Up
10/20December Gold Contract Ends Up US$14.40; Settles at US$1,784.90 per Ounce
10/20UPDATE ON CANADA OVERNIGHT STOCKS TO : Algoma Steel; Barrick Gold
10/20Gold Rises With the Dollar and Bond Yields Mostly Flat
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Financials (USD)
Sales 2021 12 139 M - -
Net income 2021 2 017 M - -
Net cash 2021 471 M - -
P/E ratio 2021 16,8x
Yield 2021 4,03%
Capitalization 34 456 M 34 535 M -
EV / Sales 2021 2,80x
EV / Sales 2022 2,59x
Nbr of Employees 17 500
Free-Float 99,4%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 19,37 $
Average target price 28,55 $
Spread / Average Target 47,4%
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Dennis Mark Bristow President, CEO & Non-Independent Director
Graham Patrick Shuttleworth Chief Financial Officer & Senior Executive VP
John Lawson Thornton Non-Independent Executive Chairman
Gustavo A. Cisneros Independent Director
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