Stock of the Day

March 13, 2020

Barrick Mining (B)

$40.55
+$1.66 (+4.3%)
Market Cap: $63.58B

About Barrick Mining

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.   In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick. Nevada Gold Mines is the world's largest gold mining complex.  Barrick owns and operates six Tier One gold mines:  Cortez, Carlin and Turquoise Ridge in Nevada, Loulo-Gounkoto in Mali, Kibali in the Democratic Republic of Congo and Pueblo Viejo in the Dominican Republic.   It has gold and copper mines and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia. Barrick's diversified portfolio spans the world's most prolific gold districts and is focused on high-margin, long life assets.

Today's Trend

Barrick Mining Corporation (NYSE: B; TSX: ABX) shares have been under pressure despite several favorable company updates. The main positive catalyst is the renewal of a key Tanzanian mining license, while recent trading coverage indicates investors may be taking profits or awaiting quarterly results.

  • Tanzania renewed Barrick’s license for the North Mara gold mine for 15 years. The extension provides long-term operating visibility and supports planned investment, employment and community-development spending, following an estimated $5.3 billion economic contribution. Barrick Mining Secures 15-Year Renewal for Tanzania’s North Mara Mine
  • Barrick reached a labor agreement in Mali ahead of its third-quarter results, potentially reducing near-term workforce disruption and operational uncertainty. Barrick Mining Stock Gets Mali Labor Deal Before Q3 Results
  • TD set a $59 price target, and separate brokerage coverage characterized Barrick with a “Moderate Buy” consensus. These ratings imply substantial upside from recent trading levels, although they are analyst opinions rather than guaranteed catalysts. TD Sets $59 Target for Barrick Mining Stock
  • Coverage repeatedly reported the North Mara renewal and the stock’s decline, but did not identify a new operational setback or negative company announcement explaining the weakness. Investors may be awaiting Barrick’s third-quarter report for updated production, costs and guidance. Barrick Mining Secures North Mara Renewal While Stock Falls
  • Short-term trading momentum remained weak, with reports documenting declines in regular and pre-market trading. The moves suggest investors are not yet fully rewarding the favorable Tanzania and Mali developments, possibly reflecting profit-taking or caution before earnings. Barrick Mining Stock Fell on October 7
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