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    ABX   CA0679011084

BARRICK GOLD CORPORATION

(ABX)
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Barrick gold : output rises nearly 5% sequentially on Argentine mine boost

10/14/2021 | 07:13am EST
FILE PHOTO: Souvenir luggage tags are displayed at a Barrick Gold Corp at the PDAC annual conference in Toronto

Oct 14 (Reuters) - Miner Barrick Gold Corp, on Thursday reported a nearly 5% rise in third-quarter gold production from the previous three months, as output jumped at its Veladero mine in Argentina.

Barrick, the world's second-largest gold miner by reserves, also reiterated its annual output forecast, saying that fourth-quarter production was set to be the strongest of the year.

In the three months ended Sept. 30, total preliminary gold production rose to 1.09 million ounces, from 1.04 million ounces in the previous quarter. Analysts had expected a figure of 1.14 million ounces, Refinitiv data showed.

The output was underpinned by a nearly 55% jump in production of the yellow metal at the Veladero mine after it commissioned expansion works at the site.

The miner's copper production rose 4.16% sequentially to 100 million pounds.

The company said the third-quarter realized copper price was expected to be 5% to 7% below the average market price of $4.25 per pound, mainly due to adjustments that reflect the downward trend in copper prices during the quarter.

It estimated all-in sustaining costs, a key industry metric, to be 4% to 6% lower sequentially for both gold and copper.

It also said output at the Hemlo mine in Canada was expected to be below its annual outlook as the ramp-up of underground development had slowed due to COVID-19 movement curbs.

Barrick, which hopes to restart the Porgera gold mine in Papua New Guinea this year after resolving a standoff with the government, is slated to report third-quarter results on Nov. 4.

(Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni)


ę Reuters 2021
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Financials (USD)
Sales 2021 11 995 M - -
Net income 2021 1 824 M - -
Net cash 2021 78,2 M - -
P/E ratio 2021 17,1x
Yield 2021 4,19%
Capitalization 32 378 M 32 506 M -
EV / Sales 2021 2,69x
EV / Sales 2022 2,48x
Nbr of Employees 17 500
Free-Float 99,4%
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Technical analysis trends BARRICK GOLD CORPORATION
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Mean consensus BUY
Number of Analysts 24
Last Close Price 18,20 $
Average target price 27,40 $
Spread / Average Target 50,5%
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Managers and Directors
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
Joseph Brett Harvey Lead Independent Director
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