Barrick Gold Corporation
GOLD
recently released the statement forwarded by Papua New Guinea (“PNG”) prime minister, James Marape, announcing an imminent agreement to restart the Porgera mine.
Constructive discussion on a framework agreement for the recommissioning of Porgera, which has been on care and maintenance since April 2020, has been continuously held by Barrick and the Government of PNG.
The agreement is in sync with the principles declared in October, which provides for a joint venture between Barrick Niugini Limited and the government of PNG to operate Porgera. The deal will be based on higher PNG ownership and a fair sharing of economic benefits.
Barrick Niugini will continue to be the operator of the mine. Barrick hopes to reach an agreement with the PNG Government for a long-term partnership for the reopening of Porgera in the near future.
Shares of Barrick have declined 8.2% in the past year compared with 11.2% rise of the
industry
.
Barrick, in its last earnings call, noted that for 2021, it anticipates attributable gold production in the range of 4.4-4.7 million ounces. All-in sustaining costs (AISC) are expected in the range of $970-$1,020 per ounce and cost of sales is expected in the range of $1,020-$1,070 per ounce.
The company also expects copper production in the range of 410-460 million pounds at AISC of $2.00-$2.20 per pound and cost of sales of $1.90-$2.10 per pound.
Barrick Gold Corporation Price and Consensus
Barrick Gold Corporation price-consensus-chart
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Barrick Gold Corporation Quote
Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are
Fortescue Metals Group Limited
FSUGY
,
Ashland Global Holdings Inc.
ASH
and
Impala Platinum Holdings Limited
IMPUY
.
Fortescue has a projected earnings growth rate of 107.8% for the current fiscal. The company’s shares have surged 119.7% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
Ashland has an expected earnings growth rate of 83.2% for the current fiscal. The company’s shares have gained 53.7% in the past year. It currently sports a Zacks Rank #1.
Impala has an expected earnings growth rate of 197.6% for the current fiscal. The company’s shares have rallied 246.3% in the past year. It currently flaunts a Zacks Rank #1.
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