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Barrick (GOLD) Aims to Restart Porgera Gold Mine in 2021
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Barrick Gold Corporation (GOLD - Free Report) recently announced that the framework agreement between the Papua New Guinea (“PNG”) government and operator Barrick Niugini Limited (“BNL”) took a major step forward to restart the Porgera gold mine. The deal provides that the Porgera mine will be owned by a new joint venture held 51% by PNG stakeholders and 49% by BNL. Per the terms, BNL will continue as the operator.
The company stated that in aligning its interests, it recognizes the importance of the landowners and the communities as well as prioritizes the benefits not only from the mine but also from a new Porgera Development Fund that will pump millions of Kina into promising local projects.
BNL is inclined toward giving preference to competitive local contractors and suppliers and to employ Porgerans first. With BNL as operator, Porgera will maximize its efforts to be a responsible steward of the environment, the company noted. While the road to restart the Porgera mine is a long one and the implementation details of the deal still need to be finalized, Barrick expects the mine to resume operations later this year.
Shares of Barrick have dropped 3.8% in the past year against 9.7% rise of the industry.
Image Source: Zacks Investment Research
Barrick, in its last earnings call, stated that it anticipates attributable gold production in the range of 4.4-4.7 million ounces for 2021. All-in sustaining costs (AISC) is expected in the range of $970-$1,020 per ounce and cost of sales is expected in the band 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.
Some better-ranked stocks in the basic materials space are Dow Inc. (DOW - Free Report) , Olin Corporation (OLN - Free Report) and Cabot Corporation (CBT - Free Report) .
Dow has a projected earnings growth rate of around 274.7% for the current year. The company’s shares have surged 55.9% 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.
Olin has an expected earnings growth rate of around 473.3% for the current year. The company’s shares have gained 224.2% in the past year. It currently sports a Zacks Rank #1.
Cabot has an expected earnings growth rate of roughly 126% for the current fiscal. The company’s shares have surged 50.2% in the past year. It currently flaunts a Zacks Rank #2 (Buy).
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It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Image: Bigstock
Barrick (GOLD) Aims to Restart Porgera Gold Mine in 2021
Barrick Gold Corporation (GOLD - Free Report) recently announced that the framework agreement between the Papua New Guinea (“PNG”) government and operator Barrick Niugini Limited (“BNL”) took a major step forward to restart the Porgera gold mine. The deal provides that the Porgera mine will be owned by a new joint venture held 51% by PNG stakeholders and 49% by BNL. Per the terms, BNL will continue as the operator.
The company stated that in aligning its interests, it recognizes the importance of the landowners and the communities as well as prioritizes the benefits not only from the mine but also from a new Porgera Development Fund that will pump millions of Kina into promising local projects.
BNL is inclined toward giving preference to competitive local contractors and suppliers and to employ Porgerans first. With BNL as operator, Porgera will maximize its efforts to be a responsible steward of the environment, the company noted. While the road to restart the Porgera mine is a long one and the implementation details of the deal still need to be finalized, Barrick expects the mine to resume operations later this year.
Shares of Barrick have dropped 3.8% in the past year against 9.7% rise of the industry.
Barrick, in its last earnings call, stated that it anticipates attributable gold production in the range of 4.4-4.7 million ounces for 2021. All-in sustaining costs (AISC) is expected in the range of $970-$1,020 per ounce and cost of sales is expected in the band 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 | 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 Dow Inc. (DOW - Free Report) , Olin Corporation (OLN - Free Report) and Cabot Corporation (CBT - Free Report) .
Dow has a projected earnings growth rate of around 274.7% for the current year. The company’s shares have surged 55.9% 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.
Olin has an expected earnings growth rate of around 473.3% for the current year. The company’s shares have gained 224.2% in the past year. It currently sports a Zacks Rank #1.
Cabot has an expected earnings growth rate of roughly 126% for the current fiscal. The company’s shares have surged 50.2% in the past year. It currently flaunts a Zacks Rank #2 (Buy).
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>