Barrick Targets Northern Nevada: It's 'Far From Being A Mature Gold District,' CEO Says
Portfolio Pulse from Stjepan Kalinic
Barrick Gold (NYSE:GOLD) announced an increase in proven and probable gold reserves to 77 million ounces by the end of 2023, up from 76 million the previous year. The company, holding a 61.5% stake in Nevada Gold Mines (NGM) through a joint venture with Newmont (NYSE:NEM), highlighted significant contributions from its North American operations, particularly in Northern Nevada, which is described as 'far from being a mature gold district.' Key sites like Carlin, Cortez, and the Turquoise Ridge complex are expected to support production growth for over a decade. Additionally, NGM has initiated a transition to renewable energy with the commissioning of a solar project.
February 12, 2024 | 7:53 pm
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Barrick Gold announced an increase in gold reserves and significant contributions from its North American operations, particularly in Northern Nevada, with a focus on renewable energy.
The increase in gold reserves and the emphasis on renewable energy projects are positive developments for Barrick Gold, likely to enhance investor confidence and potentially drive up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Newmont, through its joint venture with Barrick Gold in Nevada Gold Mines, is indirectly involved in the increase of gold reserves and the transition to renewable energy.
As a partner in the Nevada Gold Mines joint venture, Newmont stands to benefit from the increased gold reserves and the focus on renewable energy. These developments could positively impact Newmont's stock price, given the project's potential for long-term growth and sustainability.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70