Streetbeat News

GOLD

Barrick Gold Corporation

https://www.barrick.com

Industry

Gold

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties. It has ownership interests in producing gold mines that are located in Argentina, Canada, Côte d'Ivoire, the Democratic Republic of Congo, Dominican Republic, Mali, Tanzania, and the United States. The company also has ownership interests in producing copper mines located in Chile, Saudi Arabia, and Zambia; and various other projects located throughout the Americas and Africa. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.

Open

18.29

Mkt cap

32B

Volume

27M

High

18.42

P/E Ratio

20.00

52-wk high

21.35

Low

18.13

Div yield

0.02

52-wk low

13.76

The Biden administration announced a $475 million funding allocation for clean energy projects in the mining sector, targeting companies like Freeport-McMoRan (FCX), Barrick Gold (GOLD), and Newmont (NEM). This initiative aims to support communities affected by the energy transition, with each company pursuing unique projects and strategies. Freeport-McMoRan is focusing on a geothermal and battery storage project in Arizona, Barrick Gold is expanding into copper mining in Africa and the Middle East, and Newmont is streamlining operations post-Newcrest acquisition.

Portfolio Pulse from Stjepan Kalinic

March 25, 2024 | 2:18 pm

Lifezone Metals Limited received a license from Tanzania for a nickel, copper, and cobalt refining facility, planning a feasibility study by Q3 2024 and secured $50M in funding. Worthington Steel reported a 3% increase in Q3 sales to $805.8M and earnings of $49M, announcing a dividend. Ramaco Resources revealed over 1.5 million tons of rare earth oxide at its Brook Mine, indicating significant commercial potential. Alcoa Corporation issued $750M in senior notes for green projects, marking its first Green Finance Instrument.

Portfolio Pulse from Michael Cohen

March 22, 2024 | 9:08 pm

Gold prices surged to over $2,200 per ounce, influenced by the Federal Reserve's indication of interest rate cuts, leading to a 30% rally in several gold mining stocks. Bank of America analysts favor gold as a trade for 2024, citing its hedge status, central bank accumulations, and potential ETF investor increases. Despite gold's rise, some mining stocks like the VanEck Gold Miners ETF (GDX) lag behind. Bank of America identifies undervalued stocks such as Centerra Gold Inc. (CGAU), B2Gold Corp. (BTG), Barrick Gold Corp. (GOLD), and Newmont Corp. (NEM), recommending stocks with high upside beta ratios.

Portfolio Pulse from Piero Cingari

March 22, 2024 | 3:56 pm

Bank of America projects gold prices to rise to $2,500-$2,600 per ounce, advocating for physical gold ETFs like iShares Gold Trust Micro (IAUM) and SPDR Gold Minishares Trust (GLDM) over miners for equity investors. The report highlights gold's hedging quality and central bank purchases as key drivers of its rally, noting a potential demand increase from retail investors. For mining exposure, Barrick Gold Corp. (GOLD) and Newmont Corp. (NEM) are recommended, with a preference for iShares MSCI Global Gold Miners ETF (RING) and VanEck Gold Miners ETF (GDX) over other mining ETFs.

Portfolio Pulse from Piero Cingari

March 21, 2024 | 7:31 pm

Barrick Gold (NYSE:GOLD) is expanding its operations in the Democratic Republic of Congo and focusing on renewable energy initiatives, including a 16MW solar plant set for 2024. The company highlighted the success of its Kibali mine, emphasizing local economic development and responsible mining practices. Barrick is also planning to increase its presence in the African copper belt and has established the Barrick Academy in Tanzania to train over 2,000 personnel, supporting its growth and sustainability goals.

Portfolio Pulse from Stjepan Kalinic

March 20, 2024 | 9:08 pm

Shares of precious metals companies surged following the Federal Reserve's decision to leave interest rates unchanged, signaling a potential boost for gold and silver prices.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 7:12 pm

Barrick Gold Corporation has launched the Barrick Academy at its old Buzwagi mine to train over 2,000 foremen, supervisors, and superintendents in the next 24 months. The academy aims to develop frontline managers in the Africa and Middle East region, with plans to expand the curriculum and include contractors. The opening follows the construction of an airport terminal at Buzwagi, expected to catalyze economic growth in the region.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:11 am

Barrick Gold (NYSE:GOLD) has seen significant options market activity, with a bearish sentiment prevailing among big-money traders. Analysis of options trades revealed a split sentiment, 40% bullish and 60% bearish, with a focus on a price band between $15.0 and $22.0. The company, a major gold and copper producer, has its stock slightly down by -0.1%, trading at $15.74, and may be approaching overbought territory. The next earnings report is expected in 47 days.

Portfolio Pulse from Benzinga Insights

March 15, 2024 | 7:01 pm

Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) experienced a consolidation on Tuesday after a significant rise, moving in tandem with a decrease in spot gold prices. The ETF, which aims to outperform the NYSE Arca Gold Miners Index by 200%, saw a downturn on decreasing volume, suggesting a pause rather than a shift in market control. NUGT's top holdings include Newmont Corp (NEM), Barrick Gold Corp (GOLD), Agnico Eagle Mines Ltd (AEM), Wheaton Precious Metals Corp (WPM), and Franco-Nevada Corp (FNV). The article also mentions Direxion Daily Gold Miners Index Bear 2X Shares (DUST) for bearish traders.

Portfolio Pulse from Melanie Schaffer

March 12, 2024 | 6:16 pm

Gold prices continue to rise, with speculators driving the price up at a rate not seen since 2019. Gold futures dipped slightly by 0.1% on Monday, but overall, gold added 4.3% over the last week. ETFs like SPDR Gold Shares ETF (GLD) and iShares Gold Trust ETF (IAU) saw similar gains. Analysts attribute the rise to a Goldilocks scenario and expect further increases due to geopolitical uncertainty and potential Federal Reserve policy changes. The VanEck Gold Miners ETF (GDX) and stocks like Newmont Goldcorp (NEM) and Barrick Gold Corp (GOLD) are also seeing positive movements.

Portfolio Pulse from Neil Dennis

March 11, 2024 | 3:29 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.