I have the Toronto version of this at OP. It also has problems; the market value is there, but the acquisition cost has disappeared, so no return is shown either. Nice to hear that I’m not alone in this problem; OP seems to have something strange going on with Barrick more broadly.
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Barrick reported strong Q2 results, driven by increased production, decreased costs, and record-high gold prices.
Nevada Gold Mines recovered from maintenance, and growth projects also progressed on schedule. Dividends were increased, and share buybacks were expanded. On the other hand, the crisis related to Mali worsened, the company lost control of the Loulo-Gounkoto mine, and recorded a billion-dollar loss from it. Geopolitical risk remains, even though the company’s operational and financial performance is strong.
https://x.com/Earnings_Time/status/1954850186120798429
Company Materials
The company’s materials are comprehensive and investor-friendly, at least from what I reviewed. For those who follow the company and the industry more closely, they seem to be really good.
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Barrick Mining posted a good result, even though revenue fell slightly short of expectations.
Higher gold production than before, lower costs, and better prices raised cash flow to a record level. In addition, the company increased its dividend and expanded its share buyback program, which may highlight confidence in future development.
The company estimates that gold production will be weighted towards the end of the year and is following the lower end of its guidance (?). Copper production is growing and costs are clearly decreasing. Barrick plans to sell non-core mines to improve its balance sheet and steadily continue the management recruitment process.
https://x.com/Earnings_Time/status/1987839968002134522
Company’s Own Materials
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Below is a brief article about how Barrick is restructuring its regional organization and changing leadership to improve its results.
Pueblo Viejo is moving to North America, then LatAm and Asia are being combined, and several leaders are being replaced.
Behind this are, among other things, pressure from an activist investor, cost overruns, and also this:
In the memo, Hill reportedly described the company’s safety performance as “deeply concerning” and noted that operational delivery has been “inconsistent.”
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Below is Bluma’s story about how Barrick Mining is considering creating a separate company to consolidate all its North American gold assets.
The new firm would be based specifically on its Nevada projects. The aim would be to offer investors more options, but in such a way that Barrick still retains control. Management is looking into the matter at least until next year.
No wall.
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