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Barrick Gold Corporation
Type
Public company
Traded as TSX: ABX
NYSE: ABX
S&P/TSX 60 component
Industry Metals and Mining
Founded 1983; 34 years ago (1983)
Founder Peter Munk
Headquarters Toronto, Ontario, Canada
Key people
John L. Thornton
(Executive Chairman since September 16, 2014)
Kelvin Dushnisky
(President)
Products Gold
Silver
Copper
Website www.barrick.com

Barrick Gold Corporation is the largest gold mining company in the world, with its headquarters in Toronto, Ontario, Canada. The company has mining operations in Argentina, Australia, Canada, Chile, the Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States and Zambia. More than 75% of Barrick’s gold production comes from the Americas region. In 2016, it produced 5.52 million ounces of gold at all-in sustaining costs of US $798/ounce and 415 million pounds of copper at all-in sustaining costs of $2.05/pound. As of December 31, 2016, the company had 85.9 million ounces of proven and probable gold reserves.

Barrick Gold Corporation evolved from a privately held North American oil and gas company, Barrick Resources. After suffering financial losses in oil and gas, founder Peter Munk decided to refocus the company on gold. He saw an opportunity to create a gold company based in North America, at a time when Apartheid-era sanctions prevented North American investors from owning shares in South African gold companies, who dominated the industry at that time . Barrick Resources Corporation became a publicly traded company on May 2, 1983, listing on the Toronto Stock Exchange.

The company’s first acquisition was the Renabie mine, near Wawa, Ontario,. In 1984, Barrick acquired Camflo Mining, which had operations in the province of Quebec and in the U.S. state of Nevada. The company continued to grow with the acquitting of the Mercur mine in Mercur, Utah in June 1985 followed by the Goldstike mine in Nevada in 1986. Goldstrike mine is located on the Carlin Trend.

Reflecting its identity as a North American producer, distinct from its South African competitors, the company’s name was changed to American Barrick Resources in 1986. It was listed on the New York Stock Exchange in February 1987. Its name was later changed to Barrick Gold Corporation in 1995.

American Barrick became the third-largest gold mining company in the world when it acquired Lac Minerals in 1994, which owned mining properties in North and South America. Two years later, in 1996, Arequipa Resources, owner of properties including the Pierina mine in Peru, accepted a takeover offer from the renamed Barrick Gold Corporation. A third acquisition followed in early 1999, when Barrick Gold acquired Sutton Resources Ltd., assuming ownership of properties in Tanzania. In 2001, Barrick acquired Homestake Mining Company for $2.3 billion in stock, then one of the oldest mining companies in the United States. The purchase made Barrick the second-largest gold producer in the world.

On October 31, 2005, Barrick launched an unsolicited takeover bid valued at US$9.2 billion for rival Canadian gold miner Placer Dome. Placer Dome initially recommended shareholders reject the offer. In December, Placer Dome’s board of directors accepted an increased offer from Barrick worth US$10.4 billion. The transaction closed in early 2006, making Barrick the world’s largest gold producer.

Barrick launched what was then the largest stock offering in Canadian history in 2009, when it launched a $3 billion equity offering, which was increased the following day to $3.5 billion in response to market demand. Proceeds from the offering were used to eliminate the company’s gold hedges, which locked in the sale price of future production, rather than selling it at market prices.

In February 2010, Barrick Gold announced plans to create a separate company to hold its assets in Tanzania, called African Barrick Gold. Barrick Gold would retain majority ownership in the new company, after its listing on the London Stock Exchange. African Barrick Gold was listed on the London Stock Exchange in mid-March 2010, with an IPO valuation at US$3.6 billion. The shares offered on the LSE raised just more than 500 million pounds. In June the company was admitted to the FTSE 100 Index.

In April 2011, Barrick beat a takeover offer for Equinox Minerals by China Minmetals.

Veladero mine

In April 2017 Barrick announced it had sold a 50% interest in the Veladero mine to Shandong Gold for US$960 million.

Super Pit gold mine (50% ownership)

Hemlo gold mine

Pascua Lama
Zaldivar copper mine (50% ownership)

In April 2017 Barrick announced it had formed a partnership with Shandong Gold to explore joint-development of the Pascua-Lama deposit.

Pueblo Viejo mine (60% ownership)

Porgera Gold Mine (95% ownership)

Lagunas Norte mine
Pierina gold mine

Jabal Sayid (development)

Cortez Gold Mine
Golden Sunlight mine
Goldstrike mine
Donlin Gold Project (50% ownership)
Turquoise Ridge gold mine (75% ownership)

Lumwana mine

In 2008, the company negotiated an agreement with four of five regional Western Shoshone tribes, providing financial resources for education and wellness initiatives, including a long-term scholarship program, allocated at the Tribes’ discretion. A former tribal chairman of the Duck Valley Shoshone spoke of the company as "a pretty progressive entity." In British Columbia the Tahltan Nation has thanked the company for encouraging local sustainable development while operating the Eskay Creek mine from 2001 to 2008.

In 2010, Barrick Gold Corporation became the 18th company to join the Voluntary Principles on Security and Human Rights which provides "guidance to extractives companies on maintaining the security of their operations in a manner that respects human rights and fundamental freedoms." Admission follows an eight step process that requires approval by the Voluntary Principles plenary, the main decision-making body, consisting of all active members, drawn from participating governments, companies and non-governmental organizations. Barrick Gold participates in a number of corporate social responsibility programs, such as the United Nations Global Compact. The company is a signatory to the Extractive Industries Transparency Initiative. It also participates in The Global Reporting Initiative, Business for Social Responsibility and The Global Business Coalition on HIV/Aids, Tuberculosis and Malaria. On September 7, 2007, Barrick was added to the Dow Jones Sustainability Index. The company is a member of The International Leadership Council (ILC) of The Nature Conservancy. In Papua New Guinea, the Porgera Joint Venture participated in the development of a wildlife conservation area in the Kaijende Highlands.

In 2011, Human Rights Watch (HRW) published a report that alleged that the private security force at Barrick's Porgera mine in Papua New Guinea had carried out "gang rapes and other violent abuses". Barrick conducted an internal investigation, assisted a police investigation and a number of security personnel were arrested and charged. HRW said the company should have "acted long before Human Rights Watch conducted its research prompted them into action" but had "taken meaningful steps to investigate past abuses and make it less likely for similar abuses to occur in future". Barrick Gold revealed in 2013 that, after an independent investigation, the company was paying indemnities to 14 women raped by mine security guards in Tanzania. In addition to cash, the women were also receiving therapy, job training, relocation, and child education expenses. .

In 2007, Barrick Gold installed the world's highest-situated wind turbine at the Veladero mine in San Juan Province (Argentina) at nearly 4,200m elevation.

The company has made a request to Chile’s environmental authority, COREMA, to expand a proposed wind farm project in Chile’s Region IV from ten wind turbines to eighteen wind turbines, that would generate 36 megawatts of electricity into the national power grid. In Nevada, Barrick operates a 1-megawatt solar panel farm. There are also plans to build a 9-turbine wind farm at the Golden Sunlight mine in Montana when the operation closes.

An official investigation, developed by a division of Argentina's Police Department, claims that at least five rivers in San Juan Province have been contaminated by a cyanide spill that occurred in September 2015. Nine Barrick Gold employees are now being investigated by Argentina's Federal Justice.

Barrick Gold has confirmed the spill, and has also announced that it had to pay $145 million pesos (almost USS 10 million) in fines. The Company has publicly regretted the incident, and claims that the harmful effects have been corrected.

In February 2010 lawyers for Barrick Gold threatened to sue the Canadian publisher Talonbooks for defamation if it proceeded with plans to publish the book Imperial Canada Inc.: Legal Haven of Choice for the World's Mining Industries by Alain Deneault. Publisher Karl Siegler described this as "libel chill," pointing out that since the book had not yet been published, Barrick Gold could not know whether or not its contents actually constituted defamation. Subsequently, Talon decided to publish the work (ISBN 9780889226357) and ‘issued a statement saying they "intend to show the complete manuscript to Barrick prior to the book’s release, to allow Barrick the opportunity to ‘correct’ any ‘falsehoods’ about how they conduct their business affairs, worldwide, that they feel it may contain."’

A 2011 decision in Quebec Superior Court had ruled that Barrick Gold had to pay $143,000 to authors Alain Deneault, Delphine Abadie, William Sacher and publisher Les Éditions Écosociété Inc, to prepare their defence in a “seemingly abusive” strategic lawsuit against public participation. Despite the Québec ruling, a book "Noir Canada" documenting the relationship between Canadian mining corporations, armed conflict and political actors in Africa was never published as part of a settlement which, according to the authors, was only made for the sole purpose of resolving the three-and-a-half year legal battle.

Through 2009 and into 2010 Barrick Gold’s Cortez Hills project was the subject of litigation in Nevada, seeking to block the project. Opponents appealed to the United States Court of Appeals for the Ninth Circuit, challenging a ruling in the United States District Court for the District of Nevada, which denied the bid to block the project. The Appeals Court "upheld a federal judge's finding that opponents of the mine failed to prove they were likely to prevail on claims the mine would cause visual harm to Mount Tenabo and create a substantial burden on the tribes' ability to exercise their religion" but ruled the U.S. Bureau of Land Management’s previous environmental review of water and air pollution impacts "was inadequate under the National Environmental Policy Act" and ordered the District Court to provide "appropriate" injunctive relief while the Bureau of Land Management conducted further study. In March 2011 the Bureau of Land Management approved a subsequent study on environmental impacts, allowing the mine to operate as originally proposed.

News

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q1 2019 2019-04-24 Future report Set alerts
Q4 2018 2019-02-12 Future report Set alerts
Q3 2018 2018-10-24 0.08 -0.35
Q2 2018 2018-07-25 0.07 -0.08
Q1 2018 2018-04-23 0.15 0.14
Q4 2017 2018-02-14 0.22 -0.27
Q3 2017 2017-10-25 0.16 -0.01
Q2 2017 2017-07-26 0.22 0.93
Q1 2017 2017-04-24 0.14 0.58
Q4 2016 2017-02-15 0.22 0.36

Ratings

2016-06-29 Reiterated Rating Credit Suisse Buy $17.00
2016-06-29 Reiterated Rating Credit Suisse Group AG Buy $17.00
2016-06-27 Reiterated Rating Goldman Sachs Buy to Conviction-Buy $23.00 to $27.00
2016-06-27 Reiterated Rating Goldman Sachs Group Inc. Buy to Conviction-Buy $23.00 to $27.00
2016-06-20 Downgrade Mackie Hold to Sell
2016-06-08 Boost Price Target Goldman Sachs Buy $22.00 to $23.00
2016-05-09 Boost Price Target RBC Capital Sector Perform $16.00 to $18.00
2016-05-09 Boost Price Target Royal Bank Of Canada Sector Perform $16.00 to $18.00
2016-05-03 Downgrade Canaccord Genuity Buy to Hold
2016-04-25 Reiterated Rating RBC Capital Sector Perform
2016-04-18 Upgrade Clarkson Capital Neutral to Buy
2016-04-12 Boost Price Target RBC Capital $12.50 to $16.00
2016-04-11 Reiterated Rating Credit Suisse Buy
2016-04-08 Upgrade Credit Suisse Neutral to Outperform $11.00 to $17.00
2016-04-01 Reiterated Rating Canaccord Genuity Buy $21.00 to $21.50
2016-03-30 Boost Price Target Jefferies Group $15.00
2016-03-29 Lower Price Target TD Securities Buy $18.00 to $17.50
2016-03-29 Boost Price Target CIBC Sector Performer $11.25 to $13.25
2016-03-23 Downgrade Deutsche Bank Buy to Hold $14.50
2016-03-23 Downgrade Deutsche Bank AG Buy to Hold $14.50
2016-03-16 Reiterated Rating JPMorgan Chase & Co. Hold
2016-03-15 Upgrade Argus Hold to Buy $18.00
2016-03-15 Boost Price Target JPMorgan Chase & Co. Neutral $10.00 to $14.00
2016-03-07 Reiterated Rating Goldman Sachs Buy $19.00 to $20.00
2016-03-02 Boost Price Target RBC Capital Sector Perform $9.50 to $12.50
2016-02-26 Boost Price Target TD Securities Buy $14.50 to $15.50
2016-02-23 Boost Price Target Deutsche Bank $12.00
2016-02-23 Reiterated Rating Credit Suisse Neutral $10.00 to $11.00
2016-02-23 Boost Price Target BMO Capital Markets Outperform $15.00
2016-02-21 Reiterated Rating RBC Capital Sector Perform
2016-02-20 Reiterated Rating Canaccord Genuity Buy $20.50 to $21.00
2016-02-19 Boost Price Target Goldman Sachs Buy $11.50 to $13.00
2016-02-19 Boost Price Target Citigroup Inc. Buy $10.00 to $15.00
2016-02-19 Boost Price Target CIBC Sector Performer $9.50 to $11.25
2016-02-19 Boost Price Target Barclays Equal Weight $9.00 to $13.00
2016-02-19 Downgrade Mackie Buy to Hold
2016-02-19 Boost Price Target Barclays PLC Equal Weight $9.00 to $13.00
2016-02-18 Reiterated Rating Deutsche Bank Buy $11.00 to $12.00
2016-02-18 Boost Price Target Jefferies Group Hold $9.00 to $11.00
2016-02-16 Initiated Coverage Clarkson Capital Neutral
2016-02-16 Boost Price Target TD Securities Buy $12.50 to $14.50
2016-02-08 Boost Price Target BMO Capital Markets Outperform $10.50 to $13.50
2016-02-05 Reiterated Rating JPMorgan Chase & Co. Neutral
2016-01-25 Reiterated Rating Citigroup Inc. Buy $10.00
2016-01-24 Reiterated Rating Credit Suisse Hold
2016-01-22 Reiterated Rating RBC Capital Sector Perform
2016-01-22 Reiterated Rating Canaccord Genuity Buy $12.00 to $15.00
2016-01-15 Lower Price Target TD Securities Buy $17.50 to $12.50
2016-01-13 Boost Price Target Credit Suisse Neutral $9.00 to $10.00
2016-01-13 Boost Price Target CIBC Sector Performer $9.25 to $9.50
2016-01-12 Boost Price Target Jefferies Group $9.00
2016-01-08 Upgrade Sterne Agee CRT Neutral to Buy $12.00
2015-12-04 Reiterated Rating RBC Capital Sector Perform
2015-11-25 Upgrade Canaccord Genuity Hold to Buy
2015-11-04 Boost Price Target Jefferies Group Hold $7.00 to $7.50
2015-10-31 Reiterated Rating Mackie Buy $12.35 to $14.00
2015-10-27 Lower Price Target Barclays Equal Weight $10.00 to $9.00
2015-10-26 Reiterated Rating RBC Capital Outperform
2015-10-07 Lower Price Target BMO Capital Markets $12.00 to $10.00
2015-10-06 Reiterated Rating Deutsche Bank Buy
2015-09-19 Reiterated Rating RBC Capital Hold
2015-09-18 Lower Price Target RBC Capital Sector Perform $10.00 to $8.00
2015-09-08 Reiterated Rating HSBC Buy $12.70 to $9.90
2015-08-24 Reiterated Rating Credit Suisse Hold
2015-08-24 Lower Price Target RBC Capital Sector Perform $15.00 to $10.00
2015-08-19 Upgrade Macquarie Underperform to Neutral
2015-08-17 Reiterated Rating Sterne Agee CRT Neutral
2015-08-12 Upgrade Deutsche Bank Hold to Buy $12.00
2015-08-10 Lower Price Target Scotiabank $15.00 to $13.50
2015-08-10 Reiterated Rating JPMorgan Chase & Co. Hold $10.50
2015-08-07 Upgrade Barclays Underweight to Equal Weight $11.00 to $10.00
2015-08-06 Lower Price Target Credit Suisse $12.50 to $11.50
2015-08-06 Lower Price Target BMO Capital Markets Outperform $16.00 to $12.00
2015-08-06 Reiterated Rating Scotiabank Sector Perform $15.00
2015-08-04 Lower Price Target Canaccord Genuity $12.50 to $10.50
2015-07-31 Upgrade Canaccord Genuity Sell to Hold
2015-07-24 Initiated Coverage CIBC Sector Perform
2015-07-18 Lower Price Target Dundee Securities Neutral $17.00 to $13.75
2015-07-18 Lower Price Target Citigroup Inc. Buy $18.00 to $17.00
2015-07-16 Reiterated Rating Barclays Sell $12.00 to $11.00
2015-07-08 Reiterated Rating JPMorgan Chase & Co. Neutral $12.50 to $13.00
2015-06-25 Reiterated Rating Credit Suisse Neutral $13.00 to $12.50
2015-06-22 Reiterated Rating Deutsche Bank Hold $12.00 to $13.00
2015-06-16 Initiated Coverage BMO Capital Markets Outperform $16.00
2015-05-29 Reiterated Rating HSBC Buy $14.60 to $14.50
2015-05-26 Reiterated Rating Scotiabank Sector Perform $15.00
2015-05-26 Reiterated Rating Goldman Sachs Buy $17.00
2015-05-02 Reiterated Rating TD Securities Buy $16.50 to $17.50
2015-05-02 Reiterated Rating Jefferies Group Hold $12.00
2015-04-29 Set Price Target Canaccord Genuity Sell $12.00 to $12.50
2015-04-23 Reiterated Rating Credit Suisse Neutral $13.00 to $13.00
2015-03-10 Lower Price Target Jefferies Group Hold $12.50 to $12.00
2015-02-20 Set Price Target Canaccord Genuity Sell $13.50
2015-02-20 Set Price Target Barclays Sell $10.00 to $12.00
2015-02-19 Upgrade TD Securities Hold to Buy
2015-02-09 Reiterated Rating Citigroup Inc. Buy $19.00 to $18.00
2015-01-21 Downgrade Macquarie Neutral to Underperform
2015-01-15 Downgrade Barclays Equal Weight to Underweight
2015-01-12 Reiterated Rating Deutsche Bank Hold $16.00 to $13.00
2015-01-08 Downgrade RBC Capital Outperform to Sector Perform $17.00 to $14.00
2015-01-06 Lower Price Target JPMorgan Chase & Co. Neutral $13.50 to $12.50
2014-12-18 Downgrade Canaccord Genuity Hold to Sell
2014-11-07 Downgrade Goldman Sachs Conviction-Buy to Buy
2014-11-03 Downgrade Deutsche Bank Buy to Hold $22.00 to $16.00
2014-10-31 Reiterated Rating Barclays Equal Weight $20.00 to $17.00
2014-10-31 Upgrade Mackie Sell to Hold
2014-10-30 Reiterated Rating Bank of America Neutral
2014-10-30 Reiterated Rating Bank of America Corp. Neutral
2014-10-23 Reiterated Rating Citigroup Inc. Buy $24.00 to $19.00
2014-10-15 Reiterated Rating Jefferies Group Hold $19.00 to $13.50
2014-10-13 Reiterated Rating JPMorgan Chase & Co. Neutral $17.00 to $14.00
2014-10-02 Reiterated Rating Deutsche Bank Buy $25.00 to $22.00
2014-10-02 Upgrade Canaccord Genuity Sell to Hold
2014-09-25 Upgrade HSBC Neutral to Overweight $18.10 to $18.50
2014-09-23 Reiterated Rating Barclays Equal Weight $21.00 to $20.00
2014-09-19 Reiterated Rating Credit Suisse Neutral $22.00 to $20.00
2014-09-15 Upgrade HSBC Underweight to Neutral
2014-08-08 Lower Price Target CIBC $23.00 to $22.00
2014-08-08 Reiterated Rating Goldman Sachs Buy to Conviction-Buy $22.00 to $18.49
2014-08-07 Reiterated RBC Capital Mkts Outperform $23 to $25
2014-08-07 Boost Price Target RBC Capital Outperform $23.00 to $25.00
2014-08-01 Reiterated Rating Barclays Equal Weight $22.00 to $21.00
2014-07-25 Downgrade HSBC Neutral to Underweight
2014-07-17 Boost Price Target Credit Suisse $21.00 to $22.00
2014-07-14 Boost Price Target Raymond James $18.50 to $19.50
2014-07-14 Reiterated Rating Citigroup Inc. Buy $26.00 to $24.00
2014-07-14 Boost Price Target Raymond James Financial Inc. $18.50 to $19.50
2014-07-09 Set Price Target JPMorgan Chase & Co. $16.00 to $17.00
2014-07-09 Lower Price Target RBC Capital Outperform $28.00 to $23.00
2014-07-08 Boost Price Target Morgan Stanley $20.00 to $20.50
2014-05-05 Boost Price Target Credit Suisse $20.00 to $21.00
2014-04-29 Upgrade HSBC Underweight to Neutral $17.00 to $18.00
2014-04-22 Upgrade Goldman Sachs Neutral to Buy $21.00
2014-03-21 Boost Price Target Cowen and Company $15.48 to $18.49
2014-03-03 Initiated Coverage Raymond James Market Perform
2014-02-25 Boost Price Target Canaccord Genuity Sell C$17.50 to C$20.50
2014-02-20 Upgrade RBC Capital Sector Perform to Outperform $24.00 to $28.00
2014-02-18 Boost Price Target Haywood Securities $24.00
2014-02-14 Reiterated Rating Scotiabank Sector Perform
2014-02-14 Downgrade Mackie Hold to Sell
2014-01-28 Reiterated Rating Deutsche Bank Buy $25.00
2014-01-24 Boost Price Target RBC Capital $20.00 to $23.00
2014-01-22 Downgrade HSBC Neutral to Underweight
2014-01-21 Initiated Coverage Dundee Securities Neutral
2014-01-17 Lower Price Target Barclays Equal Weight $23.00 to $20.00
2014-01-15 Downgrade Haywood Securities Hold
2014-01-13 Downgrade Canaccord Genuity Hold to Sell
2014-01-10 Downgrade Cormark Market Perform to Reduce
2013-11-26 Reiterated Rating Morgan Stanley Equal Weight $18.00 to $20.80
2013-11-15 Downgrade TD Securities Buy to Hold $25.00 to $21.00
2013-11-15 Boost Price Target Scotiabank Sector Perform $20.00 to $21.00
2013-11-15 Boost Price Target CIBC Sector Perform $20.00 to $21.00
2013-11-15 Boost Price Target Barclays Equal Weight $22.00 to $23.00
2013-11-14 Reiterated Rating Credit Suisse Neutral
2013-11-07 Downgrade HSBC Overweight to Neutral $21.10 to $19.60
2013-11-04 Lower Price Target Canaccord Genuity Hold $21.50 to $20.50
2013-11-01 Boost Price Target Mackie Hold $15.00 to $16.50
2013-11-01 Lower Price Target Deutsche Bank Buy $30.00 to $28.00
2013-11-01 Reiterated Rating JPMorgan Chase & Co. Neutral $18.00 to $19.00
2013-10-24 Initiated Coverage Canaccord Genuity Hold
2013-10-23 Reiterated Rating CIBC Sector Perform
2013-10-22 Reiterated Rating Jefferies Group Hold $17.00
2013-10-22 Lower Price Target Haywood Securities Buy $26.50 to $20.00
2013-10-21 Upgrade HSBC Neutral to Overweight $21.00 to $21.10
2013-10-04 Boost Price Target Jefferies Group Hold $15.00 to $17.00
2013-10-02 Upgrade Deutsche Bank Hold to Buy $20.00 to $30.00
2013-09-20 Initiated Coverage Goldman Sachs Neutral $19.00
2013-09-19 Lower Price Target JPMorgan Chase & Co. Neutral $22.00 to $19.00
2013-04-12 Reiterated BMO Capital Markets Market Perform $46 to $39
2016-06-29 Reiterated Rating Credit Suisse Buy $17.00
2016-06-29 Reiterated Rating Credit Suisse Group AG Buy $17.00
2016-06-27 Reiterated Rating Goldman Sachs Buy to Conviction-Buy $23.00 to $27.00
2016-06-27 Reiterated Rating Goldman Sachs Group Inc. Buy to Conviction-Buy $23.00 to $27.00
2016-06-20 Downgrade Mackie Hold to Sell

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

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