|Over a week ago|
Barrick Gold call volume above normal and directionally bullish » 10:0507/2707/27/20
Bullish option flow…
Bullish option flow detected in Barrick Gold with 19,172 calls trading, 4x expected, and implied vol increasing over 5 points to 51.95%. Sep-20 30 calls and Aug-20 27 puts are the most active options, with total volume in those strikes near 3,300 contracts. The Put/Call Ratio is 0.35. Earnings are expected on August 10th.
Yamana downgraded to Sector Perform on valuation at Scotiabank » 09:2107/2007/20/20
AUY, GOLD, NEM, KGC
Scotiabank analyst Tanya…
Scotiabank analyst Tanya Jakusconek downgraded Yamana Gold (AUY) to Sector Perform from Outperform with a price target of $5.25, up from $5. The analyst cites valuation for the downgrade with the shares up 99% in Q2. Jakusconek's top picks in Gold and Precious Minerals remain Barrick Gold (GOLD), Newmont (NEM) and Kinross Gold (KGC).
Barrick Gold reports Q2 sales of 1.22M ounces of gold, 123M pounds of copper » 07:0707/1607/16/20
Barrick Gold reported…
Barrick Gold reported preliminary second quarter sales of 1.22 million ounces of gold and 123 million pounds of copper, as well as preliminary second quarter production of 1.15 million ounces of gold and 120 million pounds of copper. Group gold production for the first six months of 2020 was 2.4 million ounces, at the midpoint of the Company's 4.6 to 5.0 million ounce guided range for the year. The average market price for gold in the second quarter was $1,711 per ounce, while the average market price for copper in the second quarter was $2.43 per pound. Preliminary second quarter gold production was, as previously guided, lower than the first quarter of 2020. This was mainly due to the impact of Covid-19 at Veladero in Argentina where quarantine restrictions were lifted in April and movement and social distancing restrictions slowed the remobilization of employees and contractors back to site, a planned maintenance shutdown at Pueblo Viejo in the Dominican Republic and reduced production at Porgera in Papua New Guinea as the mine was placed on care and maintenance on April 24, 2020. Preliminary second quarter gold sales were in line with the previous quarter, and were higher than production in the second quarter following the start of exports of concentrate stockpiled in Tanzania. Second quarter gold cost of sales per ounce2 are expected to be 4-6% higher, total cash costs per ounce3 are expected to be 2-4% higher and gold all-in sustaining costs per ounce are expected to be 7-9% higher, respectively, than the first quarter of 2020. Preliminary second quarter copper production and sales were both higher than the previous quarter. Second quarter copper cost of sales per pound are expected to be 5-7% higher than the prior quarter. C1 cash costs per pound are expected to be in line and copper all-in sustaining costs per pound are expected to be 4-6% higher, respectively, than the first quarter of 2020.
Barrick Gold serves notice of dispute over Porgera Mine » 05:3207/1007/10/20
Barrick Gold announced…
Barrick Gold announced that its subsidiary, Barrick PD Australia, an investor in the Porgera Mine, has given notice to Papua New Guinea, or PNG, that a dispute has arisen under the Bilateral Investment Treaty, or BIT, between PNG and Australia. Barrick said in a release, "Barrick PD asserts that the dispute arises out of the PNG Government's decision not to extend the Porgera Special Mining Lease, or SML, in violation of the terms of the BIT and international law governing foreign investment. Barrick PD, as an investor, seeks to recover damages it has already suffered and damages it may suffer in the future by virtue of PNG's wrongful refusal to grant an extension of the Porgera SML. If the dispute cannot be resolved through consultations and negotiations, Barrick PD has elected to refer the dispute to arbitration before the World Bank's International Centre for Settlement of Investment Disputes. Barrick continues to advocate for a negotiated solution to an extension of the Porgera mining lease on terms that would be beneficial to all stakeholders."
Barrick Gold call volume above normal and directionally bullish » 10:2507/0807/08/20
Bullish option flow…
Bullish option flow detected in Barrick Gold with 23,454 calls trading, 3x expected, and implied vol increasing over 2 points to 48.92%. Jul-20 28 calls and Jan-21 40 calls are the most active options, with total volume in those strikes near 6,900 contracts. The Put/Call Ratio is 0.26. Earnings are expected on August 12th.
Unusually active option classes on open July 8th » 09:4007/0807/08/20
WMT, BIIB, TME, AG, NEM, SLV, SE, WBA, GOLD, NVAX
Unusual total active…
Unusual total active option classes on open include: Wal-Mart (WMT), Biogen (BIIB), Tencent (TME), First Majestic Silver (AG), Newmont Mining (NEM), iShares Silver Trust (SLV), Sea Limited (SE), Walgreen Boots (WBA), Barrick Gold (GOLD), and Novavax (NVAX).
|Over a month ago|
Barrick Gold price target raised to $27 from $19 at Citi » 06:5706/2906/29/20
Citi analyst Alexander…
Citi analyst Alexander Hacking raised the firm's price target on Barrick Gold to $27 from $19 and keeps a Neutral rating on the shares. The analyst increased estimates on Barrick and Newmont to reflect the latest Citi gold price. Hacking set target prices at 1.7 times net asset value on $1,500 per ounce gold to match the "current bullish market sentiment and Citi expectation for higher prices."
Loncor expands JV relationship with Barrick Gold in DRC » 07:1506/2406/24/20
Loncor Resources announces that its 76.29%-owned subsidiary, Adumbi Mining SARL, has entered into a joint venture agreement with Barrick Gold Limited for two exploitation permits held by Adumbi Mining covering ground contiguous to the Company's Imva area within the Ngayu gold belt in the northeast of the Democratic Republic of the Congo. The purpose of the New Barrick JV is to conduct exploration on the JV Permit properties to evaluate possible development and mining of such properties. The Ngayu gold belt lies approximately 220 kilometres from the Kibali gold mine, operated by Barrick. Kibali produced record gold production of 814,000 ounces of gold in 2019, at "all-in sustaining costs" of $693/oz. The terms of the New Barrick JV are similar to Loncor's ongoing joint venture agreement with Barrick which covers over 1,894 km2 of ground in the Ngayu gold belt including, among other properties, certain properties in the Imva area. Under the New Barrick JV, Barrick will manage and fund all exploration of the JV Permit properties until the completion of a pre-feasibility study. Once the joint venture committee has determined to move ahead with a full feasibility study, a special purpose vehicle would be created to hold the specific discovery areas. Subject to the DRC's free carried interest requirements, Barrick would retain 65% of the SPV with Adumbi Mining holding the balance of 35%. Adumbi Mining would be required, from that point forward, to fund its pro-rata share of the SPV in order to maintain its 35% interest or be diluted. The closing of the New Barrick JV, which is expected to occur by July 18, 2020, is subject to certain closing conditions customary for transactions of this nature.
Barrick Gold begins drilling on Loncor JV ground in DRC » 08:3406/2206/22/20
Loncor Resources announces that Barrick Gold SARL has commenced its core drilling program on several priority gold targets within the Ngayu greenstone belt in the northeast of the Democratic Republic of the Congo. The beginning of the drilling campaign signals a significant step in the sequence of events necessary to assess numerous areas of potential. Since entering the JV agreement with Loncor in January 2016, Barrick has conducted various exploratory programs to define drill targets, targets that offer the early potential of attaining "Tier 1" status. The drilling on the Anguluku prospect is targeting a folded and thrust sequence of mineralised banded ironstone formation. Further drilling is planned to be undertaken by Barrick at the other priority targets of Medere, Makasi, Lybie, Salisa and Bakpau NE in the Imva area in the west of the Ngayu belt. Outside of the Barrick joint venture, exploration activities by Loncor continued on Loncor's Imbo Project in the east of the Ngayu belt. The Imbo Project contains 2.5 million ounces of inferred mineral resource, which includes the 2.19 million ounce inferred mineral resource of the Adumbi deposit, with 76.29% of this resource being attributable to Loncor via its 76.29% interest in the Imbo Project. Fieldwork by Loncor geologists have been focusing on the Imbo East prospect 12 kilometres southwest of the Adumbi deposit, along the same mineralised structural trend. Gridding, soil and rock sampling are being undertaken over a strike length of 3.6 kilometres at Imbo East. In addition, two new targets have been generated. Both these target areas were identified from the compilation and interpretation of previous, historical exploration data including soil geochemistry, rock chip and channel sampling. At Mambo Bado, 1.5 kilometres northwest of the Adumbi deposit, a prominent geochemical gold in soil anomaly is located on an extensional, E-W structural jog along the 14-kilometre northwest trending mineralised shear zone within the Imbo permit area. No drilling has been undertaken previously on this promising target. Two kilometres south of the Adumbi deposit, at Lisala, altered and brecciated BIF with anomalous rock sampling requires further follow up with gridding, soil sampling and additional channel sampling.
Exxon Mobil may be impacted by Papua New Guinea legislation, Reuters says » 12:1206/1106/11/20
Lawmakers from Papua New…
Lawmakers from Papua New Guinea have passed legislation that would increase benefits to the county from its natural resources, wrote Sonali Paul of Reuters. Companies with planned projects in the oil, gas and mining developments, like Exxon Mobil (XOM) and Barrick Gold (GOLD) may be impacted, noted the Reuters story. "Prime Minister James Marape came to power a year ago on a platform to lift the country out of poverty by getting a bigger share of wealth from the country's energy and minerals. His government this week secured an emergency loan from the International Monetary Fund," added the Reuters story. Reference Link