Barrick Gold Corp has earmarked US$500 million over five years for upgrades and expansions to its Veladero mine in Argentina, chief operating officer Richard Williams said on Tuesday, four weeks after a third cyanide solution spill at the mine.
TORONTO - Barrick Gold Corp. (TSX:ABX) says it is selling a 50 per cent stake in its Veladero mine in Argentina to Chinese mining company Shangdong Gold Group for $960 million as part of what it calls a "strategic co-operation agreement.
ZURICH/LONDON, April 24 Rocked by a shakeup in the Western political order, companies are buying more insurance to protect themselves against the threat of rising protectionism and upheaval to their operations in emerging markets.
Like all precious metals companies, Barrick Gold Corp (NYSE:ABX) was hit hard by the commodity downturn. But this top gold stock has been working hard to right its business, including trimming its heavy debt load.
Barrick Gold's (ABX) high financial leverage has been a cause of concern for investors. Despite having the highest EBITDA margin among its peers at 48.6%, it's trading at a multiple of 7.5x, which is lower than Goldcorp and Newmont Mining (NEM).
Inspired by a handful of strong earnings reports as well as renewed prospects for tax cuts (not to mention a big new-home sales figure for March), traders were willing to tack more gains onto Monday's advance.