Barrick Gold Corporation
Barrick Gold Corporation
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Can African specialist Mark Bristow find a resolution that has eluded Barrick Gold executive chairman John Thornton to the damaging stand-off between its 63.9% subsidiary Acacia Mining and the Tanzanian government?
Barrick Gold is contemplating the sale of its 50% stake in the Kalgoorlie Consolidated Gold Mines Super Pit operation in Western Australia following its $US6B merger with Randgold Resources completed on January 1.
Mark Bristow, the former Randgold chief who is now Barrick’s CEO, has told media he expects to unveil a number of changes in February.
One of them is the sale of the KCGM stake, Bristow said in an interview with the Wall Street Journal.
“Re-born” after its merger with Randgold Resources, global leader Barrick Gold is preparing for what could be a decisive move over the crippling dispute between its subsidiary Acacia Mining and the Tanzanian government.
CEO Mark Bristow has told Reuters Barrick is exploring a number of options for its 63.9% stake in Acacia.
They include an outright sale, the acquisition of the remaining 26.1% or a split up of the company.
The Royal Court of Jersey has sanctioned the scheme of arrangement merger of Randgold Resources and Barrick Gold to create the world's biggest gold miner with a $US18.3B market cap.
Trading in Randgold shares on the LSX and NASDAQ will end Dec 31, 2018, and the combined group's shares will start trading on the NYSE and TSX on Jan 2, 2019, under the Barrick name, with Barrick shareholders owning 66.6% and Randgold 33.4% on a fully-diluted basis.
Explorer Reunion Gold has launched a $C15M non-brokered private placement to fund exploration/development costs for its portfolio of tier-1 gold assets in South America's French Guiana and Guyana.
Barrick Gold and Dundee Resources have indicated their intention to participate in the 83.3M share offering at $0.18cps to maintain their respective 15% and 16.5% stakes in the company. Closure is expected by Dec 20, 2018.
Australian gold mine production for the Sept 2018 qtr eased just a few thousand ounces on the previous qtr to 81t, but 6t more than in the Sept 2017 qtr.
Mining consultants Surbiton Associates’ review says Australian gold production is now comfortably more than 300tpa and worth around $A16B pa in exports, maintaining its place as the world’s 2nd largest producer after China, which produced around 440t last year.
Despite Australian gold production easing a few thousand ounces in Q3 CY18, output remains at record levels and set to top 300t in CY18
Take-over/merger target, Africa-focussed gold miner Randgold Resources’ 9-months YTD 2018 (YTD18) after tax profit has plunged to $US198M from YTD17’s $247.96M profit, largely on strike affected production falling to 908,820oz from 974,404oz on cash costs up to $667oz from $618oz and cash operating costs to $603oz from $554oz.
The recently ended 2-months Tongon gold strike has helped take-over/merger target Randgold Res to a $50M profit slump on lower gold prodn, higher costs