Barrick Gold Corporation
Barrick Gold Corporation
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Global gold major Barrick Gold has met full-year guidance targets with preliminary Dec 2019 year (FY/CY19) gold production up to 5.5Moz from the previous year’s 4.53Moz, at the top end of 5.1Moz-5.6Moz expectations.
Copper output did the same to 432Mlbs from 383Mlbs, exceeding the top-end guidance of 375Mlbs-430Mlbs. Gold sales jumped to 5.46Moz from 4.54Moz, but copper sales eased to 355Mlbs from 382Mlbs.
Full FY19 year results expected Feb 12, 2020.
Teranga Gold has lifted Dec 2019 year (FY/CY19) gold production to a record 288,768oz, up 18% on the previous year and exceeding top production guidance at both Sabodala in Senegal and the newly commissioned Wahgnion operation in Burkina Faso.
Wahgnion hit commercial production on Nov 1, 2019, and surpassed 30,000oz-40,000oz expectations with a 1st up 47,492oz, with Sabodala up to 241,276oz and topping projections of 215,000oz-230,000oz.
Australian gold miner Northern Star Resources is set to make the leap to the 1Moz annual production level with its $800M deal to take management control of the Kalgoorlie Super Pit in WA, making up an all-local ownership team with Saracen Mineral Holdings. John Feary reports
The Kalgoorlie Super Pit, an icon of Australian gold mining, will come under full homeland ownership again with Northern Star’s acquisition of 50% plus management from Newmont Goldcorp.
The deal follows last month’s acquisition by Saracen Mineral Holdings of the 50% non-management share from Barrick Gold.
Northern Star will pay Newmont $US800M for the deal, which includes a separate parcel of 100%-owned Kalgoorlie tenements.
Barrick Gold, the world’s 2nd largest gold producer, and its Senegalese J/V partner have agreed to sell their aggregate 90% of the Massawa gold project in Senegal to Canada-based miner Teranga Gold for up to $US430M.
In another big sale, Barrick Gold and its J/V partner are selling 90% of their Senegalese gold project to Teranga Gold for up to $US430M
Analyst flags Dec 2019 qtr Australian gold output rise after Sept qtr fall as local gold mine control doubles to 60% from 2002
Saracen Mineral Holdings now owns the Kalgoorlie Super Pit gold operation in Western Australia after completing its $US750M (~$A1.1B) acquisition of Barrick Gold’s 50% stake in the Kalgoorlie Consolidated Gold Mines J/V (KCGM JV).
The final hurdle, consent from the WA Minister for Finance, Aboriginal Affairs and Lands, came today, along with the draw-down of $A400M under Saracen’s new $450M senior secured term loan.
Saracen Mineral Holdings has locked in gold hedging for an additional 200,000oz at an average $A2,187/oz to support its acquisition of 50% of the Kalgoorlie Super Pit, now due for completion this week. Saracen will partner Super Pit operator Newmont Goldcorp.
MD Raleigh Finlayson says the latest hedges will maintain the Australian company’s strong financial certainty after drawing down $A400M debt for its $US750M acquisition from Barrick Gold.
Australian gold miner Saracen Mineral Holdings has entered a binding agreement to buy Barrick Gold’s 50% stake in the Kalgoorlie Super Pit gold operation in Western Australia for $US750M (~$A1.1B).