Barrick Gold Corporation
Barrick Gold Corporation
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The impact of the Covid-19 pandemic has been the driver of global gold major Barrick Gold’s June 2020 qtr (Q2 20) net earnings fall to $US357M from Q1 20’s $400M, but with adjusted net earnings jumping to $415M from $285M.
The bottom line was on output down to 1.14Moz from 1.25Moz, but copper up to 120M/lbs from 115M/lbs, providing net cash from operating activities up to $1.03B from $889M and free cash flow to $522M from $438M.
The impact of Covid-19, Porgera’s move to C&M and other major maintenance operations have pushed Barrick Gold’s Q2 20 profit down $43M to $357M
Skeena Resources has done a deal with global gold miner Barrick Gold to acquire its Eskay Creek gold/silver project in NW British Columbia, Canada, resulting in Barrick holding 17.2% of Skeena.
Discovered in 1988, the former Eskay Creek Mine produced about 3.3Moz of gold and 160Moz of silver at average grades of 45g/t gold and 2,224g/t silver and was once the world’s highest-grade gold mine and 5th largest silver mine by volume.
The global impact of Covid-19 has pushed the world’s 2nd biggest gold miner Barrick Gold’s gold production down to 1.15Moz from Q1 20’s 1.25Moz, but copper up to 120Mlbs from 115Mlbs.
(SOVEREIGN RISK)
Barrick Gold, partner Zijin Mining Group and their mine operator joint venture company Barrick Niugini have launched arbitration proceedings seeking undisclosed damages from the Papua New Guinea government over its refusal to renew the special mining lease for the giant Porgera gold mine.
Barrick Gold has notified the Papua New Guinea government it will seek undisclosed damages for current and future losses over the refusal to extend its special mining lease over the giant Porgera gold mine in the Enga Province, 600km NW of Port Moresby.
Through its Australian subsidiary, the global gold mining giant will claim PNG has breached its bilateral investment treaty with Australia and international foreign investment law.
Endeavour Mining has completed its mutually agreed, $C1B ($US690.7M), all-share takeover bid for fellow Canadian miner SEMAFO to create the biggest gold producer in Burkina Faso and Ivory Coast.
The amalgamation creates a leading West African gold company with 6 operations, including 4 cornerstone mines, with combined FY/CY2020 year estimated output of 1Moz+, making it bigger than Newmont Goldcorp and Barrick in West Africa.
Barrick Gold will lay off most staff at its Porgera Gold Mine in Papua New Guinea, the mine’s operator said today, a signal that the impasse with the govt over ownership is unlikely to be resolved swiftly, Reuters reports.
The world’s 2nd biggest gold miner was refused an extension of its expired Porgera mine lease in April this year, with the govt citing unrest and pollution concerns.
Global gold major Barrick Gold has sold 79.2M shares in Shandong Gold Mining for $US210M, $HK$20.50ps, double what it paid in Q4 2018.
Barrick continues to hold 10.25M Shandong shares, 2.05%.
Barrick Gold has offered an extra 15% stake in its Porgera gold mine in Papua New Guinea to local landowners in a bid to break an impasse with the national govt over the mine’s future, Reuters reports.