Barrick Gold Corporation
Barrick Gold Corporation
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The world’s 2nd largest gold miner Barrick Gold has lifted Sept 2020 qtr (Q3 20) preliminary gold sales to 1.25Moz from Q2 20’s 1.22Moz on production up to 1.16Moz from 1.15Moz, but with copper sales sliding to 116Mlbs from 123Mlbs on output down to 103Mlbs from 120Mlbs.
The two miners about to combine as Australia’s second largest gold producer have brought forward a $A600M expansion of their flagship asset, the Kalgoorlie Super Pit, after gaining state environmental approval.
Northern Star Resources and Saracen Mineral Holdings' $16B merger will link assets in Australia and North America, and bring Super Pit operator Kalgoorlie Consolidated Gold Mines into single company ownership for the first time in its 125-year history.
Barrick Gold has begun a new series of studies to re-evaluate the potential of its Pascua-Lama gold deposit straddling the Chilean-Argentinian border after another court decision blocking its existing $US8.5M development plan.
The world No 2 gold producer will not appeal a ruling by Chile’s Antofagasta Environment Court upholding the project's shutdown order.
It says the ruling draws a line under the legal fight that began in 2013 when construction was suspended.
Western Australian explorer/developer Mali Lithium is raising up to $A70M to acquire 80% of the operational, 8.7Moz resource Morila Gold Mine in SW Mali.
The company has binding commitments for $64M via a placement at $0.16cps and another $6M from a share purchase plan to buy the respective 40% ownership stakes held by international majors Barrick Gold and AngloGold Ashanti.
Lithium aspirant Mali Lithium gets new major shareholder in Resolute Mining as part of a $70M raising to secure 80% of the Morila Gold Mine in Mali and is already talking strategeic partnership. By Mark Mentiplay
Little-known Australian explorer and developer Mali Lithium aims to find a new lease of life for the Malian gold project that was once known as Morila the Gorilla after agreeing to pay international giants Barrick Gold and AngloGold Shanti $US22M-plus for their combined 80% stake.
Global majors Barrick Gold and AngloGold Ashanti are selling their respective 40% stakes in the Morila gold mine in Mali, with Australian-based developer Mali Lithium agreeing to pay $US22-27M for the current stockpile and tailings treatment operation.
The deal will be subject to acquiescence by the Mali government, which retains 20% of the project.
Global gold major Barrick Gold and its Porgera mine partner Zijin Mining Group have escalated their dispute with the PNG government, announcing plans to challenge its move to grant a 20-year lease over the giant openpit and underground gold mine.
In a statement, the JV company Barrick Niugini did not detail the planned challenge to the “purported grant” of the special mining lease over Porgera by PM James Marape to the state-owned Kumul Minerals, Reuters reported.
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