Barrick Gold (ABX)
What is Barrick Gold?
Founded in 1983, Canada-based Barrick Gold (ABX) is a global leader in gold mining with operations on five continents. At the end of 2017, the company had proven and probable gold reserves of 64.4 million ounces. In terms of annual production, Barrick was the world’s top gold mining company in 2017, closely followed by Newmont. Barrick Gold’s market capitalisation as of April 2018 was over $15 billion.
Barrick says it has five key priorities, the first of which is to sustainably deliver free cash flow at a gold price of $1,000 an ounce. Secondly, the company wants to make data, digital and innovation core to its operations. Thirdly, Barrick aims to reduce its total debt to around $5 billion in 2018. Fourthly, the firm wants to optimize its portfolio by reinvesting and growing exploration. And fifthly, Barrick seeks to further its partnership model and upscale talent.
Who are the key people at Barrick Gold?
John L. Thornton has been Executive Chairman of Barrick Gold Corporation since April 2014. He currently holds 2.7 million Barrick common shares. Another key figure at the company is Kelvin Dushnisky, who was appointed President of Barrick in August 2015. In this role he provides overall leadership and holds responsibility for the execution of Barrick’s strategic priorities. Founder Peter Munk is Chairman Emeritus of Barrick Gold Corporation.
What is the modern history of Barrick Gold?
Barrick Resources Corporation – as it was originally called – was established in 1983 by Canadian entrepreneur and philanthropist Peter Munk.The company’s first acquisition was the Renabie mine near Wawa, Ontario. The acquisition of Lac Minerals in 1994 transformed Barrick into the third-largest gold mining company in the world. In 1995 its name was changed to Barrick Gold Corporation, and a series of further acquisitions followed. The 2006 takeover of Canadian gold miner Placer Dome made Barrick the world’s biggest gold producer.
What are the latest developments at Barrick Gold?
In its full year 2017 results, Barrick Gold reported net earnings of $1.44 billion ($1.23 per share), well up on $655 million and $0.56 per share in 2016. Adjusted net earnings of $876 million ($0.75 per share) also compared favourably with the previous year’s total. The company posted annual revenues of $8.37 billion, operating cash flow of $2.07 billion, and free cash flow of $669 million. Full year gold production was 5.32 million ounces – this was short of the forecast 5.6 – 5.9 million ounces.
The Barrick Gold share price, which peaked at around $55 in April 2011, fell sharply over the next four years until it reached a low of just $6.35 in September 2015. A modest recovery followed in the first half of 2016, but the shares stagnated again in 2017. As of mid-April 2018 they stood at around $13. To find out how the shares are doing right now, follow Capital.com. Our ABX chartputs all the information at your fingertips.
Where does Barrick Gold operate?
Barrick Gold’s head office is in Toronto, Canada. Over 75% of the company’s gold production is carried out in the Americas, from Canada, the USA and the Dominican Republic to Peru, Chile and Argentina. Barrick Gold also operates in Australia, Papua New Guinea, Saudi Arabia and Zambia.
Where is Barrick Gold traded?
Barrick Gold shares are traded on the New York Stock Exchange and Toronto Stock Exchange under the ticker symbol ABX. Check out Capital.com for the latest ABX chart. We’ll keep you up to date and in the picture.