Slightly Trimming Barrick’s FVE After Slow First Half; Shares Fairly Valued
During the second quarter, Barrick’s gold production fell by about 25% to a little over 1 million ounces from 1.4 millions in the prior-year quarter. The company expects production to strengthen in the second half as throughput and grade improve at Barrick Nevada, Pueblo Viejo shifts to higher grade ore, and full processing capacity at Porgera is restored. As a result, the company maintained its full year guidance for 4.5 million-5 million ounces at all-in sustaining costs of $765-$815 per ounce...Barrick Gold is engaged in the production and sale of gold, as well as related activities such as exploration and mine development. Co. also produces copper and hold interests in oil and gas properties located in Canada. Co.'s mining operations are concentrated in three regional business units: North America, South America and Australia Pacific. Co. also hold a 73.9% equity interest in African Barrick Gold plc that owns gold mines and exploration properties in Africa. Co.'s copper business unit contains producing copper mines located in Chile and Zambia; and a mine under construction located in Saudi Arabia.
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