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Barrick (GOLD) Acquires Cascadia Stake via ATAC Arrangement
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Barrick Gold Corporation (GOLD - Free Report) recently announced that it has received 2,788,696 common shares of Cascadia Minerals Ltd. as part of the acquisition deal between Hecla Mining Company and ATAC Resources Ltd. This acquisition was made under the previously announced plan of arrangement involving Hecla, Alexco Resource Corp., and ATAC.
The common shares of Cascadia, now owned by Barrick, account for around 10.1% of the total issued and outstanding common shares of Cascadia. Prior to the completion of the ATAC Arrangement and the subsequent spin-out of Cascadia, Barrick did not possess any securities of Cascadia but held 27,886,960 common shares of ATAC.
Barrick has acquired the common shares of Cascadia for investment purposes. The company reserves the right to acquire additional common shares or other securities of Cascadia, or divest itself of some or all the common shares or other securities it currently holds, depending on various factors such as market conditions, Cascadia's business and financial situation, and other relevant considerations.
Barrick recently released its preliminary sales and production figures for the second quarter of the year, reporting the sale of 1 million ounces of gold and 101 million pounds of copper. The company's gold and copper production reached 1.01 million ounces and 107 million pounds, respectively, with expectations of further increases throughout 2023, particularly in the second half of the year.
The average market prices of gold and copper were $1,976 per ounce and $3.84 per pound, respectively. The company saw improved gold production in the second quarter, driven by higher production levels at the Carlin mine and improved grades at the Kibali and Veladero mines, while copper production was boosted by the Lumwana mine. Barrick expects lower costs of sales, cash costs, and all-in sustaining costs per ounce of gold, as well as reduced costs per pound of copper, in the second quarter compared to the first quarter.
Barrick stock has gained 9.7% in the past year compared with the industry’s rise of 28.9% in the same period.
The Zacks Consensus Estimate for PPG’s current-year earnings has been revised 6.3% upward in the past 90 days. PPG beat the Zacks Consensus Estimate in three of the last four quarters and missed once, with the average earnings surprise being 6.8%. The company’s shares have gained 31.6% in the past year.
The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 3.7% upward in the past 60 days. ATI beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 13%. The company’s shares have rallied 95.8% in the past year.
The Zacks Consensus Estimate for APD’s current-year earnings has been revised 0.3% upward in the past 60 days. Air Products beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 1.3% on average. The company’s shares have risen roughly 33.9% in the past year.
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Barrick (GOLD) Acquires Cascadia Stake via ATAC Arrangement
Barrick Gold Corporation (GOLD - Free Report) recently announced that it has received 2,788,696 common shares of Cascadia Minerals Ltd. as part of the acquisition deal between Hecla Mining Company and ATAC Resources Ltd. This acquisition was made under the previously announced plan of arrangement involving Hecla, Alexco Resource Corp., and ATAC.
The common shares of Cascadia, now owned by Barrick, account for around 10.1% of the total issued and outstanding common shares of Cascadia. Prior to the completion of the ATAC Arrangement and the subsequent spin-out of Cascadia, Barrick did not possess any securities of Cascadia but held 27,886,960 common shares of ATAC.
Barrick has acquired the common shares of Cascadia for investment purposes. The company reserves the right to acquire additional common shares or other securities of Cascadia, or divest itself of some or all the common shares or other securities it currently holds, depending on various factors such as market conditions, Cascadia's business and financial situation, and other relevant considerations.
Barrick recently released its preliminary sales and production figures for the second quarter of the year, reporting the sale of 1 million ounces of gold and 101 million pounds of copper. The company's gold and copper production reached 1.01 million ounces and 107 million pounds, respectively, with expectations of further increases throughout 2023, particularly in the second half of the year.
The average market prices of gold and copper were $1,976 per ounce and $3.84 per pound, respectively. The company saw improved gold production in the second quarter, driven by higher production levels at the Carlin mine and improved grades at the Kibali and Veladero mines, while copper production was boosted by the Lumwana mine. Barrick expects lower costs of sales, cash costs, and all-in sustaining costs per ounce of gold, as well as reduced costs per pound of copper, in the second quarter compared to the first quarter.
Barrick stock has gained 9.7% in the past year compared with the industry’s rise of 28.9% in the same period.
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Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space include PPG Industries, Inc. (PPG - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and ATI Inc, (ATI - Free Report) and Air Products and Chemicals, Inc. (APD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for PPG’s current-year earnings has been revised 6.3% upward in the past 90 days. PPG beat the Zacks Consensus Estimate in three of the last four quarters and missed once, with the average earnings surprise being 6.8%. The company’s shares have gained 31.6% in the past year.
The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 3.7% upward in the past 60 days. ATI beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 13%. The company’s shares have rallied 95.8% in the past year.
The Zacks Consensus Estimate for APD’s current-year earnings has been revised 0.3% upward in the past 60 days. Air Products beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 1.3% on average. The company’s shares have risen roughly 33.9% in the past year.