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Barrick's (GOLD) Goldrush Mine Approved, Ramp-Up Starts in 2024
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Barrick Gold Corporation (GOLD - Free Report) stated that Nevada Gold Mines’ (“NGM”) operational plan for the upcoming Goldrush underground mine at the Cortez Complex near Beowawe, NV, has been approved by the US Bureau of Land Management. With production ramp-up likely to commence in 2024, the long-life Goldrush mine is projected to produce 130,000 ounces in 2024. Production is expected to increase 100% to approximately 400,000 ounces per annum by 2028.
Barrick Gold and NGM have collectively invested more than $370 million in the project thus far, with a total expenditure of approximately $1 billion (100% basis). Recruitment efforts are underway and the delivery of production equipment is on schedule.
The issuance of the Record of Decision (ROD) comes after a comprehensive multi-year consultation and independent impacts analysis process mandated by the National Environmental Policy Act. This process, inclusive of specialized environmental studies, facilitated engagement with all stakeholders and allowed their input to shape the outcome.
Goldrush's development is expected to generate around 500 jobs during construction and an additional 570 new jobs during operational phases. Beyond job creation, the project is set to contribute significantly to tax revenues, including gold and silver excise taxes earmarked for education in Nevada, amounting to millions of dollars.
Barrick is the majority owner and operator of NGM, the world's largest gold production complex. Goldrush serves as a testament to the considerable growth prospects inherent in the Cortez Complex apart from expanding an asset base that already has three Tier One mines.
Barrick’s shares have lost 6% in the past year against a 0.1% rise of the industry.
Image Source: Zacks Investment Research
The company’s adjusted earnings per share in the third quarter of 24 cents beat the Zacks Consensus Estimate of 21 cents. It recorded total sales of $2,862 million in the quarter, up 13% year over year. The figure missed the Zacks Consensus Estimate of $2,998.8 million.
For 2023, Barrick anticipates attributable gold production to be modestly below the bottom end of its earlier announced guidance of 4.2-4.6 million ounces.
The consensus estimate for AXTA’s current-year earnings is pegged at $1.58, indicating year-over-year growth of 6.8%. AXTA beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 6.7%. The company’s shares have increased 23.8% in the past year.
The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 1.8% in the past 60 days. HWKN beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 27.5% on average. The stock has rallied around 61.4% in a year.
The consensus estimate for Alamos’ current fiscal year earnings is pegged at 53 cents, indicating a year-over-year surge of 89.3%. AGI beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 25.6%. The company’s shares have surged 33% in the past year.
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Barrick's (GOLD) Goldrush Mine Approved, Ramp-Up Starts in 2024
Barrick Gold Corporation (GOLD - Free Report) stated that Nevada Gold Mines’ (“NGM”) operational plan for the upcoming Goldrush underground mine at the Cortez Complex near Beowawe, NV, has been approved by the US Bureau of Land Management. With production ramp-up likely to commence in 2024, the long-life Goldrush mine is projected to produce 130,000 ounces in 2024. Production is expected to increase 100% to approximately 400,000 ounces per annum by 2028.
Barrick Gold and NGM have collectively invested more than $370 million in the project thus far, with a total expenditure of approximately $1 billion (100% basis). Recruitment efforts are underway and the delivery of production equipment is on schedule.
The issuance of the Record of Decision (ROD) comes after a comprehensive multi-year consultation and independent impacts analysis process mandated by the National Environmental Policy Act. This process, inclusive of specialized environmental studies, facilitated engagement with all stakeholders and allowed their input to shape the outcome.
Goldrush's development is expected to generate around 500 jobs during construction and an additional 570 new jobs during operational phases. Beyond job creation, the project is set to contribute significantly to tax revenues, including gold and silver excise taxes earmarked for education in Nevada, amounting to millions of dollars.
Barrick is the majority owner and operator of NGM, the world's largest gold production complex. Goldrush serves as a testament to the considerable growth prospects inherent in the Cortez Complex apart from expanding an asset base that already has three Tier One mines.
Barrick’s shares have lost 6% in the past year against a 0.1% rise of the industry.
Image Source: Zacks Investment Research
The company’s adjusted earnings per share in the third quarter of 24 cents beat the Zacks Consensus Estimate of 21 cents. It recorded total sales of $2,862 million in the quarter, up 13% year over year. The figure missed the Zacks Consensus Estimate of $2,998.8 million.
For 2023, Barrick anticipates attributable gold production to be modestly below the bottom end of its earlier announced guidance of 4.2-4.6 million ounces.
Barrick Gold Corporation Price and Consensus
Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation Quote
Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Axalta Coating Systems Ltd. (AXTA - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and Hawkins, Inc (HWKN - Free Report) and Alamos Gold Inc. (AGI - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for AXTA’s current-year earnings is pegged at $1.58, indicating year-over-year growth of 6.8%. AXTA beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 6.7%. The company’s shares have increased 23.8% in the past year.
The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 1.8% in the past 60 days. HWKN beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 27.5% on average. The stock has rallied around 61.4% in a year.
The consensus estimate for Alamos’ current fiscal year earnings is pegged at 53 cents, indicating a year-over-year surge of 89.3%. AGI beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 25.6%. The company’s shares have surged 33% in the past year.