We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Barrick (GOLD) Achieves Production Targets in Tanzanian Mines
Read MoreHide Full Article
Barrick Gold Corporation (GOLD - Free Report) announced the achievement of production targets for 2023 at its North Mara and Bulyanhulu gold mines, both forming part of the Twiga Minerals joint venture with the Government of Tanzania. Barrick highlighted the remarkable transformation of these once derelict mines into a world-class complex, showcasing the positive outcomes possible through collaboration between mining companies and host governments.
Barrick emphasized that the Twiga partnership not only revitalized Tanzania's gold mining industry but also positioned the country as a prime investment destination with abundant metal and mineral resources. The mines, operating at a Tier One level, have been pivotal in contributing to the Tanzanian government's revenues, surpassing other sectors through taxes, job creation, support to local suppliers, community initiatives and shareholder distributions. Since Barrick's takeover in 2019, the mines’ contribution to the Tanzanian economy exceeded $3.4 billion.
Both North Mara and Bulyanhulu mines have undergone successful conversion drilling, replenishing reserves and exploring opportunities for expansion. North Mara is exploring the potential for another underground operation and optimizing its open-cast mine plan. At the same time, Bulyanhulu has identified near-surface opportunities to increase production and enhance mining flexibility.
Barrick highlighted the mines' recognition in various areas, including being certified as a Top Employer by the global Top Employer Institute and receiving accolades for social responsibility programs and workplace excellence. The mines have also been commended for their contributions to health and safety, crisis management, and efforts against violence towards women and children.
Twiga Minerals, in collaboration with the Tanzanian government, is making significant strides in community development. The first phase of the $30 million Future Forward education initiative, aimed at improving educational infrastructure, is nearing completion. Twiga is also progressing with a $40-million commitment to construct a 73-kilometer road to Kahama airport, contributing to regional economic growth.
As part of its commitment to environmental responsibility, Barrick is actively rehabilitating the closed Buzwagi mine, envisioning the establishment of a Special Economic Zone. Barrick expressed confidence that the success of the partnership model in Tanzania represents the future of mining, particularly in developing countries, citing its application in other projects, such as the Porgera mine in Papua New Guinea and the Reko Diq copper-gold project in Pakistan.
Barrick’s shares have lost 17.7% in the past year compared with a 12.7% fall of the industry.
Cameco has a projected earnings growth rate of 156% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 6.7% in the past 60 days. The stock is up around 78.7% in a year.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.96, indicating a year-over-year surge of 247.4%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 49.9% in the past year.
ANDE beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 32.8%. The company’s shares have increased 47.5% in the past year.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Barrick (GOLD) Achieves Production Targets in Tanzanian Mines
Barrick Gold Corporation (GOLD - Free Report) announced the achievement of production targets for 2023 at its North Mara and Bulyanhulu gold mines, both forming part of the Twiga Minerals joint venture with the Government of Tanzania. Barrick highlighted the remarkable transformation of these once derelict mines into a world-class complex, showcasing the positive outcomes possible through collaboration between mining companies and host governments.
Barrick emphasized that the Twiga partnership not only revitalized Tanzania's gold mining industry but also positioned the country as a prime investment destination with abundant metal and mineral resources. The mines, operating at a Tier One level, have been pivotal in contributing to the Tanzanian government's revenues, surpassing other sectors through taxes, job creation, support to local suppliers, community initiatives and shareholder distributions. Since Barrick's takeover in 2019, the mines’ contribution to the Tanzanian economy exceeded $3.4 billion.
Both North Mara and Bulyanhulu mines have undergone successful conversion drilling, replenishing reserves and exploring opportunities for expansion. North Mara is exploring the potential for another underground operation and optimizing its open-cast mine plan. At the same time, Bulyanhulu has identified near-surface opportunities to increase production and enhance mining flexibility.
Barrick Gold Corporation Price and Consensus
Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation Quote
Barrick highlighted the mines' recognition in various areas, including being certified as a Top Employer by the global Top Employer Institute and receiving accolades for social responsibility programs and workplace excellence. The mines have also been commended for their contributions to health and safety, crisis management, and efforts against violence towards women and children.
Twiga Minerals, in collaboration with the Tanzanian government, is making significant strides in community development. The first phase of the $30 million Future Forward education initiative, aimed at improving educational infrastructure, is nearing completion. Twiga is also progressing with a $40-million commitment to construct a 73-kilometer road to Kahama airport, contributing to regional economic growth.
As part of its commitment to environmental responsibility, Barrick is actively rehabilitating the closed Buzwagi mine, envisioning the establishment of a Special Economic Zone. Barrick expressed confidence that the success of the partnership model in Tanzania represents the future of mining, particularly in developing countries, citing its application in other projects, such as the Porgera mine in Papua New Guinea and the Reko Diq copper-gold project in Pakistan.
Barrick’s shares have lost 17.7% in the past year compared with a 12.7% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Cameco Corporation (CCJ - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and The Andersons (ANDE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cameco has a projected earnings growth rate of 156% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 6.7% in the past 60 days. The stock is up around 78.7% in a year.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.96, indicating a year-over-year surge of 247.4%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 49.9% in the past year.
ANDE beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 32.8%. The company’s shares have increased 47.5% in the past year.