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Barrick Gold's Fourmile Project Displays World-Class Potential

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Barrick Gold Corporation (GOLD - Free Report) has updated its mineral resource estimate for its fully-owned Fourmile project in Nevada, marking a 192% increase in indicated resources (1.4 million ounces grading 11.76g/t), a 137% rise in inferred resources (6.4 million ounces grading 14.1g/t) and a 35% increase in grade from Barrick's 2023 year-end mineral resource estimate. 

The increases include the inclusion of 25 new drill holes in the 2023 mineral resource estimate throughout the southernmost region of the orebody and adjacent to the Goldrush project at Cortez, which is part of the Nevada Gold Mines ("NGM") joint venture.

The strategy of investing in organic expansion through exploration and mineral resource management has distinguished the company from the industry. The company believes in building real value through discovery and development rather than relying on rising gold prices to justify high-priced mergers and acquisitions.

Barrick’s shares have gained 10% in the past year compared with a 30.7% rise of the industry

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For 2024, Barrick anticipates attributable gold production to be at the bottom end of its earlier announced guidance of 3.9-4.3 million ounces.

All-in-sustaining costs (AISC) are projected to be $1,320-$1,420 per ounce. The company also expects cash costs per ounce of $940-$1,020.

GOLD expects a copper production of 180-210 million pounds at AISC of $3.10-$3.40 per pound, cash costs per ounce of $2-$2.30 and cost of sales of $2.65-$2.95 per pound.

Capital expenditures are projected to be in the band of $2,500-$2,900 million.

GOLD’s Rank & Key Picks

GOLD currently carries a Zacks Rank #3 (Hold).

Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , DuPont de Nemours, Inc. (DD - Free Report) and CF Industries Inc. (CF - Free Report) . 

Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 160% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for DD’s current-year earnings is pegged at $3.88 per share, indicating a year-over-year rise of 11.5%. DD, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 12.9%. The company's shares have rallied roughly 16.9% in the past year.

The Zacks Consensus Estimate for CF’s current-year earnings is pegged at $6.32 per share. CF, a Zacks Rank #1 stock, beat the consensus estimate in two of the last four quarters while missed twice, with the average earnings surprise being 10.3%. CF has rallied around 18.3% in the past year.

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