Send me real-time posts from this site at my email
Zacks

Barrick (GOLD) Q3 Production Rises, Set to Achieve FY21 Targets

Barrick Gold Corporation GOLD recently reported preliminary third-quarter sales of 1.07 million ounces of gold and 101 million pounds of copper. It also reported preliminary third-quarter production of 1.09 million ounces of gold and 100 million pounds of copper.

The company continues to be on track to achieve 2021 guidance, with the Africa and Middle East as well as Latin America and Asia Pacific regions trending to the top end of their regional gold guidance and North America to the bottom end.

The average market price for gold in the quarter was $1,790 per ounce, while the average market price for copper was $4.25 per pound.

Preliminary gold production in the third quarter was higher than the previous quarter’s level of 1.04 million ounces, with improved performance at Nevada Gold Mines following planned maintenance shutdowns in the previous quarter. The continuing ramp-up of operations at Bulyanhulu and better performance at Veladero also contributed to the upside.

Third-quarter gold cost of sales per ounce and total cash costs per ounce is forecast to be flat to 2% higher. All-in sustaining costs per ounce are projected to be 4-6% lower than second-quarter levels.

The preliminary third-quarter copper production was higher than the previous quarter’s tally. The fourth quarter is expected to be the strongest quarter of the year, primarily driven by higher grades from Lumwana, Barrick noted. Third-quarter copper cost of sales per pound is forecast to be 5-7% higher, C1 cash costs per pound are expected to be flat to 2% higher and copper all-in sustaining costs per pound are projected to be 4-6% lower than the previous quarter’s figures.

Shares of Barrick have declined 29.5% in the past year compared with a 24% fall of the industry.

Image Source: Zacks Investment Research

Zacks Rank & Key Picks

Barrick currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the basic materials space are Nucor Corporation NUE, The Chemours Company CC and Olin Corporation OLN.

Nucor has a projected earnings growth rate of around 581.1% for the current year. The company’s shares have soared 113.3% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Chemours has an expected earnings growth rate of around 86.4% for the current year. The company’s shares have gained 42.7% in the past year. It currently carries a Zacks Rank #2 (Buy).

Olin has an expected earnings growth rate of around 662.2% for the current year. The company’s shares have surged 205.3% in the past year. It currently flaunts a Zacks Rank #1.


Zacks’ Top Picks to Cash in on Artificial Intelligence

This world-changing technology is projected to generate $100S of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.

See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Nucor Corporation (NUE): Free Stock Analysis Report
 
Barrick Gold Corporation (GOLD): Free Stock Analysis Report
 
Olin Corporation (OLN): Free Stock Analysis Report
 
The Chemours Company (CC): Free Stock Analysis Report
 
To read this article on Zacks.com click here.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue