African Barrick Spinoff Raises $834 Million

Zacks.com submits: Barrick Gold Corporation (ABX) has raised about $834 million from spinning off African Barrick Gold plc through an initial public offering. Barrick has offered about 101 million shares priced at $8.8 (575 pence), at the lower end of the expected price range of $8.6 to $10.1(550 pence to 650 pence). Toronto-based Barrick has [...]

Barrick is scurrying around apologizing for hedge book

Barrick Shuts Hedge Book as World Gold Supply Runs Out By Ambrose Evans-Pritchard, The Telegraph Global gold production is in terminal decline despite record prices and Herculean efforts by mining companies to discover fresh sources of ore in remote spots, according to the world’s top producer Barrick Gold. Aaron Regent, president of the Canadian gold giant, [...]

A bit late, Barrick aims for ‘full leverage’ to gold price

Gold has been going up for 10 years and they’re still short 2 million ounces. * * * Barrick Gold Posts US$5.4 Billion Net loss on Windup of Gold Hedging Program By Kristine Owram, The Canadian Press TORONTO — Barrick Gold Corp. lost US$5.4 billion in the third quarter due to the windup of its gold [...]

Barrick still mulling over Cerro Casale numbers

Canadian gold-miners Barrick Gold and Kinross Gold have completed a draft feasibility study on their Cerro Casale project, in Chile, but there is still some work to be done to improve the economics of the project, Barrick CEO Aaron Regent said on Thursday. “We intend to spend the next few months reviewing various options to [...]

Barrick’s adjusted earnings rise 17%

The world’s biggest gold miner, Canadian Barrick Gold, on Thursday reported a big net loss for the third quarter, essentially because of a $5,7-billion accounting charge related to the company’s announcement that it will eliminate its gold hedges. The firm lost $5,4-billion, compared with a $254-million profit a year earlier. Read more….

Barrick launches cost saving review; will cut 80 jobs

The group added it will take a $30m one time charge to its earnings Read more….

Gold at $2,000 Becomes Inflation-Adjusted Bullseye for ‘80 High

By Pham-Duy Nguyen Oct. 19 (Bloomberg) — Gold’s rally to a record means prices are still 53 percent below the 1980 inflation-adjusted peak. While gold rose 19 percent this year to $1,072 an ounce on Oct. 14, consumer prices almost tripled in the past three decades, eroding the metal’s value. Bullion hasn’t kept pace with [...]

Barrick to cut about 80 jobs, mainly corporate

Toronto-based Barrick Gold expects to save at least $50-million a year once it has completed planned changes to its organisational structure, the gold-miner said on Monday. Following an internal review, the company has identified and plans to eliminate “areas of overlap” and will give more responsibility to its regional business units. Read more….

Barrick Gold Buys Chilean Mine but Still Expects Lower Production for 2009

Zacks.com submits: Barrick Gold Corporation (ABX), the largest gold mining company in the world, has entered into an agreement with Xstrata Copper Chile S.A., a wholly owned subsidiary of Xstrata Plc (XSRAF.PK), to acquire Xstrata’s 70% interest in the El Morro project for $465 million in cash. Another Canadian miner, New Gold Inc. (NGD) owns [...]

Xstrata to sell El Morro to Barrick for $465m

World number-one gold-miner Barrick Gold will buy Xstrata’s 70% stake in the El Morro copper/gold project in Chile for $465-million, adding another "large, high-quality" gold/copper resource to its portfolio. El Morro is located near Barrick’s Pascua-Lama and Cerro Casale projects, and Barrick CEO Aaron Regent said that the gold company would look to capture potential [...]

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