Barrick (GOLD) Announces Partnership With Geophysx Jamaica

Barrick Gold Corporation GOLD recently announced that its subsidiary, Barrick Gold (International Holdings) Ltd., has entered into an exploratory earn-in agreement with Geophysx Jamaica Ltd. for certain assets in Jamaica.

The agreement initially grants Barrick access to about 4,000 square kilometers of consolidated land positions across the country, with a favorable geological setting similar to the Dominican Republic, where Barrick runs the Pueblo Viejo mine.

Barrick will be able to collaborate with Geophysx to gain up to an 80% joint venture interest in specific properties after meeting specified spending commitments and study-deliverable milestones. Barrick will serve as the operator in collaboration with Geophysx, utilizing the latter’s existing personnel, experience, facilities and equipment.

Geophysx has conducted high-quality early-stage exploratory work such as geochemical sampling, geological mapping and industry-leading airborne geophysical surveys. These datasets allow the two organizations to quickly move to target definition and boost opportunities for discovering additional resources.

GOLD looks to advance the partnership by combining and using Geophysx's expertise and presence on the island, as well as the outstanding dataset they have built, with Barrick's technical and financial resources to deliver fresh, world-class discoveries. The company intends to collaborate with Jamaica’s government on projects that will benefit both the country and local populations.

Shares of GOLD have lost 15.4% over the past year compared with a 6% decline of its industry.

Zacks Investment Research
Image Source: Zacks Investment Research

For 2024, Barrick anticipates attributable gold production to be in the range of 3.9-4.3 million ounces.

AISC is projected to be $1,320-$1,420 per ounce. Cash costs per ounce are forecast to be $940-$1,020. The company expects a cost of sales of $1,320-$1,420 per ounce.

GOLD expects a copper production of 180,000-210,000 tons at an AISC of $3.10-$3.40 per pound, cash costs per pound of $2-$2.30 and cost of sales of $2.65-$2.95 per pound.

Capital expenditures are projected in the range of $2,500-$2,900 million for 2024.

Barrick Gold Corporation Price and Consensus

Barrick Gold Corporation Price and Consensus

Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation Quote

Zacks Rank & Key Picks

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

Better-ranked stocks in the basic materials space include ATI Inc. ATI, Carpenter Technology Corporation CRS and Ecolab Inc. ECL.

ATI carrying a Zacks Rank #1 (Strong Buy). ATI beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.3%. The company’s shares have soared 58.5% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 15.1%. The company’s shares have soared 101.6%% in the past year.

The Zacks Consensus Estimate for Ecolab’s current-year earnings is pegged at $6.55 per share, indicating a year-over-year rise of 25.7%. ECL, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The company’s shares have rallied roughly 34.8% in the past year.

 

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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