Momentum Stock in Focus: Barrick Gold Corporation (NYSE:ABX)

Barrick Gold Corporation (NYSE:ABX) opened at $16, after touching a high price of $16.09 and a low price of $15.67, finally closed at $15.69 by losing -1.94 percent. The stock has a 52-week range of $6.9-$23.47. The average volume of the stock is 15.93 Million, while the average price target for the stock is $23.03. The stock has a market cap of $18.64 Billion and P/E ratio of 0.

Latest News:

The company on Oct 4, 2016 declared the resumption of normal operations at the Veladero mine in Argentina following approval from San Juan provincial authorities.

Operations at the mine were suspended on September 15, a week after falling ice damaged a pipe carrying process solution in the leach pad area, causing some material to leave the leach pad. This material, primarily crushed ore saturated with process solution, was contained on the mine site and returned to the leach pad. Extensive water monitoring in the area has confirmed the incident did not result in any environmental impacts. The company has finished a series of remedial works required by provincial authorities designed to prevent such an incident from reoccurring, including increasing the height of the perimeter berms that surround the leach pad.

As normal operations resume, the company will continue to assess the impact of the temporary suspension on Veladero’s production for 2016. However, Barrick continues to expect total gold production for 2016 in the range of 5.0-5.5 million ounces at a cost of sales applicable to gold of $5.2-$5.5 billion and all-in sustaining costs of $750-$790 per ounce.

Barrick Gold Corporation engages in the exploration and development of mineral properties in the United States, Canada, Australia, Argentina, Chile, Peru, the Dominican Republic, Papua New Guinea, Tanzania, Zambia, and Saudi Arabia. It primarily explores for gold, copper, and nickel deposits. The company’s principal properties include Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, and Veladero.

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