Barrick Gold (ABX.T) announced this morning that operations at the Lumwana copper mine in Zambia will be suspended. The decision comes after the passing of new legislation that will increase the royalty rate from 6 to 20 percent. The new royalty legislation is effective January 1st, 2015 and eliminates corporate income tax but puts… Continue Reading
With the gold price waffling near $1,200/ounce, close to the ‘fully loaded’ cost for many gold producers (Dundee’s definition of fully loaded cost = the sum of Total Cash Costs (incl. royalties) plus, cash G&A, exploration, cash taxes, cash interest and true sustaining capital costs), the #1 topic of conversation among gold mining investors & analysts are costs.… Continue Reading
This July, after two years at the helm of the world’s largest gold miner, Jamie Sokalsky stepped down as President and CEO of Barrick. Fast forward a few months and Sokalsky announced this morning that he would be joining a junior exploration and TSX Venture-listed company as Chairman. Probe Mines (PRB:TSXV), which is developing a high-grade gold project in Ontario,… Continue Reading
Nevada is the place where Newmont and Barrick made their names. It is a place of very large gold operations that have been producing for decades and continue to provide these behemoth gold miners with baseline production and profits. It is estimated that Nevada produces 80% of the total US gold production. This morning, Nevada’s newest gold mine… Continue Reading
Freeport was founded in 1912 (then called Freeport Sulphur) in Freeport, Texas and currently employs over 36,000 people and is the US’ largest miner. According to a Wall Street Journal report today, Aaron Regent’s private equity firm, Magris Resources, is among the bidders for Freeport-McMoRan’s (FCX:NYSE) Candelaria copper mine in Chile which could raise multiple billions of… Continue Reading
Yesterday, Australian-listed Papillon Resources (PIR:ASX) was halted at the company’s request pending a “potential corporate transaction”. If Papillon is part of a larger producers’ M&A mandate, then it would represent the 3rd such gold transaction in the past 2 weeks. Last week saw Rio Alto make a friendly, $300 million, bid for nearby Sulliden Gold and… Continue Reading
Tommy here… The gold mining industry has heard a lot about companies “high grading” their deposits to target the highest margin ores, thus sterilizing the lower grade material, as a defensive measure amid the past three year bear market in gold and mining stocks. Adam Simmons, Ph.D. Geology and Investment Advisor at PI Financial, who co-author’s the Digging… Continue Reading
Original Franco-Nevada founder and billionaire Canadian financier Seymour Schulich revealed a new 11 million share long position in embattled miner Barrick Gold yesterday, worth roughly $211,200,000 at today’s prices. Mr. Schulich also said he considers a Barrick Newmont merger “constructive,” noting that it would create a “very large” Canadian company. Mr. Schulich is bullish on gold… Continue Reading
The Economist is out with a first class post on Barrick Gold founder Peter Munk. Munk’s tale How a former refugee from the Nazis made and lost several fortunes Apr 19th 2014 | From the print edition YOU can’t be right all the time. In a 1995 profile of Peter Munk, the founder of Barrick Gold,… Continue Reading
Eric Reguly, Europe Business Correspondent for the Globe and Mail, has an excellent new profile out on 87 year old Barrick Gold Co-Chairman Peter Munk, who is expected to step down from the world’s largest gold miner he co-founded next month. The transition to retirement could either save Munk’s life or kill him, Reguly writes. Apparently… Continue Reading
Barrick Gold (ABX) was one of our top picks for 2014 and the chart has done nothing but get better as the year has progressed – there is ample potential for a huge breakout over the coming weeks: Click to enlarge RBC upgraded Barrick to outperform this morning: “We believe Barrick has the ability to… Continue Reading
Recently, we had the pleasure of sitting down with two of exploration geology’s brightest young stars; Dr. Alan Wainwright and Daniel MacNeil. Dr. Wainwright (Chief Geologist) and Mr. MacNeil (Project Acquisition and Development) allowed us to visit them in the humble Vancouver offices of their current venture, Desert Star Resources (DSR:TSXV). Mr. MacNeil has over… Continue Reading
Late last night, Silver Standard Resources (SSO:TSX) announced it has entered into an agreement with Barrick and Goldcorp to acquire their producing Marigold mine in Nevada for $275 million. The mine is owned 66.7% and 33.3% by Goldcorp and Barrick, respectively. The mine produce 162,000 ounces of gold in 2013 and is expected to produce between… Continue Reading
Today is the one year anniversary of making this video with my brother. I thought it would be a great opportunity to share some of my favourite mining and energy quotes, starting with one from Mr. Lowell, of course: “If there’s anything my career says about me, it’s that I’m very good at being wrong.”… Continue Reading
GMP data by YCharts If GMP Securities’ business is fully integrated in the resource space, then you could reasonably expect the shares of the company to mirror the resource markets at large, especially the Canadian junior space (granted, many assumptions need to be made). GMP runs a, predominately, institutionally-focused business whereby they underwrite or advise resource companies. So their… Continue Reading
