Barrick Gold (ABX)

ancona

Praying Mantis
Messages
3,370
Reaction score
1
Points
0
Location
Waaay south
I see the shareholders rejected a massive pay package for some former Goldman bacterium they hired as co-chairman. The greed and hubris of these arrogant fuckers needs to be called out folks. As shareholders, you are ostensibly entitled to voice your opinion, so I suggest that you do.
 

pmbug

Your Host
Administrator
Messages
7,540
Reaction score
48
Points
203
Location
Texas
Hmmm...
... with gold marching higher in 2008 and 2009, investors pressured mining executives to unwind the hedges and give them greater leverage to gold prices Barrick Gold Corp. ABX.T +0.41%, the largest miner by production and market capitalization, took the plunge in late 2009, spending more than $5 billion to buy back its gold hedges.

“With the hedge book gone, we now have full leverage for the gold price,” Barrick’s then-chief executive, Aaron Regent, said in early 2010.
...
“Our policy is not to hedge gold,” a Barrick spokesman said on Tuesday. “That reflects what we hear from our investors.”
...
http://blogs.wsj.com/moneybeat/2013/04/16/no-hedges-gold-companies-live-dangerously/

The chief executive of Tanzania's largest gold miner, African Barrick Gold PLC (ABG.LN), said Thursday the company has no plans to hedge its gold production following the recent gold price rout.

"When we talk to all of our investors over the last three years, none of our investors are really interested in us [hedging]. They want the exposure to the gold price," Greg Hawkins told Dow Jones Newswires in an interview.
...
http://online.wsj.com/article/BT-CO-20130418-702733.html?mod=googlenews_wsj
 

swissaustrian

Yellow Jacket
Messages
2,053
Reaction score
0
Points
0
Maybe they don't consider forward selling hedging. They might call it project financing.
Hedging might just be outright shorting in their opinion.
Barrick has a history of stupidity and lies, so I don't trust them.
 

pmbug

Your Host
Administrator
Messages
7,540
Reaction score
48
Points
203
Location
Texas
Ouch. Sounds like they are getting squeezed from all sides.
 

pmbug

Your Host
Administrator
Messages
7,540
Reaction score
48
Points
203
Location
Texas
Turk and Sinclair seem to think Barrick is hedged:
...
Eric King: “There was another interview yesterday on KWN with James Turk, and he was actually discussing the fact that a major mining company appears to have gotten itself into trouble with some hedging. Turk was talking about 65 million ounces of silver that was hedged, and significant amounts of gold as well. The project they were hedging this for has now been halted due to a government court order. This mine was supposed to produce 800,000 ounces of gold and 35 million ounces of silver annually. Turk suggests this situation is setting up to create a major short squeeze.”

Sinclair: “The company that was foremost in the hedging of gold in the 1990s, and early 2000s, and whose Chairman preached the religion of selling over the counter derivatives forward on gold, is once again forward selling future gold production.
...
http://kingworldnews.com/kingworldn..._Blackout,_Panic_&_A_Major_Short_Squeeze.html

...
But also consider that according to its 31 March 2013 financial report, Barrick has hedged 65 million ounces of silver, which is 8% of the world's annual silver production. What is the bullion bank, who sold that hedge to Barrick, going to do if those 65 million ounces don't get mined and delivered to it?

What is Barrick going to do if the bullion bank forces it to deliver physical silver to close the hedge? What are the shorts in silver going to do when they realize that there is a potential time bomb here that could substantially reduce the near-term forecast of silver supply?
...
http://kingworldnews.com/kingworldn...r_Of_All_Short_Squeezes_In_Gold_&_Silver.html
 

pmbug

Your Host
Administrator
Messages
7,540
Reaction score
48
Points
203
Location
Texas
Temporary (see posts 13 & 14) continues...
Chile's environmental regulator blocked Barrick Gold Corp.'s US$8.5-billion Pascua-Lama project on Friday and imposed its maximum fine on the world's largest gold miner, citing "very serious" violations of its environmental permit as well as a failure by the company to accurately describe what it had done wrong.

After a four-month investigation, the environmental superintendent said all other construction work on Pascua-Lama must stop until Barrick builds the systems it promised to put in place beforehand for containing contaminated water.

The fines add up to 8 billion pesos -- about $16 million -- the highest possible under Chilean law.
...
The sanctions don't mean the end of Pascua-Lama -- far from it.

Barrick has committed to $30 million in remedial work, and the agency urged the company to do this quickly, starting with temporary measures to contain any runoff while it builds more permanent structures.
...
The sanctions also were praised by independent mining experts, who noted that the containment structures Barrick failed to build -- including a canal to divert rainwater from huge piles of cast-off rock, and thus to minimize the acid runoff that broken rock releases into the groundwater -- were a fundamental part of the environmental permit Barrick obtained.
...
http://www.theglobeandmail.com/repo...for-environmental-violations/article12129034/
 

pmbug

Your Host
Administrator
Messages
7,540
Reaction score
48
Points
203
Location
Texas
June 2012:
ABX ousted it's CEO today because of weak stock performance. :flail:
He is going to be replaced by the CFO.
...
August 2013:
African Barrick Gold (ABG), which has seldom seemed able to meet its operating objectives since its spin-off from parent Barrick Gold and listing on the London Stock Exchange three years ago, has announced the resignation of its Chief Executive Officer, Greg Hawkins ‘to pursue other opportunities’, and his replacement by Australian Bradley Gordon who takes over with immediate effect. Gordon resigned from his previous position as CEO of Intrepid Mines last month – presumably with the ABG appointment already settled.
...
http://www.mineweb.com/mineweb/content/en//mineweb-gold-news?oid=201910&sn=Detail

~~~

Edit: Ooops... I see that ABG and ABX are separate companies. Nevermind...
 

matrixxx

Banned
Messages
2
Reaction score
0
Points
0
If only I could go back to 2011...
 
Last edited by a moderator:

pmbug

Your Host
Administrator
Messages
7,540
Reaction score
48
Points
203
Location
Texas
Barrick making some big moves recently. Not really sure what to make of it all...

Barrick Gold Corporation (ABX) has inked a mutual investment agreement with Shandong Gold Group Co., Ltd. The move strengthens the company's partnership with one of the leading mining companies in China.

Per the deal, Shandong Gold will acquire up to $300 million of Barrick's shares. Barrick will invest an equivalent amount in shares of Shandong Gold Mining Co., Ltd., which is controlled by Shandong Gold. The shares will be purchased in the open market. The companies, through the partnership, expect to leverage collective strengths to unlock long-term value for respective shareholders.

In July 2018, Barrick and Shandong Gold entered into an enhanced strategic cooperation agreement. The latest cross shareholding deal builds on this agreement.
...
https://www.nasdaq.com/article/barrick-shandong-gold-enter-into-cross-shareholding-deal-cm1028434

Canada's Barrick Gold (ABX) is buying rival Randgold (GOLD) to create the world's biggest gold miner, the two companies announced Monday.
...
The new company will control five of the world's top ten gold mines and have "the largest gold ‎reserves amongst senior gold peers," Barrick and Randgold said Monday.
...
https://money.cnn.com/2018/09/24/investing/barrick-randgold-merger-deal/index.html
 

pmbug

Your Host
Administrator
Messages
7,540
Reaction score
48
Points
203
Location
Texas
Barrick Gold Corp will seek Chinese investments in some of its African mines to offset higher risk stemming from its planned $6.5 billion all-stock acquisition of Africa-focused miner Randgold Resources, people familiar with Barrick’s thinking said.
...
Barrick’s African expansion is a departure from its recent strategy of focusing on relatively safe regions like the United States. Africa will represent about 30 percent of Barrick’s net asset value after the deal closes, up from some 15 percent, Desjardins Securities estimates.

Chinese involvement in Africa will likely include minority stakes or joint ventures in mines, the people familiar with Barrick’s thinking told Reuters.

China’s Zijin Mining Group and Shandong Gold said this week the deal provides additional opportunities to expand their partnerships with Barrick in Africa.

“The question for Barrick is, how do you balance the risk profile with the growth profile?” said David Neuhauser, managing director of U.S. hedge fund Livermore Partners and a Barrick shareholder, who supports the deal but recognizes the risks associated with Africa.

“Barrick’s potential partnerships with the Chinese could de-risk its African exposure,” he added.
...
https://www.reuters.com/article/ran...isk-after-randgold-deal-sources-idUSL2N1WE1MW

So there it is. Would African countries be less likely to pull shenanigans on Barrick if China is also seated at the table? I guess so since China has a lot of other economic activity in the region and you mess with them on (gold) mining, they could retaliate in other (trade) sectors.
 

pmbug

Your Host
Administrator
Messages
7,540
Reaction score
48
Points
203
Location
Texas

pmbug

Your Host
Administrator
Messages
7,540
Reaction score
48
Points
203
Location
Texas
* bump *

Warren Buffett’s Berkshire Hathaway holding company took a stake in Barrick Gold Corp., while exiting or reducing holdings in shares of financial companies in the quarter ended July 1, according to a filing with the Securities and Exchange Commission Friday.

The filing showed Berkshire had acquired 16,073,701 shares of Barrick during the period. Shares rose $1.94, or 7.2%, to $28.93 in after-hours trading Friday.

Berkshire dumped its holdings in Goldman Sachs, and reduced its holdings in JPMorgan Chase by 60% and in Wells Fargo by 26%, according to the filing.
...

Is Hell freezing over? Or does he know something about the risks to the banking sector and currency that warranted this change in investments?
 

shinnosuke

Fly on the Wall
Messages
19
Reaction score
2
Points
18
Location
Texas
A month has passed since Buffett bought into some ancient relic. Any more clarity now than then?
 

rblong2us

Yellow Jacket
Messages
2,142
Reaction score
28
Points
163
Location
off world
Rumour has it that he needs it all, to make enough for him to improve his health and functionality (-;

 
Top