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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2014-10-29 C$ 14.34
Market Cap C$ 16,701,362,179
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FP says strong Barrick results fail to convince market

2014-10-30 09:15 ET - In the News

The Financial Post reports in its Thursday edition Barrick Gold posted strong quarterly results on Wednesday which did little to halt the horrendous drop in its share price. The Post's Peter Koven writes following an afternoon in which the stock fell to its lowest level in more than two decades, Barrick beat analyst expectations with its third-quarter results. It also lowered its annual cost guidance for the second consecutive quarter. Adjusted third quarter earnings were $222-million, or 19 cents a share, which was above the average analyst forecasts (all figures U.S.). All-in sustaining costs were just $834 an ounce, which led the company to lower its guidance for the year to between $880 and $920 an ounce from an earlier estimate of $900 to $940. Nonetheless, Barrick still faces major headwinds. Gold prices are weak, it has high debt and no growth prospects for several years. Also, its Lumwana mine in Zambia is now threatened by a proposed royalty increase from 6 per cent to 20 per cent, which Barrick warned would "challenge the economic viability" of the mine. Despite big changes at the board and management level over the past year, none has provided any kind of boost to the share price.

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