19:32:35 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2014-07-28 C$ 20.18
Market Cap C$ 23,503,032,689
Recent Sedar Documents

Globe says investors await clarity from Barrick

2014-07-29 07:40 ET - In the News

The Globe and Mail reports in its Tuesday edition the eve of the first full meeting of Barrick Gold's new board, investors are in the dark about the gold giant's strategy. The Globe's Rachelle Younglai Barrick's chairman John Thornton said he wants Barrick to be the "leading gold company" and a "leader" in copper. What that means is unknown. "I don't think they have been clear, and I don't think they have made up their minds yet," said Michael Sprung, president of Sprung Investment. Mr. Thornton got rid of the company's chief executive officer position. The co-presidents' first major task is to conduct an analysis of Barrick's 17 mines, which will take between three to six months. Shareholders are anxious over whether Barrick will pursue another transformational deal, or alternatively, whether Barrick will sell its copper assets, which some analysts say is needed to pay down its debt. "I really want to see their strategy outlined and say, 'Does it make sense to continue to hold the stock?'" said Don Reed, president of Franklin Templeton Investments in Canada. It looks unlikely Mr. Thornton will follow Mr. Munk down the merger path. He has also dismissed rumours the Lumwana copper mine is for sale.

© 2024 Canjex Publishing Ltd. All rights reserved.