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Four employees of Barrick Gold Corp. have been arrested by Mali’s military government amid escalating disputes over the company's local mining operations. Charged and detained pending trial, Barrick denies the allegations and aims to engage with the Malian government for a sustainable resolution.
Barrick Gold Corp. remains a buy recommendation from Raiffeisen Bank International AG, despite recent challenges including issues in Mali, mixed Q3 results, and a declining gold price due to the US election. Analyst Gregor Koppensteiner has lowered the price target to CAD 30, citing the company"s sustainability efforts, low debt, and moderate valuation as factors that could drive future growth.
Resolute Mining Ltd's CEO has been detained in Mali amid a regulatory overhaul in West Africa, as governments seek to boost revenue from natural resources. The military junta in Mali is intensifying its scrutiny of mining operations, affecting both Resolute and Barrick Gold Corp., which faces similar challenges. Other countries in the region, including Niger and Burkina Faso, are also revising mining codes and conducting audits.
Barrick Gold Corp, the world's second-largest gold producer, has struggled to capitalize on the recent surge in bullion prices, missing production targets for the 11th consecutive quarter. Higher operational costs and political instability at its mines in Africa and Asia have led to growing investor dissatisfaction.
Barrick Gold Corp. reported disappointing third-quarter earnings, struggling to manage costs while trying to benefit from rising gold prices. The company faced increased expenses at its mines in the US, Argentina, and Africa, leading to a decline in share prices by as much as 3.1% in Toronto trading.
Barrick Gold Corporation, which explores and sells silver and energy materials, has ownership interests in gold mines across several countries, including Argentina and the United States. Recently, UBS Group downgraded its rating from "strong-buy" to "hold," while other analysts maintain a "Moderate Buy" consensus with a target price of C$30.77. The company reported a quarterly EPS of C$0.44, exceeding expectations, and has seen insider trading activity with both purchases and sales of shares.
Newmont Corporation (NEM) and Barrick Gold experienced a decline in stock prices following a downgrade by UBS. The market reacted negatively to the news, reflecting investor concerns about the companies' future performance.
Crewe Advisors LLC now holds 1,822 shares of Barrick Gold, valued at $30,000, after acquiring 1,572 additional shares. Jackson Grant Investment Advisers and Eastern Bank also established new positions in the company, each worth about $32,000. Hedge funds and institutional investors own 62.85% of Barrick Gold, which has received mixed ratings from analysts, with a current consensus of "Moderate Buy" and an average target price of $23.50.
Barrick Gold Corp. faces a downgrade from UBS, shifting from "Buy" to "Neutral," with a revised price target of $22.00 due to rising cost risks and weaker-than-expected production. Despite maintaining its 2024 production guidance, concerns over potential cost increases and lower output have led to a cautious outlook. The company continues to demonstrate financial stability, maintaining a strong market capitalization and a long-standing commitment to dividend payments.
Mali's military government has threatened to allow Barrick Gold Corp.'s Loulo mine permit to expire in February 2026 amid a dispute over the division of economic benefits. Finance Minister Alousseni Sanou indicated that Mali may not renew the operating permit and has invited Barrick to discussions on the mine's transition phase later this month.
Barrick Gold Corporation
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