#2 - Barrick Gold (NYSE:GOLD)
Back in the 1980s, the car rental company Avis had the slogan “we try harder” in relation to their #2 position in the market. That may be a good way to describe Barrick Gold Corp. (NYSE: GOLD). Newmont may be the leader in the sector, but Barrick has a plan to become the leader over time.
Specifically, Barrick puts its focus on operating what it defines as “Tier One” mining assets. These are companies that can produce more than 500,000 ounces of gold per year, have an operating life of at least 10 more years, and have a low-cost operation as defined by total costs per ounce.
With this focus on Tier One assets, Barrick expects to produce an average of 6.5 million ounces every year. The miner currently has six Tier One assets and had 76 million ounces of gold reserves at the end of 2022.
About Barrick Gold
Barrick Gold Corporation is a sector-leading gold and copper producer. Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.
Read More - Current Price
- $15.46
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 7 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $24.82 (60.5% Upside)
