Latest news with #BarrickGold
Globe and Mail
3 days ago
- Business
- Globe and Mail
This is Why Analysts are Calling for $4000 Gold
Gold prices could easily rally to $4,000 by 2026, creating substantial opportunity for stocks, such as Equinox Gold Corp. (NYSE: EQX) (TSX: EQX), Newmont Corporation (NYSE: NEM) (TSX: NGT), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), Alamos Gold (NYSE: AGI) (TSX: AGI) and Barrick Gold (NYSE: B) (TSX: ABX). In fact, analysts at Goldman Sachs and JPMorgan say it could happen by the middle of next year. Fueling a good deal of momentum, China is still aggressively buying physical gold as it's done for the last three years. In June, China's central bank bought another 70,000 troy ounces of gold in June, bringing its total reserves to 73.9 million ounces. And, according to 'there's growing speculation that the country may be purchasing even more of the metal in secret as part of a strategy to reduce its reliance on the U.S. dollar.' For 2025, analysts at CIBC expect for the metal to test $3,600 an ounce in the second half. All thanks to expectations for lower interest rates, geopolitical uncertainty, and central banks. 'We continue to expect a positive macroeconomic setup for gold,' said CIBC, as quoted by 'We believe [US] rate cuts are likely and it's a matter of 'when and how fast', and not 'if.' Geopolitical tensions in the Middle East and Russia remain elevated. All this uncertainty has led to the acceleration of de-dollarization, supporting gold prices.' Again, it's all having a substantial impact on gold stocks. Look at Equinox Gold Corp. (NYSE: EQX) (TSX: EQX), For Example Equinox Gold's acquisition of Calibre Mining created an Americas-focused diversified gold producer with a portfolio of operating mines in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines. Equinox also just announced a leadership transition. Greg Smith has stepped down as Chief Executive Officer and Director, and Darren Hall, current President and Chief Operating Officer, has been appointed Chief Executive Officer and Director effective immediately. Darren is a proven executive with a long history of mining industry experience who previously served as Calibre Mining's President & Chief Executive Officer from 2021 through to the transaction with Equinox Gold. Concurrent with this transition, David Schummer, formerly Executive Vice President, Operations, has been appointed Chief Operating Officer of Equinox Gold. Ross Beaty, Chair of Equinox Gold, commented: 'Greg is a founding executive and shareholder of Equinox Gold whose leadership and strategic vision have been instrumental in growing the Company from concept into the multi-asset, multi-billion-dollar gold producer it is today. I want to sincerely thank Greg personally, and on behalf of the Board of Directors, for his vision, dedication, and leadership.' Greg Smith stated: 'This is a natural transition point. I'm extremely proud of what we have accomplished since founding Equinox Gold in 2017, having built the Company into a leading gold producer with operations across the Americas and a clear pathway to producing over one million ounces annually. With the recent successful integration of Calibre Mining and key assets like Greenstone ramping up and Valentine moving into production, the Company is well positioned to evolve from growth through acquisition and construction to disciplined execution and operational excellence. It is the right time for a proven operator like Darren to take the helm. He brings the leadership, focus, and operational expertise to optimize this expanded portfolio and unlock its full potential. It has been an honour and privilege to work alongside the talented Equinox Gold team, Ross Beaty, and our board to build this outstanding Company.' Darren Hall brings 40 years of global mining experience with a consistent track record of operational excellence and value creation. As President and Chief Executive Officer of Calibre Mining, he significantly increased production, lowered costs, and drove disciplined capital allocation, delivering strong free cash flow and exceptional shareholder returns. Under his leadership, Calibre transformed into a high-performing gold producer, culminating in its successful merger with Equinox Gold in June 2025. Previously, Darren was Chief Operating Officer at both Kirkland Lake Gold and Newmarket Gold and earlier spent nearly three decades with Newmont Corporation in a series of progressively senior roles. Across all organizations, he has demonstrated a strong commitment to safety, cost discipline, and long-term business performance. Darren Hall, President & Chief Executive Officer added: 'I'm honoured to lead Equinox Gold at such a pivotal moment in the Company's evolution and I'm excited to work alongside our talented team to unlock the full potential of Equinox Gold's exceptional portfolio. Our focus will be on disciplined execution, operational excellence, and delivering consistent, reliable performance as we enter this next phase of growth and optimization, building on the solid foundations Greg and his team have established. This leadership transition marks Equinox Gold's evolution from a high-growth consolidator to a top-tier global gold producer, anchored by Greenstone and Valentine, both high-quality, long-life assets.' David Schummer has over 35 years of mining industry experience working in the U.S., Canada, Peru, Indonesia, West Africa and the Middle East. He is a proven executive leader of large-scale mining companies focused on building a strong health and safety culture and value creation through mining efficiencies. Prior to joining Calibre as COO, David was the COO for Perseus Mining, and prior to that he was the President of Ma'aden Gold and Base Metals (MGBM) and was the Chairman of the Board for both MGBM and Ma'aden Barrick Copper Company. David previously held the role of Executive Vice President & COO at New Gold Inc. and also spent 22 years at Newmont Corporation. Other related developments from around the markets include: Newmont will release its second quarter 2025 results after North American markets close on Thursday, July 24, 2025. A conference call to discuss the results will be held at 5:30 p.m. Eastern Daylight Time the same day, which is 7:30 a.m. Australian Eastern Standard Time on Friday July 25, 2025. A replay of the webcast will be available through the Company's website. The company also published its 2024 Sustainability Report and its 2024 Taxes & Royalties Contribution Report emphasizing the company's environmental, social and governance (ESG) performance and fiscal transparency over the past year. Franco Nevada announced that it has entered into an agreement to acquire an existing royalty package on the Co^te´ Gold Mine in Ontario from a private third party for total cash consideration of $1,050 million. The royalty package consists of a 7.5% gross margin royalty on the Co^te´ Gold Mine. The Royalty applies, on a 100% basis, to mineral production from the Chester 1, 2 & 3 claims which cover all of the Mineral Reserves and over 99.9% of current Mineral Resources on the Co^te´ Gold Mine. Royalty deductions include cash operating costs and exclude all capital, exploration, depreciation and other non-cash costs. The Co^te´ Gold Mine is operated through an unincorporated joint venture by IAMGOLD Corporation and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. (30%). The Co^te´ Gold Mine is one of the newest, large scale, and most modern gold mines to be built in Canada with an already extensive gold Mineral Resource base of more than 16 million ounces of Measured and Indicated Mineral Resources and 4 million ounces of Inferred Mineral Resources. Please refer to the Co^te´ Gold Mine Royalty Acquisition presentation on our website dated May 27, 2025 for additional information. Alamos Gold reported results of the Base Case Life of Mine Plan completed on the Island Gold District operation, located in Ontario, Canada. The Base Case LOM Plan integrates Island Gold and Magino as one consolidated long-life operation that is expected to become one of the largest, lowest-cost, and most profitable gold mines in Canada. An Expansion Study is expected to be released in the fourth quarter of 2025 detailing the significant upside potential within the Island Gold District beyond the Base Case LOM Plan. The Base Case LOM Plan has been updated to reflect the current costing environment, significant growth in Mineral Reserves at Island Gold, operating savings resulting from the use of a larger and more efficient Magino mill, and scope changes since the Phase 3+ Expansion Study ('Phase 3+ Study'), which was completed in 2022. The Base Case LOM Plan includes Mineral Reserves only at Island Gold and Magino. Five years after its formation, the Twiga partnership between Barrick Mining Corporation and the government of Tanzania continues to redefine the role of mining in national development, delivering shared value, operational excellence and long-term investment in the country's future. 'When we established Twiga, it was about more than just resolving legacy issues. It was about building a new future by unlocking Tanzania's gold endowment in a way that fairly shares the benefits and builds lasting value for all stakeholders. Five years on, we've not only re-established Barrick as the sector's leading economic contributor but have also earned national recognition across a range of areas from safety and local content to education and infrastructure,' Barrick president and chief executive Mark Bristow said. Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Calibre Mining Corp. by Calibre Mining Corp. We own ZERO shares of Calibre Mining click here for disclaimer. Contact: Ty Hoffer Winning Media 281.804.7972
See - Sada Elbalad
15-07-2025
- Business
- See - Sada Elbalad
Minister of Petroleum: Mining Sector Achieves $1.5 Billion in Gold and Silver Sales Over One Year
Waleed Farouk Kareem Badawi, Minister of Petroleum and Mineral Resources, stated that promising indications of new gold reserves in Egypt's Eastern Desert were revealed during an exploratory visit conducted by global mining giant Barrick Gold last April. Speaking at the Egypt Mining Forum held today in Cairo, the minister noted that the mining sector witnessed exceptional performance last year. Production of mineral ores increased by 39%, reaching 26 million tons, while export revenues from these ores jumped by 131%, generating an additional $446 million. Badawi pointed out that Egypt produced approximately 640,000 ounces of gold and silver over the past year. He explained that gold sales saw strong growth of 57%, reaching around $1.5 billion, reflecting the sector's growing attractiveness to international investors. He added, 'A total of 1.4 million tons of mineral ores and products were exported during the year, valued at $52.5 million — excluding phosphate ore.' read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Arab News
15-07-2025
- Business
- Arab News
‘Generational benefits' from Reko Diq mines will uplift conflict-hit Balochistan — Barrick CEO
QUETTA: The chief executive of Canadian mining firm Barrick Gold said this week the multibillion-dollar Reko Diq copper and gold project in Pakistan's Balochistan province will deliver 'generational benefits' to the impoverished, conflict-hit region, as he met residents of Humai village near the mine site. The Reko Diq project, jointly owned by Barrick and the governments of Pakistan and Balochistan, is one of the world's largest undeveloped copper-gold deposits. Long delayed by legal disputes and concerns over foreign investment, the mine is seen as a potential economic game changer in a province that has long suffered from poverty, underdevelopment, and armed separatist violence. Balochistan, Pakistan's largest but least populated province, has for years seen unrest rooted in demands for greater autonomy and a larger share of natural resource revenues. Separatist militants have regularly targeted infrastructure, Chinese investments, and security forces. Against this backdrop, Barrick has emphasized its commitment to inclusive and transparent development. 'Reko Diq is not just a mining project; it is a multi-generational opportunity that promises sustained economic and social development for local communities for decades to come,' Barrick CEO Mark Bristow said in a statement on Monday released after he visited Humai, the closest village to the project site in District Chagai. Bristow met local elders and development committee members, reaffirming the company's goal to invest in job creation, skills training, education, and health care for Baloch communities. 'We are creating job opportunities not only through RDMC but also through our large network of partner and supplier companies that are coming onboard to support this major development,' Bristow said. 'Currently, 75 percent of our workforce is from Balochistan — the majority from District Chagai — and we aim to continue strengthening this local representation.' Bristow also highlighted recent investments in health care, including a new Mother and Child Health Center in Humai that offers maternal care services — the first such facility of its kind in the area. 'No meaningful development of this world-class mineral resource can happen without the active involvement and support of the people who live here,' he said. Humai village chief Liaqat Malik and Par-e-Koh Community Development Committee Chairman Taj Muhammad thanked Bristow and RDMC for their engagement and development work, pledging continued community support for the project, according to the Barrick statement. The Reko Diq project is expected to begin production by 2028 and generate thousands of jobs while significantly boosting Pakistan's export revenues. The Pakistani government has said it will ensure environmental protections and fair distribution of project benefits, though watchdog groups continue to call for greater transparency and community participation in oversight.
Daily News Egypt
13-07-2025
- Business
- Daily News Egypt
Mali Sells Gold from Disputed Barrick Mine Amid Legal Standoff
Mali's transitional government has approved the exceptional sale of one metric ton of gold—worth approximately $106 million—from the Loulo-Gounkoto mine, previously operated by Canadian mining giant Barrick Gold, amid ongoing legal and contractual disputes. According to officials, proceeds from the sale will be used to pay workers' salaries and settle outstanding debts with suppliers. The move underscores the military-led government's growing efforts to assert control over the country's mineral wealth, particularly gold. The decision comes after tensions escalated between the Malian authorities and Barrick Gold, following a ruling by a Bamako court placing the mine under temporary state management. The company, in turn, has taken the case to the International Centre for Settlement of Investment Disputes (ICSID), part of the World Bank Group. At the heart of the dispute is Mali's 2023 mining law, which removed tax exemptions for foreign investors and increased the state's potential ownership in mining projects to up to 30%. Authorities have accused international mining firms of tax evasion and underreporting production figures. When Barrick Gold initially declined to pay government-imposed fines, Mali's government suspended the company's gold exports in November 2024. After several rounds of failed negotiations, the standoff remains unresolved. Government officials have criticized Barrick for allegedly prioritizing private interests over national development, while the company has countered that the military-led administration has undermined investor confidence and legal norms. Barrick Gold is one of Mali's largest mining operators, accounting for over 38% of the country's total gold output. In 2024, the company produced 19.4 metric tonnes. However, due to the dispute, Mali's total gold production fell by 23% in 2024, dropping to 51 tonnes from 66.5 tonnes in 2023, according to official data.
Business Insider
09-07-2025
- Business
- Business Insider
Mali to sell over $100 million in seized gold from disputed mining site
Mali's court-appointed administrator for the disputed Loulo-Gounkoto gold complex has moved to sell one metric ton of gold, valued at over $100 million (according to Daily Metal Price), that was previously seized from the site owned by Canadian mining firm Barrick Gold. Mali's administrator arranged the sale of one metric ton of gold seized from Barrick Gold's Loulo-Gounkoto complex. The sale, valued at $107 million, intends to address operational costs like salaries and outstanding payments. Barrick Gold opposes the sale, citing it as illegitimate and seeking resolution through legal and diplomatic channels. The sale comes as operations resume at the mine, which had been suspended for nearly six months following a dispute between Barrick and the Malian government. According to sources cited by Reuters, the decision to proceed with the gold sale was made by the government-appointed administrator as part of efforts to reassert control over the site and address mounting fiscal pressures. The proceeds, estimated at around $107 million, are expected to be used to cover operational costs including staff salaries, fuel, and outstanding payments owed to contractors. Barrick, which has strongly opposed the government's actions, responded to the development by stating it had only received informal information regarding the reported restart and intended sale. ' If it is true, any plans by the administrator to restart operations and sell gold on the site, in our view, would be illegitimate, ' Barrick CEO Mark Bristow told Reuters. The company said it is seeking to resolve the dispute through legal and diplomatic means. " We will use every legal measure at our disposal to hold the state and the individuals involved accountable for these unlawful actions to protect our people and to defend our investments," Bristow said Mali's fallout with foreign mining operators In recent years, Mali's transitional military-led government has moved to tighten control over the country's mining sector, citing goals of resource sovereignty and domestic development. These efforts have included amendments to the mining code, demands for increased state ownership in projects, and delays in permit renewals, steps that have raised concerns among foreign investors, who view them as unilateral and destabilizing. Tensions escalated in January 2025 when Barrick Gold halted operations at its Loulo-Gounkoto complex after the Malian government seized gold stocks stored at the site. Operated by the Canadian firm's local subsidiary, Loulo-Gounkoto is one of Mali's most productive gold mines and a key contributor to national export revenues. Prior to the suspension, it accounted for roughly 15% of Barrick's total gold output.
