Is Barrick Gold Ready To Shine In 2024? (Rating Upgrade)

Gold Mining Bull
2023-12-26

Summary

  • Barrick Gold Corporation reported strong Q3 financial results, with over one million ounces of gold produced and a significant increase in free cash flow.
  • The company is focused on substantial long-term growth, expecting a 30% increase in gold-equivalent ounces by the end of the decade.
  • Barrick's Porgera mine in Papua New Guinea is expected to recommence gold production in early 2024, while the Goldrush underground mine in Nevada is set to begin production in the same year.

Oselote

Is Barrick Gold Ready To Shine In 2024?

This article is an update on Barrick Gold Corporation (NYSE:GOLD), one of the biggest gold miners in the industry by market cap. It recently disclosed its Q3

Barrick’s Q3 Financial Results

Barrick Gold

Barrick’s Excellent Growth Profile

Barrick Gold

Barrick’s Latest Mine Updates

Porgera Mine

  • It should have a lifespan of at least 10 years;
  • Produce a minimum of 500,000 ounces of gold annually;
  • Maintain all-in-sustaining costs per ounce that are among the lower half in the industry. This would have obvious benefits to Barrick’s earnings and cash flow.

Goldrush

  • Increased production. The ramp-up to 400,000 ounces per year substantially boosts Barrick's gold production volume.
  • Growth potential. The addition of Goldrush to Barrick's portfolio, already boasting three Tier One mines, underscores the company's potential for continued expansion and growth, making it an attractive option for investors looking for long-term value in the mining sector.
  • Local economic benefits. According to Barrick, approximately 500 construction jobs and 570 operational jobs will be created, positively impacting the local economy and potentially fostering community support and stability for the project.

Barrick Gold: The Bottom Line

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