ABX - Sector: Basic Materials---Industry: Gold & Silver

[rurouni]

It just broke out of "the 3 magic lines" on Thurs, Dec 14, 2006.

ABX just broke out of descending line patterns on heavy volume and pushing through the 3 magic lines.

http://www.3stocksonfire.org/trading/index.php?topic=7602.60

Solid financial: http://finance.yahoo.com/q/is?s=ABX&annual

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Barrick Gold Corporation engages in the production and sale of gold from underground and open-pit mines, including activities, such as exploration and mine development. It has four principal regions: North America, Australia/Africa, South America and Russia/Central Asia. Exploration is focused on primarily the Goldstrike and Pipeline districts in Nevada, the Frontera District in Chile/Argentina and the Lake Victoria District in Tanzania. It is exploring earlier-stage projects in Australia, Canada and West Africa. During the year ended December 31, 2005, its proven and probable mineral reserves were 88.6 million ounces of gold, and mineral resources stood at 17.6 million ounces of measured and indicated gold, and 12.4 million ounces of inferred gold. On March 8, 2006, it acquired Placer Dome Inc. In September 2006, it acquired an 89% interest in Pioneer Metals Corporation. In May 2006, Barrick increased its stake in Tethyan Copper Company Limited from 81.13% to 95.97%.

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NP says AGF does well unloading its First Quantum

2006-12-14 09:34 ET - In the News

See In the News (C-FM) First Quantum Minerals Ltd

The National Post reports in its Thursday, Dec. 14, edition the Canadian materials industry was on a tear in 2006. The Post's Sonita Horvitch writes in the Buy & Sell Roundtable the question now is whether the group will continue to prosper in 2007. Materials stocks are up 38 per cent this year to November. AGF Management chief investment officer Martin Hubbes says: "If you are a long-term thinker, China and India will be a factor. Shorter term, it is hard to see how China in particular retains its growth rate if the U.S. economy slows. We have been taking profits during this year. Falconbridge was taken out and we did not replace it. More recently, I sold the holding in First Quantum Minerals and did extremely well." Mr. Hubbes says he is sticking with gold. He says he like Barrick Gold. He says gold is a good way of protecting your portfolio if global liquidity becomes a problem. He says gold "is a safety valve." Guardian Capital manager Ted Macklin says he concurs with Mr. Hubbes view on gold. He says, "Gold provides ballast for a portfolio." Mr. Macklin says he is underweight the commodity metals. His biggest holding in materials is Potash Corp. of Saskatchewan.

[cipisek]

Hi

Today:
9:28AM Barrick Gold's Buzwagi Project receives EIA approval (ABX) 29.89 : Co announces that it has received approval from the Tanzanian government of the Buzwagi project Environmental Impact Assessment. The 100% owned Buzwagi project is expected to produce 250,000 ounces of production annually at total cash costs of $280 per ounce over a currently estimated 10 year mine life. Buzwagi has 2.64 mln ounces of gold reserves and a further 0.41 mln ounces of resources. Estimated capital costs are $400 mln and once construction begins, it will take approx two years to complete.

[cipisek]

Hi

from: http://www.resourceinvestor.com/pebble.asp?relid=32099

Barrick hopes for gold boost from PNG mine
By Todd Flagg
21 May 2007 at 03:23 PM

After considering diversifying into other mineral commodies, Canada's Barrick Gold Corp. said on Monday it was boosting its search for gold in Papua New Guinea.

Barrick, the world's top gold miner, said its 95% owned Porgera lode in Papua New Guinea, already on track to deliver the company 600,000 ounces this year, held the promise of more gold to come in years ahead.

"We expect it to be a solid producer in our stable for a number of years to come and as such have made it one of three key sites for additional greenfields exploration," company president Joc O'Rourke told a gold mining conference in Perth.

Barrick spent $250 million to acquire a further 20% of the mine from Emperor Mines Ltd.

today: support 29.36, resistance 30.92

[cipisek]

Hi

from: http://www.canadianminingjournal.com/issues/ISArticle.asp?id=72757&issue=08262007

GOLD MINING - Barrick boosts Porgera holding

PAPUA NEW GUINEA - Toronto's BARRICK GOLD has boosted its stakeholding in the Porgera gold mine to 95% from 75%. The additional 20% was acquired from EMPEROR MINES in consideration of US$250 million in cash (plus adjustments).

Porgera produced approximately 542,000 oz of gold in 2006 and has proven and probable reserves of 9.42 million oz (100% basis). Barrick acquired its original 75% interest in Porgera through its acquisition of Placer Dome in January 2006.

More information about Porgera is available at www.Barrick.com.

Today opinon: price 33.12, Support 32.09, Resistance 33.77 BUY

[setravis]

Barrick Gold: Earnings Preview...

Barrick Gold Corporation (ABX) is slated to release its fourth quarter 2010 results on Thursday, February 17 before the market opens. The current Zacks Consensus Estimate for the fourth quarter is 85 cents, representing a significant annualized growth of 41.39%.

With respect to earnings surprise, over the trailing four quarters, Barrick Gold has outperformed the Zacks Consensus Estimate in all the four quarters. The average earnings surprise was a positive 9.74%, implying that the company has outdone the Zacks Consensus Estimate by the same magnitude over the last four quarters.

Third-Quarter Performance

On October 28, Barrick Gold reported its third quarter fiscal 2010 results. Reported net income was a record $837 million or 85 cents per share. Adjusted net income rose 75% year over year to $829 million or 84 cents per share.

In the third quarter of 2010, gold production of 2.06 million ounces was ahead of its plan at lower than expected total cash costs of $454 per ounce or net cash costs of $349 per ounce on strong performance from the North America region, including the new Cortez Hills mine, which continues to exceed expectations.

Barrick is on track with its original operating guidance for higher gold production and lower total cash costs in 2010, with full-year production expected to be 7.65–7.85 million ounces at total cash costs of about $455 per ounce or net cash costs of $350–$360 per ounce.

The company is targeting growth in gold production to 9.0 million ounces within five years once the world class Pueblo Viejo and Pascua-Lama projects come onstream and as additional opportunities are developed around existing mine sites.

Barrick's positive outlook on the gold price, combined with its strong balance sheet, has positioned the company to continue to invest in its high return projects and also to return additional capital to shareholders. As a result, Barrick's board of directors has authorized a fourth quarter dividend of 12 cents per share, consistent with the dividend declared in the third quarter, which represents a 20% rise from the previous dividend on an annualized basis. Barrick continues to maintain a robust financial position with a quarter-end cash balance of $4.3 billion and $1.5 billion in undrawn credit after generating record operating cash flow in excess of $3.3 billion in the first nine months.

Agreement of Estimate Revisions

In the last 30 days, out of the 18 analysts covering the stock, 4 analysts increased their EPS estimates, while none decreased their EPS estimates for the fourth quarter of fiscal 2010.

In the last 30 days, out of the 19 analysts covering the stock, 2 analysts revised their EPS estimates upwards while none revised their estimates downward for fiscal 2010. For fiscal 2011, out of the 22 analysts covering the stock, 5 analysts increased their EPS estimates while none decreased their estimates.

Magnitude of Estimate Revisions

Despite the positive revision, earnings estimates for the fourth quarter, in the last 30 days, moved down by 1 cent from 85 cents to 84 cents. However, for fiscal year 2010, the earnings estimate revision remained flat at $3.20. Similarly, for fiscal 2011, the earnings estimate revision remained flat at $4.01.

Barrick Gold Corporation, the world's largest gold miner, expects to benefit from three owned projects in its pipeline: Pueblo Viejo, Pascua-Lama and Cerro Casale. The Pueblo Viejo project in the Dominican Republic is advancing in line with its $3.0 billion capital budget (100% basis). Initial production continues to be anticipated in the fourth quarter of 2011, although timing delays may result in first production occurring in the first quarter of 2012. At the end of the third quarter, overall construction was nearly 40% complete, approximately 75% of the capital had been committed and engineering and procurement was about 95% complete.

At the Pascua-Lama project on the border of Chile and Argentina, detailed engineering and procurement is nearly 90% complete and the project is on track to enter production in the first quarter of 2013. The project remains in line with its pre-production capital budget of about $3.0 billion with over 40% of the capital committed. In Chile, the Barriales camp is substantially complete, allowing the work-force to be increased to the permitted capacity, and initial occupancy of the Los Amarillos camp in Argentina is expected in the fourth quarter of 2010. Average annual gold production from Pascua-Lama is expected to be 750,000–800,000 ounces in the first full five years of operation at total cash costs of $20–$50 per ounce.

At the Cerro Casale project in Chile, the review of any additional permitting requirements before considering a construction decision is progressing along with discussions with the government and meetings with local communities and indigenous groups. Pre-production capital is expected to be about $4.2 billion (100% basis) and Barrick's 75% share of average annual production is anticipated to be about 750,000–825,000 ounces of gold and 170-190 million pounds of copper in the first full five years of operation at total cash costs of about $240–$260 per ounce.

Our Take

Barrick Gold is fully leveraged to gold prices. Gold prices are likely to stay strong due to a decline in mine supply. High growth in the world money supply is also supportive of gold prices. In 2009, Barrick completed the elimination of its gold hedges based on an increasingly positive outlook for gold, using net proceeds from the equity and long-term debt offerings. The company now has full leverage to the gold price with the industry's largest gold production and reserves.

Moreover,Barrick's Pascua-Lama project in Chile has the world's largest silver deposit of 731 million oz. The company has signed the cross-border tax agreement with Chile and Argentina, which helps to finalize plans for developing the project.

However, Barrick Gold Corporationfaces stiff competition from AngloGold Ashanti Ltd. (AU), Newmont Mining Corp. (NEM) and Rio Tinto Limited.

We maintain our long-term Neutral recommendation for Barrick Gold. Currently, it holds a short-term Zacks # 3 Rank (Hold) on the stock

[setravis]

Barrick Gold Corporation primarily engages in the production and sale of gold, as well as related activities such as exploration and mine development worldwide. The company has a portfolio of 26 operating mines and a pipeline of projects located across various continents, including North America, South America, Australia, and Africa. It also produces copper and holds interests in oil and gas properties located in Canada. In addition, its products include copper cathode, silver, nickel, and platinum. The company was founded in 1983 and is based in Toronto, Canada.

Day's Range: 49.04 - 49.52
52wk Range: 35.79 - 55.72
Volume: 9,306,945
Avg Vol (3m): 8,574,520
Market Cap: 48.51B
P/E (ttm): 18.85
EPS (ttm): 2.61
Div & Yield: 0.48 (1.00%)

Took a bounce off the 200-day MA...

Never a dull day in the mining biz! then again, I follow lots of stocks.            

[setravis]

Canadian Miners Shine On Takeover Chatter, Earnings News

After taking a breather on Thursday, gold and silver miners are charging higher again today with the Canadian Mining Stocks Index jumping 2.2%, driven higher by some speculative takeover chatter and some impressive profit results from one of the Index's biggest members.

On the mergers and acquisitions front, First Majestic Silver (NYSE: AG) CEO Keith Neumeyer just can't figure out why a larger mining company hasn't acquired his firm yet. "I can't believe it hasn't happened yet," Neumyer said in an interview with Reuters. At a time when silver prices are surging, First Majestic, with a market cap of $1.5 billion, said it is looking to double its silver production to 16 million ounces over the next three years.

Companies such as Hecla Mining (NYSE: HL) and Pan American Silver (NASDAQ: PAAS) recently announced lower silver production forecasts, Reuters reported. First Majestic, which operates exclusively in Mexico, only mines silver and Neumeyer said he sees the price of the white metal going to $100.

Shares of larger rival Silver Wheaton (NYSE: SLW) are up 2% today after the company said it earned 35 cents a share in the fourth quarter, topping the Wall Street estimate of 30 cents. Silver Wheaton also gave investors reason to cheer by announcing it would begin paying a quarterly dividend of three cents a share. The dividend is payable on March 31 to shareholders of record on March 21.

Barrick Gold (NYSE: ABX), the largest Index component by market value, is up 1% while New Gold (AMEX: NGD) is up 6% after the company said its fourth-quarter gold production jumped 11%.
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Day's Range: 52.65 - 53.45
52wk Range: 36.69 - 55.72
Volume: 6,118,709
Avg Vol (3m): 8,880,860
Market Cap: 52.75B
P/E (ttm): 16.10
EPS (ttm): 3.28
Div & Yield: 0.49 (0.90%)

Technicals
Last Price Quote is:
2.39%above 13-day EMA
5.65%above 50-day EMA
RS Rating: 51