Latest news with #BarrickMining
Yahoo
3 days ago
- Business
- Yahoo
Gold from Barrick's Loulo-Gounkoto complex to finance Mali operations
The court-appointed administrator of Barrick Mining's Loulo-Gounkoto complex in Mali has announced plans to sell one tonne of gold from the site's reserves, as reported by Reuters. The move will fund operations as the complex resumes activity following a near-six-month halt. Operations at the Loulo-Gounkoto complex were suspended in January 2025 after the Malian government seized gold stocks. The site, which contributed to 15% of Barrick's gold output, is now under the temporary administration of former health minister Soumana Makadji, who has enlisted Samba Toure, chairman of the state mining company and former executive at Loulo-Gounkoto, to assist with the restart. Barrick's CEO Mark Bristow stated: 'If it is true, any plans by the administrator to restart operations and sell gold on the site in our view would be illegitimate.' According to the report, operations at the plant resumed on Monday 7 July for the first time since the suspension. The decision to sell the gold, valued at $107m, comes amid a two-year dispute between Barrick and Mali's military-led government over tax and the adoption of a new mining code. The sale will be one of the first significant actions taken by Makadji since assuming control of the Loulo-Gounkoto complex, Mali's largest gold mining operation and the third largest in Africa. Funds from the sale are expected to cover operational expenses, including salaries, fuel and payments to contractors. Bristow has vowed to use legal means to hold the state accountable for its actions, stating: '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.' In June 2025, Barrick Mining initiated international arbitration to resolve the dispute following the seizure of gold and restrictions on exports and the executives. "Gold from Barrick's Loulo-Gounkoto complex to finance Mali operations" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
TimesLIVE
4 days ago
- Business
- TimesLIVE
Mali plans to sell gold reserves at Barrick complex to fund operations
The Malian court-appointed administrator of Barrick Mining's Loulo-Gounkoto complex plans to sell one metric ton of gold from the site's storeroom as operations commence again after an almost six-month suspension, two sources told Reuters. Canadian miner Barrick Gold temporarily halted mining operations in January after the Malian government seized gold stocks from the Loulo-Gounkoto complex. Former health minister Soumana Makadji, appointed as temporary administrator last month, enlisted the state mining company's chairman and former Loulo-Gounkoto executive Samba Toure to help with operations, two different sources said. The site accounted for 15% of gold output from Barrick, the world's third-largest gold miner, before the suspension, which has affected national gold output and reflects a broader conflict between Mali and international miners. Mark Bristow, Barrick's CEO, told Reuters the company had received only informal information about the restart and gold shipment. "If it is true, any plans by the administrator to restart operations and sell gold on the site in our view would be illegitimate," he said. The plant started operating on Monday for the first time since January, three additional sources said.
Yahoo
5 days ago
- Business
- Yahoo
Barrick Mining (TSX:ABX) Advances Tanzanian Partnership With US$30M Education Investment
Barrick Mining has formed a new partnership with the Tanzanian government, emphasizing long-term investment and community development, which may have influenced investor sentiment. Over the last quarter, Barrick's share price rose 18%, outpacing the market's 13% increase over the past year, despite broader uncertainties such as new tariff rates and fluctuating commodity prices. Additionally, the company's improved financial performance, with significant earnings and net income growth, alongside operational enhancements and community initiatives in Tanzania, likely reinforced investor confidence. The market's flat performance in recent days did not overshadow the company's strong quarterly performance. We've discovered 1 warning sign for Barrick Mining that you should be aware of before investing here. Uncover the next big thing with financially sound penny stocks that balance risk and reward. The new partnership between Barrick Mining and the Tanzanian government has potential long-term implications for the company's revenue and earnings forecasts. By focusing on community development and investment, Barrick may enhance its production capabilities and financial stability, leading to improved investor sentiment. Over the long term, Barrick's total return, including share price and dividends, was 44.37% over the past three years, providing context to its short-term share price movements. While Barrick's performance exceeded the Canadian market's 19.3% return over the last year, it underperformed compared to the larger industry's 33.7% gain. The investments in Lumwana and Reko Diq aim to expand gold and copper reserves, potentially driving future revenue growth and improving earnings forecasts. The share price, currently at CA$26.14, remains below the consensus price target of CA$35.15. Achieving this target would require continued positive performance and overcoming existing geopolitical and operational challenges, which could alter the company's financial trajectories. Review our historical performance report to gain insights into Barrick Mining's track record. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TSX:ABX. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Exclusive-Mali plans to sell gold reserves at Barrick complex to fund operations
By Divya Rajagopal and Portia Crowe TORONTO/DAKAR/BAMAKO (Reuters) -The Malian court-appointed administrator of Barrick Mining's Loulo-Gounkoto complex plans to sell one metric ton of gold from the site's storeroom as operations commence again after an almost six-month suspension, two sources told Reuters. Canadian miner Barrick Gold temporarily halted mining operations in January after the Malian government seized gold stocks from the Loulo-Gounkoto complex. Former health minister Soumana Makadji, appointed as temporary administrator last month, enlisted the state mining company's chairman and former Loulo-Gounkoto executive Samba Toure to help with operations, two different sources said. The site accounted for 15% of gold output from Barrick, the world's third-largest gold miner, before the suspension, which has affected national gold output and reflects a broader conflict between Mali and international miners. Mark Bristow, Barrick's CEO, told Reuters the company had received only informal information about the restart and gold shipment. "If it is true, any plans by the administrator to restart operations and sell gold on the site in our view would be illegitimate," Bristow said. The plant started operating on Monday for the first time since January, three additional sources said. Makadji and Mali's mines ministry did not immediately respond to queries by Reuters. Toure could not be reached. Barrick suspended operations after Mali blocked exports, detained executives and seized bullion. It also launched international arbitration to resolve the dispute. The move to restart the complex comes amid a two-year standoff between Barrick and Mali's military-led government over alleged tax disputes and the company's refusal to adopt a new mining code aimed at boosting state revenue from soaring gold prices. Indeed, investors who have poured billions into West Africa are now compelled to adopt new rules as the military governments of Mali, Niger and Burkina Faso seek a bigger share of mining revenue. Gold prices have jumped 25% this year to date, and peaked at $3,500 per ounce in April, according to Reuters data. SETTING A PRECEDENT? Selling the ton of gold - which has sat in Loulo-Gounkoto's gold room since operations were suspended, and is separate from three tons seized in January - would be one of Makadji's first key actions after formally taking charge of the largest gold mining operation in Mali and the third-largest in Africa. Restarting without Barrick's cooperation may set a precedent for state intervention in the West African mining industry. Funds from the planned gold sale, worth about $107 million, are expected to be used to finance operational expenses, including salaries, fuel and unpaid dues to contractors. Barrick's chief has vowed to challenge the government's moves in international courts. "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, adding that Mali had not acted in good faith. Makadji has told Barrick staff, union representatives and subcontractors he is committed to resuming operations and maintaining salaries, three of the sources, who attended meetings with him, told Reuters. CHALLENGES Significant challenges lie ahead for the new management, six people said, noting that the scale of Loulo-Gounkoto added to the complexity of running it. "Even if production starts, we would need at least four months to get back to normal pace - and four months was the scenario with Barrick Gold, but now it's the provisional administration, so it will probably be more," one of the people said. Meanwhile, Barrick has cut its 2025 output forecast, and its chief wasn't sanguine on the mine's outlook under the provisional administration. "We do not believe that the administrator and his advisors can run this mine," Bristow said. "We are concerned that such attempts will cause severe damage to the long-term prospects of the complex." For the quarter ended December 2024, Loulo-Gounkoto's all-in sustaining cost, a metric miners use to calculate the cost of producing an ounce of gold, was $100 million. Since losing control of the complex, Barrick has restricted intranet and email access in Mali. Only Bamako-based staff were paid for June, while those on site remain unpaid, according to three sources. Bristow said the administrator was responsible for June salaries and that Barrick had provided a detailed handover note. It would also be challenging to recall key expatriate staff, two sources said. These include Australian jumbo drill operators absent since January, one of them said. The company's expatriates left last year after Malian authorities detained Resolute Mining's CEO during talks on the new mining code and issued an arrest warrant for Bristow. Some Malian staff have been temporarily reassigned abroad, others have resigned, and most contractors, unpaid since January, have suspended or laid off employees in Mali. Sign in to access your portfolio
The Market Online
6 days ago
- Business
- The Market Online
The gold hammer! Goldman Sachs predicts USD 4,500 – Barrick, Desert Gold, Rheinmetall, and thyssenkrupp
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. The highest current estimate by investment banks for the price of gold is USD 4,500 per ounce by the end of 2025. This is the extreme scenario from Goldman Sachs, which could materialize in the event of a severe recession or major geopolitical escalation. In addition to the ever-present war scenarios, the economic outlook in the US also remains a source of uncertainty. The prospect of persistently high interest rates is fueling inflation concerns, with many wealthy investors pulling out of the dollar and increasingly turning to gold. This is also because US fiscal policy is perceived as increasingly chaotic. Additional tariffs are pushing the budget deficit even higher, creating an environment in which tangible assets are becoming more attractive. The increased demand for gold from institutional investors, funds, and central banks sends a clear message: the precious metals sector is on the verge of a new upswing. Barrick Mining – Moderate performance so far The latest attacks by Israel and the US on Iranian nuclear facilities have brought the situation in the Middle East to a new level of escalation. From a Western perspective, it is understandable that a nuclear-armed Iran is considered a threat. However, this situation carries the risk of further military expansion and acts as an accelerant on the commodity markets. The price of oil has already reacted sharply upward and almost as sharply downward. While many investors continue to prefer equities, others are seeking refuge in the precious metals sector. Gold is considered a reliable store of value in times of crisis. Since the beginning of the year, its price has risen by around 30% and is repeatedly approaching the USD 3,500 mark. The combination of low production costs and rich raw material deposits is making Africa increasingly attractive to commodity investors. However, not every region offers stable conditions. In Mali, for example, companies such as Barrick Mining and B2Gold invested large sums early on and were soon confronted with profound political upheaval. Nevertheless, Mali remains one of the continent's top five gold producers and thus an important location for the international mining industry. Barrick Mining, which operates the huge Loulo-Gounkoto mine, is familiar with the challenging conditions. To continue operating reliably, Barrick relies on bilateral agreements with the government. In the first quarter of 2025, Mali's gold production was approximately 161,000 ounces. This was slightly down, but within the expected range. Total costs per ounce (AISC) were favorable at USD 1,296, allowing for decent profit margins despite higher taxes. CEO Mark Bristow regularly highlights the stability of operations and emphasizes the economic significance of the industry for Mali. Barrick Mining's stock has performed relatively poorly so far, although cash flow is steadily increasing. The share price has fluctuated between USD 15.00 and USD 21.70 this year and is currently returning to the upper end of this range. It has significant ground to make up in this environment. Desert Gold – Growth in West Africa becomes a game changer Explorer Desert Gold (TSXV:DAU) , also based in Mali, recently pulled off a stroke of genius. While an economic assessment (PEA) is already planned for the SMSZ property, the geological team took a look around the neighboring Ivory Coast. After more than four months of intensive field work covering approximately 1,000 km, a dream target area for a deal emerged. With the signing of an option to acquire 90% of the Tiegba Gold Project, the Company, which has a market capitalization of only CAD 19 million, is taking the next clear step in its expansion. Tiegba is located in the resource-rich Birimian Belt, one of the most important gold regions in West Africa. While Ghana is already heavily developed, Côte d'Ivoire is still considered underexplored and therefore offers enormous discovery potential. In addition, the country boasts political stability, a reform-minded government, favorable tax conditions, and an investor-friendly attitude. Production costs are very low, approval processes are efficient, and the country's gold production has quadrupled since 2010. International players such as Barrick Mining, Endeavour Mining, and Perseus have long been active in the region, and Desert Gold is now joining them with a strategically exciting project. This makes the Canadian company a regionally diversified player in West Africa, giving the story significantly more traction. Investors are currently also awaiting the PEA from Mali. A flurry of news could hit this completely dried-up stock at any moment. In other words, this is a situation that requires the utmost attention. Desert Gold shares have already delivered double-digit gains this year, and now it looks like the CAD 0.085 mark is about to break. We are excited to see what happens next! Stockhouse recently interviewed CEO Jared Scharf about the details: The article contains a wealth of information. It is the same game every day. In the morning, investors pluck up their courage and push defense stocks to ever new highs. By midday, some speculators come in hoping for a dip. As a result, the highly sought-after Rheinmetall share fluctuates within a wide range between EUR 1,600 and EUR 1,950. CEO Armin Papperger recently secured a US contract for the supply of F-35 fighter jet parts. He immediately raised his revenue forecast to EUR 50 billion by 2030, up from just EUR 9.75 billion in 2024. No problem, says the CEO, because every day another NATO country places an order with the Düsseldorf-based company. Analysts on the LSEG platform expect an average 12-month price target of EUR 1,943. The investor favorite was exactly one euro below that on May 28, 2025. Do not forget: a surprise stock split announcement could easily trigger another 25% upside! However, the terrain is slowly becoming exhausted. There is a lot of discussion about thyssenkrupp AG. Now, the federal government no longer plans to invest in thyssenkrupp Marine Systems (TKMS). Instead, it is looking for a suitable partner from the German economy or a European minority investor. Among those in the running are Thales from France and Fincantieri from Italy, which have already signaled their interest. thyssenkrupp would remain in charge with a simple majority. A financial investor with around a quarter of the shares and German roots is also considered a viable option. A similar approach is now emerging for the steel business: the previously discussed sale to a Czech investor is becoming increasingly unlikely. Instead, a minority stake of around 20% seems more likely. However, a key point of discussion remains the billions in state support for climate-friendly steel production. Specifically, this involves subsidies of around EUR 2 billion. Although such considerations repeatedly boost the share price, it simply refuses to break through the EUR 10 mark. Analysts on the LSEG platform also see the ceiling at EUR 8.85. Therefore, caution is advised! In a six-month comparison, defense stocks Rheinmetall and thyssenkrupp are clearly ahead with triple-digit returns. Goldman Sachs, Barrick Mining, and Desert Gold are at least keeping pace with the relevant indices in 2025 with price gains of more than 20%. Source: LSEG as of July 5, 2025 Against a backdrop of ongoing geopolitical uncertainty, defense stocks are currently dominating the headlines. In the shadow of these trends, Desert Gold is shaping up for a potentially blockbuster year: The Canadian junior explorer is on the verge of a possible takeover or strategic partnership with a highly favorable valuation of around CAD 19 million, which is equivalent to only about USD 12 per ounce of gold in the ground. Very exciting! Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. 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