Improved gold prices led to a 32.2% jump in revenue for this company during the quarter ended September 30, 2020.
A recent joint venture in Nevada with its major rival will keep cutting cost for this miner. It also helps keep dividend increases coming, with back-to-back raises in September and December 2020.
BARRICK GOLD (Toronto symbol ABX; www.barrick.com) lets you tap the second-largest gold producer in the world after Newmont (symbol NEM on New York). All together, the company has mining operations and projects in 15 countries.
In July 2019, Nevada Gold Mines, a joint venture with rival Newmont Corp., began its operations. Barrick owns 61.5% and is the operator. Newmont holds the remaining 38.5%.
The new firm combined their assets in Nevada to create the world’s single-largest gold-producing complex. Three of these mines are already Tier One gold mines and the Goldrush-Fourmile project has the potential to become the fourth. A Tier One gold asset is a mine that will produce at least 500,000 ounces of gold for at least 10 more years and has a total cash cost within the bottom half of the industry’s cash cost-curve.
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Barrick reported that in its first year of combined operations, Nevada Gold Mines not only met the production and cost targets set out at the start of the joint venture, but did so despite COVID-19 slowdowns.
By eliminating duplicate processing and other operations, the partners are on target to cut an average of $500 million annually from their costs within five years. This includes removing the fences that had previously separated geologically connected assets, mines and projects. By doing this, the properties have been combined into larger and more efficient operations.
Mining Stocks: Barrick’s big presence in Nevada is a plus
In the quarter ended September 30, 2020, revenue shot up 32.2%, to $3.54 billion from $2.68 billion. Excluding one-time items, earnings reached $0.41 a share in the latest quarter—up 173.3% from $0.15. The main reason for the gains was 30.5% higher realized gold prices.
Some of Barrick’s assets are in less-stable regions, carrying a higher risk of disruption; however, the company has a large and diversified portfolio. That—plus its big presence in mining-friendly Nevada—lowers your investment risk. It also explains Barrick’s strong appeal given its low production costs and the rising demand for gold investment.
Meanwhile, the company continues to use its strong cash flow to reward investors: starting with the December 2020 payment, it raised its quarterly dividend by 12.5%, to $0.09 U.S. from $0.08 U.S. The new annual rate of $0.36 U.S. yields 1.7%. Note that the latest dividend increase comes just after Barrick raised its quarterly dividend by 14.3% with the September 2020 payment.
Berkshire Hathaway’s 13F filing with the SEC on Feb 16, 2021 shows no holdings of Barrick. It seems they bought it in Q1 of last year and sold it in Q2 and Q3.
You bring up a great point. Keeping close tabs on the investments of celebrated billionaire investors like Warren Buffett through 13F filings is harder than it sounds—even with the help of their 13F forms. For one thing, institutions have 45 days to file a 13F after the end of a calendar quarter. If a billionaire buyer loaded up on a stock in January 2020, for instance, their Form 13F may not report that purchase until mid-May. By then, the investor may have sold.
Thanks. Keeping close tabs on the investments of institutions and investment firms that file 13Fs is harder than it sounds—even with the help of their 13F forms. For one thing, institutions have 45 days to file a 13F after the end of a calendar quarter. If a billionaire buyer loaded up on a stock in January 2020, for instance, their Form 13F may not report that purchase until mid-May. By then, the investor may have sold.
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Berkshire Hathaway’s 13F filing with the SEC on Feb 16, 2021 shows no holdings of Barrick. It seems they bought it in Q1 of last year and sold it in Q2 and Q3.
You bring up a great point. Keeping close tabs on the investments of celebrated billionaire investors like Warren Buffett through 13F filings is harder than it sounds—even with the help of their 13F forms. For one thing, institutions have 45 days to file a 13F after the end of a calendar quarter. If a billionaire buyer loaded up on a stock in January 2020, for instance, their Form 13F may not report that purchase until mid-May. By then, the investor may have sold.
Are you giving outdated information? My understanding is that Warren Buffet sold his position in Barrick Gold, possibly at the end of 2020.
Thanks. Keeping close tabs on the investments of institutions and investment firms that file 13Fs is harder than it sounds—even with the help of their 13F forms. For one thing, institutions have 45 days to file a 13F after the end of a calendar quarter. If a billionaire buyer loaded up on a stock in January 2020, for instance, their Form 13F may not report that purchase until mid-May. By then, the investor may have sold.