Hi Pat: I currently own shares of Barrick Gold. Given Barrick’s acquisition of Equinox and the resulting drop in its share price, would you recommend holding or selling the shares? Thank you.
Barrick Gold, $43.99, symbol ABX on Toronto (Shares outstanding: 999.2 million; Market cap: $44.0 billion; www.barrick.com), has agreed to buy Equinox Minerals (symbol EQN on Toronto) for $7.2 billion. Equinox owns 100% of the huge Lumwana copper mine in Zambia. Lumwana began production in 2008. Equinox continues to explore the area around Lumwana, and believes the mine still has room to expand.
Barrick’s purchase of the copper miner adds some political risk. However, Zambia is one of the most stable countries on the continent, with a relatively sound currency and abundant and cheap hydroelectric power.
Copper accounted for roughly 10% of Barrick’s revenue in 2010. That would rise to 20% after the Equinox purchase is completed. Major gold deposits are becoming much harder to find, and Barrick believes that copper provides it with a significant growth opportunity
Barrick has moved down lately, along with many gold stocks. However, its long-term outlook is sound.
Barrick Gold is okay to hold.
hold.
…
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