Topic: How To Invest

Power Growth Investor Hotline – Friday, October 18, 2024

Article Excerpt

BARRICK GOLD CORP., $28.88, is a buy. The company (symbol ABX on Toronto) is the second-largest gold miner in the world after Newmont (symbol NEM on New York, and a recommendation of our Wall Street Stock Forecaster newsletter). The company reports that it produced lower-than-expected gold in the third quarter ended September 30, 2024, because of a fall in output at its Carlin and Cortez mines in Nevada. The Carlin and Cortez mines are a part of Nevada Gold Mines, which is Barrick’s joint venture with rival Newmont. Total gold output at Nevada Gold Mines fell to 385,000 ounces in the July-September quarter, compared with 401,000 ounces in the preceding three months. Barrick’s total preliminary gold output was 943,000 ounces in the third quarter, compared with the consensus estimate of 975,000 ounces. Preliminary copper production was at 48,000 tonnes, an 11.6% jump over the second quarter, driven by higher output at the Lumwana mine in Zambia. Going forward, Barrick expects a “materially stronger fourth quarter.”…