Barrick Gold Corporation (USA) (NYSE:ABX) announced that restrictions on processing activities at the Veladero mine in San Juan province, Argentina, have been lifted.
A local court previously restricted the addition of new reagents to the mine’s heap leach circuit following the failure of a valve on a pipe carrying cyanide solution at the leach pad, which led to a release of solution.
The safety of people and the environment has been the company’s top priority since the faulty valve was detected. Barrick immediately implemented a comprehensive downstream water monitoring program. This monitoring, as well as testing results from an independent third-party laboratory, have confirmed that there are no risks to the health of downstream communities as a result of this incident. These findings are consistent with independent water testing results released by other third parties in San Juan province, including the Public Health Department and the state water distribution company.
A series of additional preventative measures and controls have been implemented at the leach pad to ensure it is safe to resume full operations. An investigation into the root causes of this incident remains underway.
Barrick does not anticipate any material impact to production at Veladero as a result of this incident. (Original Source)
Shares of Barrick Gold closed yesterday at $6.56. ABX has a 1-year high of $15.62 and a 1-year low of $5.91. The stock’s 50-day moving average is $6.96 and its 200-day moving average is $10.00.
On the ratings front, Barrick Gold has been the subject of a number of recent research reports. In a report issued on September 18, RBC analyst Stephen Walker reiterated a Hold rating on ABX, with a price target of $8, which implies an upside of 22.0% from current levels. Separately, on September 8, HSBC’s Patrick Chidley maintained a Buy rating on the stock and has a price target of $9.90.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stephen Walker and Patrick Chidley have a total average return of -10.0% and -7.2% respectively. Walker has a success rate of 25.9% and is ranked #3491 out of 3764 analysts, while Chidley has a success rate of 45.1% and is ranked #3471.
Barrick Gold Corp produces and sells gold and copper. The Company business activities also includes exploration and mine development. It holds interests in oil and gas properties located in Canada.