Barrick Gold Corporation (USA) (NYSE:ABX) reported that the Government of San Juan province, Argentina has announced a temporary suspension of operations at the Veladero mine pending further inspections of the mine’s heap leach area. The company will work with provincial authorities to confirm the integrity and safety of the heap leach facility as quickly as possible, beginning today.
The safety of people and the environment remains Barrick’s top priority at Veladero. On September 8, 2016 a pipe carrying process solution in the heap leach area was damaged when it was struck by a large block of ice that had rolled down the heap leach valley slope. A small quantity of solution left the leach pad as a result. No solution from this damaged pipe reached any water diversion channels or watercourses and the impacted area in the leach valley has now been remediated. The incident did not pose any threat to the health of employees, communities or the environment.
Environmental monitoring of surface and sub-surface water has been intensified and no anomalies have been detected.
At this time, we do not anticipate any material impact to Veladero’s 2016 operating guidance. (Original Source)
Shares of Barrick Gold closed yesterday at $17.19, down $0.10 or -0.58%. ABX has a 1-year high of $23.47 and a 1-year low of $5.91. The stock’s 50-day moving average is $19.96 and its 200-day moving average is $18.13.
On the ratings front, Barrick Gold has been the subject of a number of recent research reports. In a report issued on August 15, Morgan Stanley analyst Evan Kurtz maintained a Hold rating on ABX, with a price target of $20, which implies an upside of 16% from current levels. Separately, on August 9, Argus’ Bill Selesky reiterated a Buy rating on the stock and has a price target of $26.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Evan Kurtz and Bill Selesky have a total average return of -1.3% and 3.0% respectively. Kurtz has a success rate of 51% and is ranked #2963 out of 4151 analysts, while Selesky has a success rate of 56% and is ranked #1099.
The street is mostly Bullish on ABX stock. Out of 11 analysts who cover the stock, 6 suggest a Buy rating , 4 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $26.00, which implies an upside of 51.3% from current levels.
Barrick Gold Corp. mines and explores for gold, copper and nickel. The company operates its projects in Canada, the United States, the Dominican Republic, Australia, Papua New Guinea, Peru, Chile, Argentina, Zambia, Saudi Arabia and Tanzania. Its gold operating units are: Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, North America-other and Australia Pacific.