Barrick Gold Corporation (USA) (NYSE:ABX) announced the appointment of Mark Hill as Chief Investment Officer, effective September 12.
In this newly-created position, Mr. Hill will chair Barrick’s Investment Committee, and will ensure a high degree of consistency and rigor is applied to all capital allocation decisions at the company—whether at existing operations, development projects, exploration (both near-mine and greenfields), or potential acquisitions and divestments.
Mr. Hill brings added technical experience to the investment review process at Barrick, complementing the economic and financial expertise of Chief Financial Officer Catherine Raw. He will join the company’s Executive Committee, as well as our Growth Group, and will oversee an Evaluations team, who will independently scrutinize proposed expenditures before they go to the Investment Committee.
Mr. Hill has more than 25 years of experience in the mining industry. He re-joins Barrick after four years at Waterton Global Resource Management, where he is currently a partner and Head of Mining. In this role, Mr. Hill leads Waterton’s Evaluations group, and works with a multi-disciplinary team to conduct asset evaluations and due-diligence reviews.
“The creation of this role reflects our belief that effective capital allocation is a core responsibility of the head office,” said Barrick Executive Chairman John L. Thornton. “Mark’s previous experience at Barrick, combined with his time at Waterton—a private investor with an outstanding track record of capital allocation—make him an ideal choice to become the company’s first Chief Investment Officer.”
Prior to Waterton, Mr. Hill’s positions at Barrick included Vice President, Evaluations, and Vice President, Capital Projects. He has also held senior positions with BHP Billiton, AngloGold Ashanti, Placer Dome, and WMC Ltd. Mr. Hill holds a Bachelor’s degree in Mining Engineering, and a Graduate Diploma in Mineral Economics. (Original Source)
Shares of Barrick Gold closed yesterday at $18.39, up $0.19 or 1.04%. 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 $21.33 and its 200-day moving average is $17.72.
On the ratings front, ABX 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 8.8% 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 0.8% and 5.1% respectively. Kurtz has a success rate of 57.1% and is ranked #2200 out of 4025 analysts, while Selesky has a success rate of 63.8% and is ranked #733.
Overall, one research analyst has rated the stock with a Sell rating, 3 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $26.00 which is 41.4% above where the stock closed yesterday.
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.