Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Shares in Canada’s Barrick Gold (TSX, NYSE:ABX) were hammered in after hours trade on Wednesday after the world’s top producer of the precious metal by output, announced second quarter earnings below expectations.
The Toronto-based miner was trading down 2.8% in New York giving up most of its gains during regular hours on the back of a jump in the gold price after reporting revenues of just over $2 billion and adjusted earnings per share of $0.14, missing analysts expectations on both measures.
Year to date Barrick is still up 189% for a market cap of $25.7 billion. Gold futures was last trading at $1,347 an ounce, up 1.5% on the day.
Cortez – Barrick Gold
Barrick said it’s on target to reach its goal of slashing debt by $2 billion this year
Gold production in the second quarter was 1.34 million ounces at an all-in sustaining costs of $782 per ounce. Compared to the first half of 2015 all-in sustaining costs are down 19%.
For the full year Barrick said it expects cost of sales applicable to gold to be in the range of $5.2–$5.5 billion. All-in sustaining cost guidance for 2016 has been reduced to $750-$790 per ounce, down from $760-$810 per ounce at the end of the first quarter, and below the company’s original 2016 guidance of $775–$825 per ounce.
For the full year Barrick continues to expect gold production of 5.0–5.5 million ounces for the year, keeping its position as top producer just ahead of Denver’s Newmont Mining.
Barrick also announced that commercial production has commenced at the Jabal Sayid copper mine in Saudi Arabia which prompted it to lift its 2016 copper guidance to 380-430 million pounds, up from our the original forecast of 370-410 million pounds.
4 Comments
just saying
not sure what info you are looking at-Barrick’s shares were up 56 cents on the NYSE
MINING.com Editors
It was up 90c during regular hours @ $21.35, but had dropped 2.8% after hours according to Google Finance when I checked around 5:30 EST. Last down 25c after hours – https://www.google.ca/finance?q=NYSE%3AABX&ei=3DuZV6moCsb-iAL_uYzIDA
Fee
overreaction- their results are mostly in-
line with what most in formed investors expected.
Cat
Exactly – why the overreaction after hours? Have to watch what you read/believe. Same hysteria on RAI for no reason. C’mon people, use your own judgement – these companies have done a great job given the financial atmosphere – not a good time to panic. Longs are giving shorts the advantage when they panic on the tiniest of a few well placed negative remarks – go back and re-read investment basics instead of irrational hype. Should note that most of the irrational hype is coming from analytical companies that just days ago rated the same stock as “strong buy, buy, or hold – remember that “hold” really means that they really don’t know, so don’t “hold” them to their recommendation lol! But just watch their “oops rationale” and further comment that they need to re-evaluate since results are off one cent – yup $0.01. This justifies a stock going down 5%? Remember it will recover shortly – after investors realize it really is ridiculous hype. Remember that analytical companies are PAID to produce sensational headlines to direct you to their websites – they get paid for hype – you get paid for growing revenue, strong management and reasonable cost of sales. So, if you read a headline that says a company’s stock “collapsed
(yup, a panicky hype word) 4% on the just released earnings report, take the time to actually read the report BEFORE you become one of the reactive investors that sinks the price of your own stock by selling it off!