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Could Barrick Gold Be Your Long-Term Gold Bet after Q1?(Continued from Prior Part)Review of Barrick’s asset baseThe Barrick Gold (GOLD) and Randgold Resources combined company intends to achieve sector-leading (GDX) (JNUG) returns. To achieve
LONDON/NEW YORK (Reuters) - Barrick Gold Corp, the world's second largest bullion miner, is preparing its Zambian copper mine Lumwana for sale in the second half of 2019, looking to target Chinese buyers, three sources with knowledge of the matter said. Fresh from two major deals in recent months, Barrick has said it plans to shed $1.5 billion (£1.16 billion) of less productive mines, which have little expansion potential. It included Lumwana among the possible sales, as a relatively low-grade copper mine whose margins could be materially affected by Zambia's new mining code and import duty.
Barrick Gold Corp, the world's second-largest gold producer, said on Wednesday it remained open to new investments, even as it plans to shed $1.5 billion of less productive mines. Fresh from two major deals in recent months, Barrick is seeking early-stage exploration projects, particularly in Canada, Chief Executive Officer Mark Bristow said in an interview. Barrick also announced quarterly adjusted earnings that beat expectations, although net income declined and its shares fell 1 percent.
Newmont Mining shareholders on Thursday approved the company's $10 billion takeover of Goldcorp Inc which is set to create the world's biggest gold producer with assets across the Americas, Africa and Australia. About 98 percent of votes at a special meeting were in support of Newmont's proposal to issue new stock to fund its takeover of Goldcorp, the Denver-based company said in a statement. Goldcorp's investors voted to approve the acquisition last week.
While some Goldcorp shareholders had voiced concerns in recent weeks, in the end there was little push back against blessing the biggest-ever corporate takeover in the gold sector's history, according to Refinitiv data. The deal, which would create a company with assets in the Americas, Africa and Australia, will be voted on by Newmont shareholders next Thursday. About 97 percent of Goldcorp's outstanding shares that were voted at a special meeting were cast in favor of the deal, the company said in a statement.
One rival executive compared the tension between Barrick Chief Executive Mark Bristow and Newmont CEO Gary Goldberg to the Hatfields and McCoys, two 19th Century U.S. families whose members held a grudge for generations. "Newmont shareholders shouldn't risk what they have and need for what they don't have and don't need," Goldberg told Reuters on Friday. Newmont's board continues to evaluate Barrick's offer, Goldberg said.