Gold.com Stock Price, News & Analysis

Barrick Gold Corporation (NYSE:GOLD) has finalized the sale of a portfolio of 22 royalties to Maverix Metals Inc., receiving $50 million in cash. Following a buy-down right exercised by Skeena Resources Limited on the Eskay Creek mine, Barrick also stands to gain up to an additional $10 million based on contingent conditions. The transaction highlights Barrick's strategic asset management and financial positioning within the gold sector.

Nevada Gold Mines has finalized the sale of a royalty portfolio to Gold Royalty Corp for $27.5 million. This transaction was settled through the issuance of 9,393,681 common shares of Gold Royalty to Nevada Gold Mines. Following this deal, Nevada Gold Mines now owns about 6.5% of Gold Royalty's outstanding shares. This move is part of Nevada Gold Mines, which is a joint venture between Barrick Gold Corporation and Newmont, creating a major gold production hub in Nevada.

Nevada Gold Mines (NGM), operated by Barrick Gold Corporation (NYSE:GOLD), showcased significant advancements in its operations and mineral reserves during a recent investor visit. NGM has achieved production of 10 million ounces of gold since the joint venture with Newmont, with notable mineral reserve increases of 14.7 million ounces and 8.5 million ounces in inferred resources. The flagship Goldrush project promises a lifespan exceeding 20 years and will provide employment for 570 individuals. NGM's community initiatives and talent development programs further establish its role as a committed partner in Nevada.

On September 1, 2022, Nevada Gold Mines announced a definitive agreement to sell a portfolio of royalties to Gold Royalty Corp. for $27.5 million. This Portfolio includes royalties from the Granite Creek and Bald Mountain projects in Nevada. The payment will be made through the issuance of 9,393,681 common shares by Gold Royalty, allowing Nevada Gold Mines to hold approximately 7.0% of Gold Royalty's shares post-transaction. This move aligns with their strategy to optimize assets in the evolving gold market.

Barrick Gold Corporation (NYSE:GOLD) announced a definitive agreement to sell a portfolio of 22 royalties to Maverix Metals Inc. for up to $60 million. This sale includes $50 million in cash upon closing, with additional contingent payments of $6 million and $4 million based on future cash flows from the royalties. The transaction is expected to close by the end of Q3 2022, contingent on customary conditions.

Barrick Gold Corporation (NYSE:GOLD) is donating $150,000 to Balochistan's Provincial Disaster Management Authority to aid flood relief efforts following severe monsoon rains that killed over 500 people in Pakistan. The contribution reflects the partnership in the Reko Diq project, one of the largest undeveloped copper-gold deposits globally, where Balochistan will hold a 25% share. Expected benefits include $70 million in social development programs and substantial job creation, with around 7,500 positions during peak construction and 4,000 full-time jobs once operational.

Barrick Gold Corporation announced a new growth phase for Nevada Gold Mines (NGM), focusing on further discoveries and additions. NGM, which is 61.5% owned by Barrick, has produced 10 million ounces of gold in three years and plans future projects like the Goldrush development. This project is expected to create significant local employment during construction and operation. Barrick continues to invest in education and community initiatives, paying nearly $60 million towards a new mining excise tax. Their workforce of 7,000 makes NGM one of Nevada's largest employers.

Peter Richardson has been appointed as the incoming executive managing director of Nevada Gold Mines effective August 2022. He will work alongside Greg Walker, who is set to retire by the end of December 2022. Richardson boasts a strong background in process engineering and mining operations, having previously served as senior vice president at Lundin Mining Corp. His appointment is backed by Mark Bristow, who highlighted Richardson's proven track record and commitment to safety, ESG initiatives, and operational excellence, emphasizing expected value creation for stakeholders.