Barrick Gold Barrick Goes For The Gold

Barrick Gold is in the wrong places at the right time. It is unable to take full advantage of soaring gold prices because some of its mines have less ore in them than it originally thought.
The company is opening new projects to increase its output, and it has managed to wring more profit out of its operations than investors expected, giving a lift to its shares. But it has underpeformed competitors such as Goldcorp and Kinross Gold this year.

On Friday, Barrick Gold (nyse: ABX - news - people ) reported a fourth-quarter loss owing to a 773.0 million Canadian dollar ($619.5 million) noncash goodwill impairment, primarily on the write-down of four assets, but its operating earnings beat analysts’ expectations. The write-downs were at the company’s Kanowna and Osborne mine projects in Australia and its North Mara mine in Tanzania, all of which produced less ore than expected, as well as its Calgary-based Barrick Energy oil and gas development and production unit.

Toronto-based Barrick Gold ’s shares on the New York Stock Exchange rose by 1.2%, or 45cents, to $36.89 at the close, while its shares on the Toronto Stock Exchange added 0.4%, or 18 Canadian cents (15 cents), to 46.08 Canadian dollars ($37.26).


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