Most of the world’s top gold miners have seen their shares surge this year as bullion prices hit repeated record highs. Not Barrick Gold Corp.
Mark Bristow, president and chief executive officer at Barrick Gold, discusses the company’s Q3 earnings, and says they are on track for a strong Q4.
Barrick is one of several miners that have struggled to capitalize on the bullion boom amid higher mining costs and weaker output. But among the largest precious metal producers — Newmont Corp., Agnico Eagle Mines Ltd. and AngloGold Ashanti Ltd. — Barrick has routinely underperformed, with its shares virtually unchanged since the beginning of January. Gold, meanwhile, has soared 30% in the period.Barrick has spent years working to improve its balance sheet after amassing debt from acquisitions.
Bristow said investors are undervaluing Barrick’s stock. “It’s our job as managers to make sure that the market properly understands us,” he said in an interview. “We’re still not as efficient in Nevada as we are in some of our African mines,” Bristow said. “But we’re getting there.”
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