A botched court filing in northern Chile has handed Barrick Mining an unwelcome detour in the Andes, just as the gold major notches tangible progress on a Caribbean expansion and lines up automation across its North American operations.
All three judges on Chile’s First Environmental Court recused themselves Thursday, days after the tribunal accidentally published a ruling that never actually existed. The notice claimed emergency petitions against Barrick subsidiary Compañía Minera Nevada had been thrown out, but no such decision was ever entered into the court record. With the case’s reporting judge having spent years on Barrick’s payroll earlier in his career, the dispute now shifts to the Second Environmental Court.
At stake is El Alto, an exploration venture carrying a planned investment of USD 35 million. The project sits on ground tied to the shuttered Pascua Lama mine, abandoned after a bruising environmental battle, and Chile’s Supreme Court previously ruled earlier drilling there illegal — a history that keeps any fresh activity in the area under close scrutiny. For Barrick, the
Pueblo Viejo Relocation Nears Completion
Far smoother is the story unfolding in the Dominican Republic, where the Pueblo Viejo expansion has reached a milestone on the social side. Some 581 families have been moved into the newly built settlement of Nuevos Horizontes, part of a relocation program carrying a total price tag of 20 billion Dominican pesos. Operators say the bulk of affected households accepted the packages on offer, and the company is funding local education infrastructure — including a polytechnic — to bring surrounding communities into the fold. The resettlement clears physical space for the open-pit mine’s next phase.
Mali Labor Clock Ticking Toward September 28
Back in West Africa, the picture is less settled. Unions at the Loulo-Gounkoto mining complex in Mali filed strike notices on September 18, pressing for better overtime pay, expense reimbursements and revised working agreements. Absent a deal at the bargaining table, walkouts could begin September 28 and disrupt output at the site.
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Meanwhile, Barrick’s North American business has tapped Avathon’s technology platform as a strategic partner, according to media reports. The tie-up spans exploration, mine planning, production, processing and supply chains, with management aiming to automate operations and squeeze more efficiency out of the pits.
Corporate Reshuffle and a Rejected Partner
On the strategic front, the company is pushing ahead with a broader reorganization that includes a planned listing of its North American assets. Agnico Eagle declined to take part in that effort roughly two weeks ago. Industry watchers, for their part, flag mounting headwinds: steeper royalty payments, pricier fuel and geopolitical risk are all inflating the cost of producing an ounce of gold.
Macro Crosscurrents and a Technical Floor
The stock has had to navigate a choppy macro tape. Hawkish commentary from Federal Reserve officials stoked rate expectations and lifted the US dollar, weighing on gold producers through the past trading week. Reuters reported the yellow metal came under notable selling pressure as inflation worries and rising US Treasury yields swept commodity markets; bullion shed more than one percent at one point Wednesday, triggering heavy selling in Toronto resource and mining names. The downdraft carried into Thursday, with gold miners sliding pre-market. A firmer greenback added to the drag, since a stronger dollar makes commodities costlier for overseas buyers. Market observers read Barrick’s weakness primarily as a response to those macro conditions rather than any company-specific misstep.
By Friday, the shares found their footing in Canadian trading, closing at CAD 60.70 for a gain of 1.5 percent on the day. That level sits above the stock’s 200-day average of CAD 59.26 and 3.9 percent above its 50-day average of CAD 58.42.
Analysts have offered some ballast along the way. On September 16, RBC Capital’s Josh Wolfson reaffirmed an “Outperform” rating and raised his price target to $53 from $49, signaling confidence in further upside despite near-term swings in the commodity market. How the Mali labor standoff resolves — and where the Fed’s next signals push gold — look set to shape the next leg for the stock.
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