Barrick Gold Provides Update on Loulo-Gounkoto Operations in Mali
Barrick Gold Corporation GOLD has stated that it remains restricted from shipping gold from its Loulo-Gounkoto mining complex in Mali. Furthermore, an interim attachment order has been issued against the current gold stock on site, preventing its export and disrupting routine operations. GOLD believes the interim attachment order is unjustified and contravenes the agreed dispute settlement mechanisms.GOLD noted that this prohibition on shipping gold not only affects operations but also affects the local economy. Barrick will have to temporarily suspend operations at Loulo-Gounkoto if the issue is not resolved within the coming week.Barrick remains committed to constructive engagement with the Malian government to resolve outstanding disputes amicably. As announced earlier, the company has commenced arbitration through the International Centre for the Settlement of Investment Disputes ("ICSID") as a recognized process to settle these issues of disagreement while preserving the integrity of current agreements.Barrick continues working with the Mali government to establish an agreement on a memorandum of agreement to resolve existing conflicts, redefine the partnership's future and boost the State's share of benefits from the Loulo-Gounkoto complex. Barrick remains an unwavering ally to Mali and its people, having contributed considerably to the country's economic and social development over the last three decades. Barrick’s shares have lost 12.4% in the past year against a 14.5% rise of the industry.Image Source: Zacks Investment ResearchFor 2024, Barrick anticipates attributable gold production to be at the bottom end of its earlier announced guidance of 3.9-4.3 million ounces.Barrick Gold Corporation Price and Consensus Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation QuoteGOLD’s Zacks Rank & Key PicksGOLD currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Sylvamo Corporation SLVM and Silvercorp Metals Inc. SVM. Carpenter Technology currently sports a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 176.6% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.Sylvamo, which currently carries a Zacks Rank #2 (Buy), beat the consensus estimate in each of the trailing four quarters. In this time frame, it has delivered an earnings surprise of roughly 16.7%, on average. SLVM’s shares have rallied 60.5% over the past year. Silvercorp, currently carrying a Zacks Rank #1, beat the consensus estimate in three of the last four quarters and matched once, with the average earnings surprise being 16.5%. SVM has gained around 24% in the past year. 5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Carpenter Technology Corporation (CRS): Free Stock Analysis Report Barrick Gold Corporation (GOLD): Free Stock Analysis Report Silvercorp Metals Inc. (SVM): Free Stock Analysis Report Sylvamo Corporation (SLVM): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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