ABX's Denver Gold Forum presentation highlights Highlights from Barrick Gold's presentation at recent Denver Gold Forum as seen by Analyst in crowd (sent to me):
Barrick Gold (ABX : NYSE, ABX : TSX | HOLD, US$38.50)
• Goal is to pay a more progressive dividend (but sustainable).
• Still on track for gold production guidance of 7.3-7.8 Moz. Copper production guidance of ~450 Mlb due to delays a Jabal Sayid (we estimated 20 Mlb from JS in Q4/12).
• Previous gold production target of 9 Moz by 2015 would have required far too much capital so they scaled back to their current 8 Moz (previously announced in Q2/12). Copper production target of approximately 600 Mlb in 2015 before assuming Lumwana expansion.
• Says Pascua-Lama will have one of the lowest cash costs (net of by-product credits), so is expected to significantly add to cash flow when it comes online (first gold pour estimated by company by mid-14, we estimate commercial production in Q1/15).
• Will get update on Pascua in Q3/12 results.
• Saudi government has notified Barrick that safety and security compliance at Jabal Sayid does not meet their standards. Won't be able to meet these standards until 2014, so no production in 2012 or 2013. Equinox had designed this asset to Western Australian standards, which differ from Saudi standards.
• 2013 copper production now at 500-550 Mlb vs. our estimate of 666 Mlb.
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Also on my radar is Abcourt Mines Inc. (TSX-V: ABI) (Pink Sheets: ABMBF) (Frankfurt: AML) which is has 2 near-term production scenarios with reopening of the historic Elder gold mine in Quebec as a priority; From 1944 to 1964 the Elder Gold Mine produced 350,000 ounces of gold. See related insight/synopsis of the investment op here https://miningmarketwatch.net/abi.htm -- in short; dewatering is nearing completion, infrastructure is being upgraded, equipment has been purchased, and a Preliminary Economic Assessment is expected by the end of this September. Currently trading under CDN$0.12 cents per share ABI.V has a market cap under $21M CAD, is capitalized to meet near-term obligations, has no long-term debt, and possesses resources of significance (~20 million ounces silver, ~610 million lbs zinc, ~405,000 oz gold) with large growth potential that appear to position it as grossly undervalued.