26 May 2021 11:15 ET
11:15 AM EDT, 05/26/2021 (MT Newswires) -- Credit Suisse on Wednesday reiterated its outperform rating on the shares of Barrick Gold (ABX.TO) with a US$28.00 target price after the No.2 gold producer staged its annual investor day. On May 25, Barrick hosted an investor day focused on its Nevada Gold Mines (NGM) operations, with detailed geological summaries of the individual mines, as well as the overall exploration strategy and outlook. We came away thinking that beyond the quick synergy wins, there remains meaningful exploration upside (200 exploration targets) that could further bolster the 10-year production profile, as well as potentially extend the production visibility to 15 years (i.e. through 2035)," the investment bank said in a note. " ... Barrick noted that its current NGM guidance indicates a ~200koz YoY production decline in 2022, which its teams are looking to fill by accelerating Pipeline and Crossroads open pits at Cortez, as well as looking to increase productivity at Cortez underground. Further in the 10-year guidance (i.e. 2025-28), the company is exploring options to fill the current production gap at Carlin (Exodus winding down, converting autoclave to CIL, etc.). For example, Barrick could extend the LOM at Exodus underground, bring forward Gold Quarry open pit, and re-sequence Crossroads open pit (Cortez) to access higher grades sooner." (MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us) Price: 29.96, Change: +0.32, Percent Change: +1.08 |