Barrick Gold Corporation (GOLD – Free Report) recently stated that it is still banned from shipping gold from the Loulo-Gounkoto mining complex in Mali. In addition, the Malian government implemented the preliminary seizure of the gold by transferring the site’s current gold stock to a custodian bank, further blocking the shipment and sale of the gold.
As a result, Barrick has initiated a temporary suspension of operations while it works to resolve the situation.
Barrick remains committed to working constructively with the Malian government and other stakeholders to reach a mutually acceptable solution that ensures the long-term viability of the Loulo-Gounkoto mining complex and its critical contribution to the Malian economy and society.
Barrick shares are up 1.8% in the past year, versus the industry’s rise of 29.1%.
Image source: Zacks Investment Research
For 2024, Barrick expects attributable gold production to be at the lower end of the previously announced guidance of 3.9-4.3 million ounces.
GOLD’s Zacks Rank and Top Picks
GOLD currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Timmermans Technology Company (CRS – Free report), Sylvamo company (SLVM – Free report) and ICL Group Ltd (ICL – Free report).
Carpenter Technology currently carries 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 are up 175.9% in the past year. You can see it The complete list of today’s Zacks #1 Rank stocks can be found here.
Sylvamo, which currently carries a Zacks Rank #1, has beaten the consensus estimate in each of the last four quarters. Over this period, the company has delivered an earnings surprise of approximately 16.7% on average. SLVM shares are up 73.5% in the past year.
The Zacks Consensus Estimate for ICL Group’s current-year earnings has risen 8.8% over the past 60 days. ICL beat the consensus estimate in each of the last four quarters, with an average surprise of 18.1%.