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Barrick Gold (ABX) Appoints New Senior VP For Lama Project

By Zacks Investment ResearchStock MarketsSep 06, 2016 06:13AM ET
Barrick Gold (ABX) Appoints New Senior VP For Lama Project
By Zacks Investment Research   |  Sep 06, 2016 06:13AM ET
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Barrick Gold Corporation (NYSE:ABX) has appointed George Bee as the Senior Vice President for the Lama and Frontera District Development project, effective Sep 12.

Barrick Gold recently evaluated the mines at Lama and a scalable starter project utilizing underground mining techniques was dubbed as the best option to start a phased development plan for the Pascua-Lama project. Bee has been selected to advance this project at Lama on the Argentinean side of the Pascua-Lama development project. If the project in Lama is successful, the cash flow generated can be used for both sides of the border. Bee will be reporting to the company’s Chief Operating Officer, Richard Williams.

The conceptual work has already been carried out by the team appointed for the project and will now be taken forward by Bee. He will work along with the Argentinean executive director, Juan Ordonez, as well as the Pascua-Lama team in Chile. This team is led by Sergio Fuentes, the executive project director, Pascua-Lama, along with Rene Muga, the executive director for Chile.

Bee has over 30 years of experience in developing and operating mines. He has also worked with Barrick Gold for 16 years, where he conducted an 8-year tour in Latin America. He was part of the development team of the Goldstrike mine between 1988 and 1995, and later of the Pierina mine, between 1998 and 2007. In 2005, he also formed and led the team that successfully completed the development of the Veladero mine. Post Barrick, he served as President and CEO of Andina Minerals, before becoming the CEO at Jaguar Mining.

The Pascua-Lama mine is scheduled to be developed in phases similar to the development of the Goldstrike mine. Bee will also progress on an integrated development plan for the Frontera District, a 140-kilometer piece of land on the El Indio belt controlled by Barrick Gold, once the starter option development advances.

Barrick Gold’s shares closed roughly 2% higher at $18.16 on Sep 2.

Barrick Gold’s second-quarter 2016 adjusted earnings per share surged 180% year over year to 14 cents, in line with the Zacks Consensus Estimate. Revenues fell around 9.8% year over year to $2,012 million in the reported quarter and missed expectations. The company has reduced its total debt by $968 million so far this year, representing nearly half of its debt reduction target for 2016.

For 2016, Barrick Gold reiterated its gold production outlook and expects to produce 5–5.5 million ounces of gold at lower all-in sustaining costs (AISC) of $750–$790 per ounce. The company has raised its copper production outlook to the range of 380−430 million pounds. The increased production guidance is due to commercial production having started at Jabal Sayid. On completion of its underground development in the second half of 2017, the mine is expected to produce 100 million pounds of copper annually.

Barrick Gold currently carries a Zacks Rank #2 (Buy).

Other well-ranked companies in the gold mining space include AngloGold Ashanti Ltd. (NYSE:AU) , New Gold Inc. (TO:NGD) and Sibanye Gold Limited (NYSE:SBGL) , all sporting a Zacks Rank #1 (Strong Buy).

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Barrick Gold (ABX) Appoints New Senior VP For Lama Project

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Barrick Gold (ABX) Appoints New Senior VP For Lama Project

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