Key Developments: Barrick Gold Corp (ABX)
19.42USD
17 Jun 2013
$-0.08 (-0.41%)
$19.50
$19.54
$19.73
$19.31
8,127,731
18,985,901
$43.19
$17.51
Latest Key Developments (Source: Significant Developments)
Pomerantz Law Firm Files Class Action Against Barrick Gold Corp and Certain Officers
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against Barrick Gold Corp (Barrick or the Company) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 13 CIV 4123, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Barrick between May 7, 2009 and May 23, 2013 both dates inclusive (the Class Period). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that throughout the Class Period, Defendants made false and misleading statements and concealed material information relating to the cost and time-to-production projections for the Pascua-Lama Project. As a result of Defendants' false and misleading statements and omissions, Barrick's shares traded at artificially inflated prices during the Class Period. Full Article
Glancy Binkow & Goldberg LLP Files Securities Class Action Lawsuit Against Barrick Gold Corp
Glancy Binkow & Goldberg LLP, representing investors of Barrick Gold Corporation, announced that it has filed a class action lawsuit on June 5, 2013 in the United States District Court for the Southern District of New York on behalf of a class (the Class) comprising all purchasers of Barrick common stock between May 7, 2009 and May 23, 2013, inclusive (the Class Period). The Complaint alleges that during the Class Period, Barrick concealed from shareholders that: (1) the costs of bringing Pascua-Lama into production far exceeded any of Barrick`s various publicly presented estimates; (2) Pascua-Lama presented no reasonable expectation of coming into production within any of Barrick`s various publicly presented time horizons; (3) Pascua-Lama`s environmental impact presented significantly greater risks to the Project and the Company than those disclosed by defendants; and (4) as a result, defendants had no reasonable basis for their statements regarding the cost, timing, and production estimates for the Project, or the reserves and earnings guidance for the Company. Full Article
Barrick Gold Corp's Pascua-Lama Gold Project Frozen For At Least 1-2 Years-Reuters
Reuters reported that Barrick Gold Corp suspended Pascua-Lama gold project will likely be reactivated in one to two years at the earliest, given the infrastructure that needs to be built to avoid water pollution. The new regulator ordered the $8.5 billion project be halted and fined the Company $16 million, citing serious environmental violations. A Chilean court in April had already temporarily halted the unpopular project, which straddles the border of Chile and Argentina, to weigh claims by indigenous communities that Barrick has damaged pristine glaciers and harmed water supplies. Monckeberg also stressed that predicting time frames is tricky given that the regulator, which started operating in December, is navigating in uncharted territory. Once Barrick completes the required works, the regulator will take a 'reasonable time' to assess whether the mine is upholding environmental standards, "given the seriousness of the issue. Barrick has said it is fully committed to complying with all aspects of the regulator's order. But it has also said it could suspend Pascua-Lama if the timetable for resolving regulatory issues at the project remains unclear. Full Article
Barrick Gold Corp Completes Sale Of $3 Billion Of Debt Securities
Barrick Gold Corp and its wholly-owned subsidiary, Barrick North America Finance LLC (BNAF), announced the completion of the sale of $3 billion of debt securities comprised of: $650 million of 2.50% notes due 2018 (the 2018 Notes) and $1.5 billion of 4.10% notes due 2023 (the 2023 Notes) of Barrick as well as $850 million of 5.75% notes due 2043 (the 2043 Notes) of BNAF. The 2043 Notes of BNAF are guaranteed by Barrick. The net proceeds from this offering will be used to repay approximately $2 billion of borrowings under Barrick's revolving credit facility maturing in January 2018, which amount was originally borrowed for general corporate purposes and to repay existing indebtedness and for general corporate purposes, including, but not limited to, the repayment, in whole or in part, of the $500 million aggregate principal amount of the 6.125% Notes due 2013 issued by Barrick's wholly-owned subsidiary Barrick Gold Financeco LLC. Full Article
Barrick Gold Corp Announces Pricing Of $3 Billion Offering Of Debt Securities
Barrick Gold Corp (Barrick) and its wholly-owned subsidiary, Barrick North America Finance LLC (BNAF), announced the pricing of $3 billion in debt securities comprised of: $650 million of 2.50% notes due 2018 (the 2018 Notes) and $1.5 billion of 4.10% notes due 2023 (the 2023 Notes) of Barrick as well as $850 million of 5.75% notes due 2043 (the 2043 Notes) of BNAF. The 2043 Notes of BNAF are guaranteed by Barrick. The offering is expected to close on or about May 2, 2013. The net proceeds from this offering will be used (i) to repay approximately $2 billion of borrowings under Barrick's revolving credit facility maturing in January 2018, which amount was originally borrowed for general corporate purposes and to repay existing indebtedness and (ii) for general corporate purposes, including, but not limited to, the repayment, in whole or in part, of the $500 million aggregate principal amount of the 6.125% Notes due 2013 issued by Barrick's wholly-owned subsidiary Barrick Gold Financeco LLC. Full Article
Barrick Gold Corp Announces Dividend
Barrick Gold Corp announced that Board of Directors has declared a dividend for the quarter of USD20 cents per share, payable on June 17, 2013 to shareholders of record at the close of business on May 31, 2013. Full Article
Barrick Gold Corp Puts Australian Gold Mines Up For Sale-Reuters
Reuters reported that Barrick Gold Corp has put three mines in Western Australia up for sale. The gold producer has appointed Bank of America's Merrill Lynch and UBS to advise on the sale of its Yilgarn South group of mines, Darlot, Granny Smith and Lawlers, which last year produced 452,000 ounces of gold. A Perth-based spokeswoman for Barrick was not available to comment. Full Article
Barrick Gold Corp Heeds Chilean Court; Halts Work On Pascua-lama Mine-Reuters
Reuters reported that Barrick Gold Corp halted construction on its huge Pascua-Lama gold and silver mine in Chile on Wednesday after a local court ordered the suspension to weigh indigenous communities' claims that the project destroys glaciers and harms their water supply. The appeals court in the northern town of Copiapo said it will analyze the complaints of 'environmental irregularities' in connection with Barrick's project, which has been plagued by soaring costs and opposition from environmental groups. Barrick said in a statement that it would continue to work to 'address environmental and other regulatory requirements to the satisfaction of Chilean authorities. It also said it was too early to assess the impact of the suspension on the project's overall capital budget or its timetable. A court source told Reuters the dispute could take several months to resolve and an appeal to the Chilean Supreme Court is likely. Full Article
Barrick Gold Corp Issues FY 2013 Production Guidance
Barrick Gold Corp announced that for fiscal 2013, it expects gold production to be 7.0-7.4 million ounces at all-in sustaining cash costs of $1,000-$1,100 per ounce and total cash costs of $610-$660 per ounce and copper production to be 480-540 million pounds. Full Article
Barrick Gold Corp Announces Dividend
Barrick Gold Corp announced that Board of Directors has declared a quarterly dividend of USD20 cents per share, payable on March 15, 2013 to shareholders of record at the close of business on February 28, 2013. Full Article
Barrick suspended Chile mine infrastructure to be implemented by Dec 2014
SANTIAGO, June 12 - The implementation of infrastructure to avoid water pollution at Barrick's suspended Pascua-Lama project will wrap up in December of next year, the gold miner said in a filing posted on the Chilean environmental regulator's website.
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