On Thursday, Shares of Barrick Gold Corporation (NYSE:ABX), lost -2.49% to $7.05.
Barrick Gold Corporation declared that it has reached a contract to sell a 50 percent interest in the Zaldívar copper mine in Chile to Antofagasta Plc (“Antofagasta”) for a total consideration of $1.005 billion in cash, forming a new partnership with one of the world’s leading copper companies.
“The sale of 50 percent of Zaldívar is consistent with our strategy to create long-term value for our shareholders. By selling a stake in this non-core asset, we strengthen our balance sheet while maintaining noteworthy exposure to a strong cash-generating operation,” said Kelvin Dushnisky, Co-President of Barrick. “Following a highly competitive auction process, we are happy to reach a contract with the ideal partner for Zaldívar. Antofagasta has an outstanding track record of building and operating mines in Chile, and we see this as the first step in an ongoing, collaborative partnership. There are many potential opportunities to benefit from Antofagasta’s experience as Barrick evaluates development projects in the future.”
“We are enthusiastic about partnering with Barrick at Zaldívar. Together, we believe that we are well positioned to enhance the long-term value of the Zaldívar operation through our collective best practices,” said Diego Hernandez, CEO of Antofagasta. “We have consistently been impressed with the workforce at Zaldívar, and look forward to partnering with them. We also look forward to exploring other opportunities to collaborate with Barrick in the future.”
Barrick Gold Corporation produces and sells gold and copper. The company is also involved in exploration and mine development activities. It conducts mining, development and exploration, and other activities in various countries, counting the United States, Canada, Australia, Argentina, Chile, Peru, the Dominican Republic, Papua New Guinea, Tanzania, Zambia, and Saudi Arabia. Its principal properties comprise Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, Zaldívar, and Lumwana mines; and its Pascua-Lama project.
Shares of Corning Inc. (NYSE:GLW), inclined 0.49% to $18.63, during its last trading session.
Corning declared its results for the second quarter of 2015.
Second-Quarter Segment Performance
- Display Technologies: Core sales were $963 million*, with sequential glass volume growth of a low single-digit percentage, as predictable. Sequential LCD glass prices declined moderately, and in line with expectations. Core earnings for the quarter were $290 million* as compared to $300 million* in the second quarter last year.
- Optical Communications: Sales were $800 million, a 17% enhance from $686 million for the comparable period a year ago. Core earnings for the quarter were $91 million*, a 44% enhance from $63 million* a year ago.
- Environmental Technologies: Sales were $260 million as compared to $285 million, a 9% decrease on a year-over-year basis, driven primarily by currency exchange rates. Core earnings were $46 million*, in line with last year`s second quarter.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials worldwide. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
Finally, Magnum Hunter Resources Corp. (NYSE:MHR), ended its last trade with -9.01% loss, and closed at $1.01.
Magnum Hunter Resources Corporation will host a conference call on Friday, August 7, 2015, at 9:00 a.m. CDT, to talk about its quarter and six months ended June 30, 2015 financial and operating results. The Company will issue a press release announcing these financial and operating results before the U.S. financial markets open on the morning of the conference call. On the conference call, the Company will talk about these financial and operating results in addition to other corporate related matters. During the conference call, following the Company’s presentation, the Company will allow for a brief Q & A session with equity research analysts.
Magnum Hunter Resources Corporation, an independent oil and gas company, explores for, exploits, acquires, develops, and produces crude oil, natural gas, and natural gas liquid resources in the United States. The company operates through the U.S. Upstream, Midstream, and Oilfield Services segments.
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