On Tuesday, Barrick Gold Corporation (USA) (NYSE:ABX)’s shares declined -7.22% to $6.11.
Newmont Mining Corp. may be interested in some of Barrick Gold Corp.’s assets — just not the ones it’s presently trying to sell.
After taking over operations this year at the Kalgoorlie Super Pit in Western Australia, Newmont would be interested in buying out Barrick’s 50 percent stake, Chief Executive Officer Gary Goldberg said Tuesday in an interview at the Denver Gold Forum. Mines in Nevada that Barrick is marketing are not of interest to the Greenwood Village, Colorado-based company, he said.
Gold’s more than 40 percent slump from a 2011 peak has miners scrambling to adapt in slightly different ways. Some, like Toronto-based Barrick, are downsizing to focus on key assets. Others such as Goldcorp Inc. are building war chests for future growth. In Newmont’s case, the focus is on improving asset quality in addition to selectively seeking acquisitions, Goldberg said.
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.
ArcelorMittal SA (ADR) (NYSE:MT)’s shares dropped -5.61% to $6.06.
Shares of steel giant ArcelorMittal MT touched a new 52-week low of $7.46 yesterday, before eventually closing marginally higher at $7.53, according to the Zacks.
ArcelorMittal’s shares have plunged around 16.5% in the past one month. Also, the stock has lost roughly 30% so far this year.
ArcelorMitta recorded higher profit of $179 million or 10 cents per share in second-quarter 2015, contrast to a profit of $52 million or 3 cents per share recorded a year ago. However, the company’s revenues slumped 18.4% year over year to $16.9 billion in the second quarter. Revenues were dragged down overall in addition to across the segments by lower average steel selling prices. Decline in iron ore references prices also weighed on sales in the quarter.
The steel industry is affected by raised global production capacity. Demand and pricing for steel remain soft. The world economy is still weak, and challenging conditions persist in Europe and the emerging markets. Moreover, there is a demand-supply gap in the U.S.
ArcelorMittal, together with its auxiliaries, operates as an integrated steel and mining company worldwide. The company operates through five segments: NAFTA; Europe; Brazil and Neighboring Countries (Brazil); Africa & Commonwealth of Independent States (ACIS); and Mining.
At the end of Tuesday’s trade, Baidu Inc (ADR) (NASDAQ:BIDU)‘s shares dipped -3.35% to $136.12.
Data culled from China’s most-used search engine, biggest online outlet and main bank-card network are signaling stabilization in the nation’s economy, according to the Bloomberg.
Three alternative indicators suggest less of a deceleration in the world’s second-largest economy, and reduced risk of a hard landing. That was also the conclusion of a private survey released this week showing little danger of economic collapse after the stock-market plunge and currency devaluation.
“The economy is still stable and we don’t see much volatility in consumption,” said Zhao Meng, Shanghai-based founder of UnionPay Advisors Co., which tracks bank-card spending data in real time to measure consumption patterns across various industries. “People still have the buying power.” Bloomberg added.
With China’s economy set to be a key focus of his first state visit to the U.S. this week, President Xi Jinping told the Wall Street Journal his government will emphasize “developing an innovation and consumption-driven economy” and stick with reforms despite a slowdown. The Shanghai Composite Index rose 0.9 percent Tuesday to close at 3,185.62, paring its loss since June 12 to 38 percent.
Baidu, Inc. provides Internet search services in China and internationally. It offers Chinese language search platform on its Baidu.com Website that enables users to find relevant information online, counting Web pages, news, images, documents, and multimedia files through links offered on its Website; and international products and services to users in other countries.
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