National Bank Financial on Wednesday maintained its sector-perform rating on the shares of Barrick Gold (ABX.TO, GOLD) while lowering its price target to $24.00 from C$26.00 after the company said it is suspending operations at its Loulo-Gounkoto in Mali.
We updated our model for the announcement of the temporary closure of Loulo-Gounkoto. We now assume the mine will be closed in 1Q25 and restart operations at a softer pace in 2Q25. However, this is a low-conviction assumption based on a fluid situation between the company and the government. As a result of our assumption, ~117koz (3%) of 2025 production and US$303mln (4%) of EBITDA has been knocked off our 2025 estimates," analyst Mike Parkin wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 22.57, Change: +0.21, Percent Change: +0.92
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