Morningstar Rating

Stock Research and Analysis

by Kristoffer Inton

Bulls Say

Barrick's five core mines constitute boast all-in sustaining costs well below the industry average.
Ongoing portfolio optimization will allow the company to focus on the best-performing assets, reduce capital expenditures, and monetize noncore mines.
Gold companies tend not to follow general economic cycles. They can also provide a hedge to inflation risk. Read more 

Bears Say

Barrick lacks significant future production growth in its pipeline with Pascua-Lama and Jabal Sayid currently on hold.
The Equinox acquisition has turned out to be a huge disappointment. The deal's valuation made sense only in a high copper price scenario, but prices have fallen substantially since the deal was consummated.
Investors looking for gold exposure can skirt company-specific risk by investing in gold-backed exchange-traded funds. Read more 

Management

We assign Barrick Gold a Standard Stewardship Rating. We think it has a mixed record as stewards of shareholder capital. On the positive side, Barrick has put together an attractive portfolio of mines, anchored by five core mines with all-in sustaining   Read more 

Profile

Based in Toronto, Barrick is the world's largest gold producer, operating mines on five continents. In 2013, the firm produced nearly 7.2 million attributable ounces of   Read more 

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