Barrick: Market Cap Near $24 Billion As Trading Opens After Merger
(Kitco News) - The newly formed Barrick Gold Corp. began trading Wednesday morning with a market capitalization of nearly $24 billion, the company announced.
Barrick has merged with Randgold Resources Ltd., with the deal first announced in September and since approved by shareholders of both companies.
The company’s executive chairman, John Thornton, accompanied by the president and chief executive officer, Mark Bristow, rang the opening bell on the New York Stock Exchange Wednesday as 2019 trading got underway.
Barrick previously said it was changing its ticker symbol on the NYSE from ABX to GOLD, which was the old symbol for Randgold American depositary shares traded on the NASDAQ. Barrick will continue to trade on the Toronto Stock Exchange under the symbol ABX.
Barrick officials said the company now owns all or part of the five of the industry’s top 10 gold assets: Cortez and Goldstrike in Nevada, 100%; Kibali in the Democratic Republic of the Congo, 45%; Loulo-Gounkoto in Mali, 80%; and Pueblo Viejo in the Dominican Republic, 60%. The company said two other U.S.-based properties have potential to become tier one assets -- Goldrush/Fourmile, 100%, and Turquoise Ridge, 75%.
At the opening Wednesday, Barrick had a market capitalization in excess of $23.75 billion, with the largest reserves base among its senior gold peers, the company said.
In a joint letter to stakeholders, Thornton and Bristow said the “reborn” company “will lead the recognition of sustainable value creation as its primary goal.” The officials said Barrick will aim to optimize existing operations, pursue new opportunities that meet strict investment criteria and develop them with disciplined efficiency.