| Barrick (ABX) Extends Credit Facility; Announces Amendment | |
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Barrick Gold Corporation ABX recently extended the termination date on the majority of its fully undrawn $4 billion revolving credit facility from Jan 2020 to Jan 2021. The company also amended the credit facility's key financial covenant. About $3.6 billion of the $4 billion available under the credit facility will now terminate in Jan 2021, while the rest will end in Jan 2020. With regard to the extension of the termination date, Barrick proposed to amend the financial covenant that required it to maintain a minimum consolidated tangible net worth (CTNW) of at least $3 billion, which its lenders also agreed. The new covenant will better reflect Barrick's 2015 deleveraging measures and expected future debt reduction. Per the amended covenant, Barrick will have to maintain a net debt to total capitalization ratio of less than 0.60 (as of Sep 30, 2015, it was about 0.42). Future debt cuts, including the anticipated completion of the recently announced debt tender offer of up to $1.15 billion, is expected to have a favorable impact on this ratio. The shares of the company rose roughly 6.9% to close at $8.09 on Dec 4. Barrick has announced asset sales, joint ventures and partnerships worth $3.2 billion since the beginning of this year. The company remains on track to meet its stated debt reduction target of $3 billion for 2015, which, once completed, will represent a 23% reduction in total debt since the beginning of 2015. Barrick’s long-term debt was around $11.3 billion as of Sep 30, 2015, down from around $12.9 billion a year ago. The company reduced its total debt by 15% from $13.1 billion to $11.2 billion through the end of third-quarter 2015, thereby considerably lowering its near-term debt repayment obligations.
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked gold mining stocks are NovaGold Resources Inc. NG, Harmony Gold Mining Company Limited HMY and Richmont Mines Inc. RIC. While NovaGold sports a Zacks Rank #1 (Strong Buy), Harmony Gold and Richmont carry a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BARRICK GOLD CP (ABX): Free Stock Analysis Report NOVAGOLD RSRCS (NG): Free Stock Analysis Report HARMONY GOLD (HMY): Free Stock Analysis Report RICHMONT MINES (RIC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Harmony Gold Mining Ltd
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PRODUCER |
CODE : HMY |
ISIN : US4132163001 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Harmony Gold is a gold producing company based in South africa. Harmony Gold develops gold and silver in Papua New Guinea and in South Africa, and holds various exploration projects in South Africa. Its main assets in production are RANDFONTEIN UG, HARMONY 2, KALGOLD, TARGET, ELANDSKRAAL UG OPERATING SHAFT, TSHEPONG, EVANDER - 2, 3 & 5, ELANDSRAND, ELANDSKRAAL, JOEL MINE, WELKOM, EVANDER, EVANDER - MINE ON CARE, EVANDER PROJECTS BELOW INFRASTRUCTURE-EVANDER SOUTH, EVANDER STOCKPILE, BAMBANANI, PHAKISA, FREE GOLD WEST, ST HELENA, JOEL, FREE GOLD SHAFT CARE & MAINTENANCE, FREE GOLD STOCKPILE, RANDFONTEIN SURFACE STOCKPILE, ELANDSKRAAL - DEELKRAAL UG SHAFT ON CARE, ORKNEY UG OPERATING SHAFT, ORKNEY UG SHAFTS ON CARE, MERRIESPRUIT 1, MERRIESPRUIT 3, UNISEL, BRAND 3, MASIMONG, MINES ON CARE-FREE STATE, EVANDER 7, EVANDER 8, EVANDER PROJECT BELOW INFRASTRUCTURE ROLSPRUIT, EVANDER PROJECTS BELOW INFRASTRUCTURE POPLAR, EVANDER OPERATIONS, RANDFONTEIN OPERATIONS, PAMODZI (FREE STATE), DOORNKOP, EVANDER (BELOW INFRASTRUCTURE), NYALA and FREE GOLD in South Africa, HAMATA and WAFI in Papua New Guinea and SOUTH KAL MINES, UNION REEFS, BENDIGO and HIDDEN VALLEY in Australia, its main assets in development are HIDDEN VALLEY & KAVEROI in Papua New Guinea and BLOEMHOEK in South Africa and its main exploration properties are VIRGINIA OPERATIONS, PHOENIX, FREE STATE SURFACE and MIDDELVLEI in South Africa and GOLPU and NAMBONGA in Papua New Guinea. Harmony Gold is listed in France, in Germany, in United Kingdom and in United States of America. Its market capitalisation is US$ 3.9 billions as of today (€ 3.7 billions). Its stock quote reached its highest recent level on July 27, 2012 at US$ 9.99, and its lowest recent point on November 20, 2015 at US$ 0.53. Harmony Gold has 439 960 000 shares outstanding. |