Barrick Gold (TSX: ABX; NYSE: GOLD) has gold and copper mining operations and tasks in 13 nations in North and South America, Africa, Papua New Guinea and Saudi Arabia.
Its diversified portfolio spans lots of the world’s prolific gold districts, and the corporate is concentrated on excessive margin, long-life property.
Barrick operates six ‘tier one’ gold property: Carlin (together with the previous Goldstrike operation) and Cortez, each in Nevada; Loulo-Gounkoto in Mali, Kibali within the Democratic Republic of Congo; Pueblo Viejo within the Dominican Republic; and Turquoise Ridge within the U.S. (To qualify for tier one standing, a mine has to have annual manufacturing above 500,000 oz., a mine lifetime of not less than ten years, and complete money prices within the backside half of the trade vary.)
Final 12 months, Barrick’s 61.5% share in Carlin attributed 1.02 million oz. gold to the corporate’s manufacturing profile. Cortez (61.5%) contributed 491,000 oz.; Loulo-Gounkoto (80%), 544,000 oz.; Kibali (45%) 364,000 oz.; Pueblo Viejo (60%), 542,000 oz.; and Turquoise Ridge (61.5%) 330,000 ounces.
Barrick merged with Randgold Assets in January 2019. That transaction was adopted in July 2019 with the mix of Barrick’s Nevada property with these of Newmont’s to create Nevada Gold Mines (61.5% owned and operated by Barrick).
In September final 12 months, it purchased out the minority shareholders in Acacia Mining and took over its Tanzanian property.
Barrick’s Toronto-quoted fairness has misplaced about 26% up to now 12 months. The board has tripled the dividend because the fall of 2018 and is giving buyers a bonus cost of US$0.42 per share in 2021. Barrick Gold completed 2020 with zero internet debt.
Barrick expects 2021 gold manufacturing to be within the vary of 4.4 to 4.7 million ounces.
The corporate’s gold manufacturing within the second half might be greater than the primary owing to mine sequencing at Nevada Gold Mines, commissioning of the Section 6 leach pad at Veladero by month-end, in addition to Bulyanhulu operations ramping up.
Buzwagi stays on monitor to enter closure ranging from the third quarter.
Barrick’s steering continues to exclude Porgera, which in 2019 produced 284,000 ouncesgold. On April 9, the Papua New Guinea authorities and Barrick Niugini Restricted, the 95% proprietor and operator of the Porgera three way partnership, agreed on a partnership for the longer term possession and operation of the Porgera mine.
Porgera has been on care and upkeep since April 2020, when the federal government declined to resume its particular mining lease
Whole attributable group gold sources elevated in 2020, internet of depletion and excluding the influence of promoting Massawa. Together with reserves and reported at a gold value of US$1,500 per oz., attributable measured and indicated sources stood at 3.3 billion tonnes, grading 1.52 grams gold per tonne for 160 million ounces. It has an extra 980 million tonnes at 1.4 grams gold per tonne for 43 million oz. inferred.
Market cap: C$43.16 billion ($35.78 billion)
Nutrien (TSX: NTR; NYSE: NTR) was shaped in a 2018 merger between Potash Corp. of Saskatchewan — the world’s largest potash producer — and Agrium, a retail provider of agricultural services and products.
At this time, Nutrien is the world’s largest crop inputs and companies supplier — producing potash, nitrogen and phosphate merchandise — and has a number of the world’s highest high quality and lowest-cost crop nutrient manufacturing property mixed with an in depth agricultural distribution community.
Nutrien has introduced it would improve potash manufacturing by 500,000 tonnes this 12 months on the again of newly imposed commerce sanctions on Belarus. The enhance, which can convey complete annual gross sales volumes to 13.8 million tonnes, comes on prime of the half million-tonne output improve the world’s greatest fertilizer firm introduced on June 7.
Potash costs have risen this 12 months on tightening provide and rising demand, as growing crop costs are spurring farmers to make use of extra fertilizer to maximise yields.
Nutrien’s built-in enterprise mannequin offers a diversified earnings base, underpinned by secure development in Nutrien Ag Options and earnings torque from potash, nitrogen and phosphate. This built-in mannequin generates robust free money move and facilitates environment friendly capital allocation to develop its enterprise whereas sustaining a strong stability sheet.
Nutrien generated $1.8 billion in free money move in 2020.
The board has accepted a rise within the quarterly dividend to $0.46 per share, the third dividend improve in three years with an annualized pay-out at $1.84 per share.
Agnico Eagle Mines
Market cap: C$21.06 billion ($17.46 billion)
Agnico Eagle Mines (TSX: AEM; NYSE: AEM) has declared a money dividend yearly since 1983. It has mines in Canada, Finland and Mexico and in 2019 introduced two new mines into manufacturing within the Canadian Arctic.
The corporate has two producing mines in Nunavut — the Meadowbank complicated and the Meliadine mine. In Quebec, it owns the La Ronde complicated, Goldex, and Canadian Malartic mines; in Mexico, the La India, Pinos Altos and Creston Mascota mines; and in Finland, the Kittila mine. Its exploration tasks embrace Hammond Reef in north-western Ontario; Kirkland Lake in north-eastern Ontario; Odyssey, East Gouldie and East Malartic in Quebec; and Santa Gertrudis in Mexico’s Sonora state.
As of December 31, Agnico Eagle had greater than 24 million oz. gold in 347.77 million tonnes grading 2.15 grams per tonne in confirmed and possible reserves — one of the best mineral reserve grades amongst its North American friends. The corporate’s objective is to take care of its world reserves at about ten occasions its annual gold manufacturing charge.
Payable gold output totalled 1.74 million oz. gold (together with 36,416 oz. of pre-commercial gold manufacturing from the IVR pit at Amaruq, the Tiriganiaq open pit at Meliadine, and the Barnat pit at Canadian Malartic).
In 2021, payable gold manufacturing is predicted to be about 2.05 million ounces. The steering doesn’t embrace manufacturing from the newly acquired Hope Bay gold undertaking in Nunavut.
First Quantum Minerals
Market cap: C$20.39 billion ($16.9 billion)
First Quantum Minerals (TSX: FM) is a world mining firm that has grown by a mixture of exploring, growing, working, and buying mining tasks or corporations with pursuits in mining actions. The corporate produces copper in focus, copper anode, copper cathode, nickel, gold, zinc, silver, acid and pyrite.
The corporate has grown from an preliminary operation reprocessing tailings services in Zambia to the not too long ago accomplished multibillion-dollar Cobre Panama operation.
For the total 12 months 2020, the corporate reported a comparative lack of C$46 million ($0.07 per share) regardless of attaining its highest-ever annual copper output at 778,911 tonnes, up 11% year-on-year.
Final 12 months, Sentinel in Zambia carried out exceptionally properly and was a major contributor to that report manufacturing. Cobre Panama, in Panama, skilled a interval of preservation and secure upkeep associated to the coronavirus however nonetheless carried out properly, ramping again as much as full manufacturing in early August.
First Quantum expects its 2021 copper manufacturing to develop to greater than 785,000 tonnes, growing to 805,000 to 860,000 tonnes in 2022 and 820,000 to 880,000 tonnes in 2023.
First Quantum has vital nickel sources that complement its world-class copper operations, underpinned by Ravensthorpe and the Enterprise nickel undertaking in Zambia. Enterprise is a 100% owned, largely constructed, high-grade nickel sulphide undertaking positioned 15 km from the corporate’s Sentinel mine. The 4 million tonne per 12 months course of plant at Enterprise was accomplished in 2016 and was quickly used to course of copper ore in the course of the commissioning of Sentinel. Enterprise is predicted to provide a mean of 28,000 tonnes of nickel focus per 12 months over an estimated 11-year mine life.
The corporate anticipates that Enterprise’s high-grade focus might be appropriate to feed into the battery metals provide chain. Dewatering and preliminary pre-strip works will start at Enterprise in 2021, anticipating the corporate making a remaining determination to proceed with the undertaking later this 12 months.
Market cap: C$15.9 billion ($13.2 billion)
Teck Assets (TSX: TECK.B; NYSE: TECK) is concentrated on steelmaking coal, copper, zinc and power and owns or has pursuits in 11 working mines, a big metallurgical complicated and a number of other main growth tasks within the Americas.
It’s the world’s second-largest seaborne exporter of steelmaking coal, with 5 operations in Western Canada. It’s a vital copper producer within the Americas, with 4 working mines in Canada, Chile and Peru and copper growth tasks in North and South America.
Teck can also be one of many world’s largest producers of mined zinc, with two working mines within the U.S. and Peru, and owns one of many world’s most important totally built-in zinc and lead smelting and refining services in Canada.
As well as, the corporate has an curiosity within the Fort Hills oil sands mine in Alberta.
Its steelmaking coal operations embrace Cardinal River, Fording River, Greenhills, Line Creek and Elkview.
Its copper portfolio consists of Highland Valley Copper, Antamina, Quebrada Blanca and Carmen de Andacollo. Its zinc property are Purple Canine and Path and power property Fort Hills.
Final 12 months, the Vancouver-headquartered firm posted revenues of C$8.95 billion and money move from operations of C$1.56 billion. Adjusted EBITDA got here in at C$2.57 billion, with adjusted revenue attributable to shareholders of C$561 million.
Teck’s liquidity stood at C$6.5 billion as of February 17.
The corporate expects to provide 275,000 to 290,000 tonnes copper in 2021, 585,000 to 610,000 tonnes zinc, 300,000 to 310,000 tonnes refined zinc and 25.5 million to 26.5 million tonnes coking coal.
Kirkland Lake Gold
Market cap: C$14.09 billion ($11.68 billion)
Kirkland Lake Gold (TSX: KL; NYSE: KL) operates two of the highest-grade gold mines on the planet, the Macassa mine in Ontario, Canada, and its Fosterville mine within the state of Victoria, Australia. It additionally produces gold at its Holt complicated — a trio of mines (Holt, Taylor and Holloway) in Ontario.
In January 2020, the corporate accomplished the all-share acquisition of Detour Gold, including Detour’s mine in northern Ontario to its portfolio of manufacturing property. The transaction added 14.8 million oz. gold in open pit reserves to its reserve base and exploration targets inside its 1,040 sq. km land place within the Abitibi Greenstone belt.
All three of the corporate’s main mines — Macassa, Fosterville and Detour — function free-cash-flow producing operations, in-mine development potential and regional exploration upside.
Kirkland Lake expects its Detour Lake open pit mine in northern Ontario to achieve a gold output charge of 900,000 oz. a 12 months by 2032, primarily based on its newest life-of-mine plan for the asset.
Whole gold manufacturing in 2020 was 1.37 million oz., with Fosterville besting its 2020 manufacturing steering of 590,000 to 610,000 oz., whereas output from each Detour Lake and Macassa got here in barely under their respective forecasts for 520,000 to 540,000 oz. and 210,000 to 220,000 ounces.
The corporate additionally forecasts common gold manufacturing of 680,000 to 720,000 oz. a 12 months between 2021 and 2024, growing to 800,000 oz. in 2025.
Kirkland Lake additionally entered a strategic partnership with Orefinders Assets (ORX: TSXV) and Mistango River Assets (CSE: MIS), permitting the 2 Canadian juniors to unlock their full potential exploration-stage property.
Below earn-in choice agreements, Kirkland Lake Gold can have the choice to amass as much as an undivided 50% curiosity in Orefinder’s Mirado, McGarry, and Knight and Mistango’s Kirkland West and Omega tasks over 5 years, and is contingent on Kirkland Lake spending a complete of $20 million within the floor. Throughout this era, Orefinders and Mistango will proceed to function their respective tasks.
Market cap: C$12.38 billion ($ 8.87 billion)
Kinross Gold’s (TSX: Ok; NYSE: KGC) mines within the Americas, Russia and West Africa delivered 2.37 million gold-equivalent oz. at a manufacturing price of gross sales of $723 per gold-equivalent oz. final 12 months, producing over $1.2 billion in adjusted working money move. It ended 2020 with complete liquidity of greater than $2.8 billion.
The corporate has mines within the Americas: Fort Knox (U.S.); Spherical Mountain (U.S.); Bald Mountain (U.S.); and Paracatu (Brazil). It has two working mines in West Africa: Tasiast in Mauritania and Chirano in Ghana, and two mines in Russia: Kupol and Dvoinoye.
Its three largest mines – Paracatu (Brazil), Kupol (Russia) and Tasiast (Mauritania) — produced 62% of the corporate’s complete ounces and have been the lowest-cost mines within the portfolio in 2020.
Kinross additionally added final 12 months 5.7 million oz. to its reserve estimates after depletion on account of profitable exploration and mine optimization applications. Kinross made good progress at its growth tasks, together with Tasiast 24k and La Coipa, and added to its portfolio to amass the Chulbatkan and Peak tasks.
Development on the Fort Knox Gilmore undertaking was accomplished on time and below price range, and the corporate continued to advance Udinsk and Lobo-Marte.
Kinross expects manufacturing in 2021 of two.4 million gold-equivalent oz., in step with 2020 manufacturing. In 2022 and 2023, annual manufacturing is predicted to extend to about 2.7 million gold-equivalent oz. and a pair of.9 million gold-equivalent oz., respectively. Kinross expects to provide a mean of two.5 million oz. yearly to 2029.
Market cap: C$10.61 billion ($8.8 billion)
Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) has a portfolio of Tier 1 copper, zinc and platinum group metals tasks in sub-Saharan Africa.
Most not too long ago, on Could 26 and months forward of schedule, it started producing copper focus at its Kamoa-Kakula undertaking within the Democratic Republic of Congo (DRC) because the metallic continues to commerce near all-time highs. It was the largest new mine to take action since Escondida in Chile in November 1990.
The Kamoa-Kakula undertaking is independently ranked because the world’s fourth-largest copper deposit by worldwide mining advisor Wooden Mackenzie. Kamoa-Kakula is a strategic partnership between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River World Restricted (0.8%) and the DRC authorities (20%).
Kamoa-Kakula is being developed in 5 phases of three.8 million tonnes (part two has been introduced ahead to the third quarter of 2022) for a complete ore processing capability of 19 million tonnes per 12 months.
Grade at Kamoa-Kakula declines steadily over the 5 phases as per the preliminary financial evaluation, averaging between 3%-4% in the course of the second half of its 47-year mine life. Nonetheless, even then, Kamoa-Kakula can be by far the richest copper mine of any measurement on the planet.
Ivanhoe’s DRC exploration group targets Kamoa-Kakula-style copper mineralization by a regional exploration and drilling program on its 90%- and 100%-owned Western Foreland exploration licences, near the Kamoa-Kakula undertaking, which seem to host even greater copper grades.
The Kipushi zinc-copper-germanium-silver mine, additionally within the DRC, is predicated on the high-grade, underground zinc-copper mine within the Central African Copperbelt, which mined about 60 million tonnes grading 11% zinc and seven% copper between 1924 and 1993.
On July 30, 2018, Ivanhoe introduced a brand new useful resource estimate for Kipushi that elevated zinc-rich measured and indicated sources by 16%, from 10.2 million tonnes to 11.8 million tonnes.
The brand new estimate additionally elevated Kipushi’s zinc grade from 34.89% to 35.34%, in 40% extra tonnes from 1.6 million tonnes to 2.3 million tonnes, with a slight improve within the copper grade from 4.01% to 4.03%.
The up to date useful resource estimate might be used to underpin a definitive feasibility research for Kipushi, which can replace and refine the findings of a preliminary feasibility research issued in December 2017.
As well as, Ivanhoe Mines not directly owns 64% of the Platreef undertaking by its subsidiary, Ivanplats, and is directing all mine growth work.
The Platreef 2020 feasibility research up to date feasibility outcomes introduced in July 2017. The Platreef 2020 feasibility research evaluated the event of a 4.4 million tonne each year underground mine with two concentrators inbuilt modules of two.2 million tonnes per 12 months.
Platreef’s present indicated sources are 346 million tonnes grading 3.77 grams per tonne 3PE+gold (1.68 grams per tonne platinum, 1.70 grams per tonne palladium, 0.11 gram per tonne rhodium, 0.28 gram per tonne gold), 0.32% nickel and 0.16% copper at a 2.0 grams per tonne 3PE+gold cut-off grade. These sources comprise an estimated 26.8 million oz. of palladium, 25.6 million oz. of platinum, 4.5 million oz. of gold, and 1.8 million oz. of rhodium, plus 4.1 billion lb. nickel and a pair of.1 billion lb. of copper, at a cut-off grade of 1 gram per tonne.
Market cap: C$10 billion ($8.3 billion)
Cameco’s (TSX: CCO; NYSE: CCJ) operations and investments span the nuclear gas cycle, from exploration to gas manufacturing. The corporate is likely one of the world’s largest uranium producers with property on three continents.
It sells uranium and gas companies to nuclear utilities in 12 nations, with gross sales commitments to produce about 113 million lb. U3O8 and over 53 million kilograms of UF6 conversion companies.
Its uranium operations embrace Cigar Lake, McArthur River/Key Lake and Rabbit Lake in northern Saskatchewan; Inkai in Kazakhstan; and Smith Ranch-Highland in Wyoming and Crow Butte in Nebraska.
The corporate’s superior tasks embrace Millennium in northern Saskatchewan and Kintyre and Yeelirrie in Western Australia.
In its gas companies division, Cameco owns the Blind River refinery, the world’s largest uranium refinery; the Port Hope Conversion facility, certainly one of solely 4 business suppliers within the western world of uranium hexafluoride (UF6), which is exported to be enriched to be used in gentle water reactors; and Cameco Gasoline Manufacturing, the biggest Canada-based provider of elements for CANDU reactors.
Final 12 months, with lots of its uranium mine operations on care and upkeep, it produced 5 million lb. U3O8 and generated C$57 million in money from operations. The declining figures mirror continued market weak point, leading to a internet loss attributable to shareholders of C$53 million for the 12 months.
Cameco’s ongoing market self-discipline and suspension of McArthur River/Key Lake has seen the removing of 18 billion lb. per 12 months of U3O8 from the market.
Because of the uncertainty surrounding covid-19, the corporate stated it will not be able to supply an outlook for 2021 till the speed at which it is going to be in a position to sustainably function the Cigar Lake mine is understood.
In February, the Supreme Courtroom of Canada dismissed Canada Income Company’s request to enchantment a June 2020 determination on a tax dispute involving the corporate, which Cameco stated would “totally and at last” resolve the 2003, 2005 and 2006 tax years in its favour.
Market cap: C$9.48 billion ($7.86 billion)
Lundin Mining is a diversified base metals firm. The corporate is engaged in mining, exploration and growth of mineral properties, primarily in Chile, the US, Portugal, Sweden and the Democratic Republic of Congo. Its enterprise segments embrace Candeleria, Chapada, Eagle, Neves-Corvo, Zinkgruvan, and Tenke Fungurume, amongst others.
The corporate’s geographical segments embrace Europe, Asia, South America and North America, the place it’s engaged in producing copper, nickel and zinc. Its working property embrace the Eagle mine positioned in the US, the Neves-Corvo mine positioned in Portugal and the Zinkgruvan mine positioned in Sweden. It additionally owns the Candelaria and Ojos del Salado mining complicated (Candelaria) positioned in Chile. It’s engaged in drilling on the Elida porphyry undertaking.
The corporate stated that regardless of pandemic-related hiccups, it’s on monitor to realize its 2021 manufacturing objective of 380,000 to 420,000 oz. of gold.
Lundin not too long ago elevated Fruta del Norte’s reserves by 8% to five.41 million ounces, attributable to modifications within the deliberate mining methodology. Primarily based on the brand new figures, it now expects to provide virtually 4.8 million ounces of gold at Fruta del Norte over a 14-year mine life.
(This text first appeared in The Northern Miner)