Operating issues and regulatory challenges in countries such as Mali, Papua New Guinea and the Dominican Republic have weighed on Barrick’s stock, offsetting the tailwinds provided by rising gold prices. Barrick last month had to suspend operations at its Loulo-Gounkoto complex in Mali after the military-led government moved gold stocks to a custodial bank. Mali claims the miner owes it US$512 million in back taxes.
Shares of Barrick have dropped about 6% in Toronto trading over the last five years even as gold prices set new records, Google Finance data shows. The iShares S&P/TSX Index Global Gold Index ETF, meantime, has gained about 57% over the period. Barrick were little changed at $24.54 Thursday in early afternoon trading in Toronto, giving the company a market value of about $42.4 billion.
‘Transformational projects’
Barrick, the world’s third-biggest gold miner by market capitalization, is…
