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Aug. 1, 2011 /PRNewswire/ --
Barrick Gold (NYSE: ABX:
$48) has been picked by Standard & Poor's Equity Research as its Focus Stock of the Week. ABX carries S&P's highest investment recommendation of 5-STARS, or Strong Buy.
"We view shares of
Barrick Gold as a compelling investment vehicle to seek to benefit from a continued bull market in gold," said
Leo Larkin, Metals & Mining Equity Analyst at Standard & Poor's Equity Research. "Barrick is currently in the process of implementing plans to expand its annual gold production to 9 million ounces by 2015 from 2010's 7.8 million ounces. The company has built seven mines in the last five years."
Larkin thinks the sell-off that greeted the company's announced plans in
April 2011 to acquire Equinox Minerals Limited for
$7.6 billion in cash has created a potential opportunity to buy the shares at a very attractive price. He observes that the completion of the Equinox acquisition in July doubles its copper reserves. "While the acquisition will result in Barrick being less of a pure investment in gold in the future, we think the negative impact on its valuation has been exaggerated," said Mr. Larkin.
To view a video of Mr. Larkin discussing ABX, paste the following link into your browser.
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