NEW YORK (TheStreet) -- Shares of Barrick Gold Corp. (ABX) are up 1.72% to $11.84 after the Canadian miner said it is hopeful it can find a way forward with its stalled Pascua Lama gold mine in Chile, Reuters reports.
The Chilean mine is expected to produce up to 850,000 ounces of gold annually in its first five years, which would contribute a large share of Barrick's future production, according to Reuters.
Barrick halted the project on the Chilean and Argentine border last year after investing $5 billion in it, according to a local financial newspaper Diario Financiero.
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In addition to permitting issues, cost overruns and a sharp drop in bullion prices, Barrick faced the strong and organized opposition of the local indigenous communities, Reuters added.
Separately, TheStreet Ratings team rates BARRICK GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."