NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) were up in late-morning trading on Monday as the Canadian gold miner is partnering with technology giant Cisco Systems (CSCO) to include digital technology in its mining business.
Barrick's first digital operation will be added to its Cortez gold mine in Nevada. The company said the partnership should improve its mining productivity and efficiency.
Other miners, such as Dundee Precious Metals (DPMLF), have begun using wireless technology and software platforms to monitor underground operations in real time, Reuters reports.
Barrick said in a statement that the partnership will help reduce its environmental impact and track when equipment requires maintenance attention.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
The team rates Barrick Gold as a Hold with a ratings score of C. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share and increase in net income. However, as a counter to these strengths, it also finds weaknesses including generally higher debt management risk and disappointing return on equity.You can view the full analysis from the report here: ABX