Canadian miner Barrick falls after Q2 results
B•Stock performance
Including the session's moves, the stock was down 7.7% year to date.
Barrick shares fall after Q2 results
U.S.-listed shares of Barrick Mining ABX.TO, B.N fell over 8% to $40.09.
The company met second-quarter profit estimates, but higher costs and weaker gold production pressured results.
Barrick posted Q2 adjusted profit of 82 cents per share versus the 82 cents per share estimate, according to data compiled by LSEG.
Q2 gold production dropped to 796,000 ounces, compared with 797,000 ounces a year earlier.
Nevada Gold Mines dispute settlement and project transfers
Barrick and Newmont NEM.N have settled all disputes over their Nevada Gold Mines joint venture, with Newmont agreeing to pay Barrick $1.95 billion.
Barrick will transfer its Fourmile project to the Nevada Gold Mines joint venture, while Newmont will transfer its Mike and Fiberline projects.
TD Cowen said the agreement removes a key overhang for the planned North America IPO, but the price was "below what we had been anticipating".
"We currently model 38.5% of Fourmile at $6.6 billion, or $4.7 billion more than the $1.95 billion being received, which we think represents a high cost to settle the disputes and IPO," TD Cowen analysts said.
