Barrick Gold Corporation (USA) (NYSE:ABX) Sells Of Plutonic To Australian Northern Star Resources

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Dallas, Texas 12/23/2013 (FINANCIALSTRENDS) – Barrick Gold Corporation (USA) (NYSE:ABX) is definitely in the news, past couple of months. As gold mining industry revamps itself to post-low gold prices and heads towards consolidation, ABX as expected has chosen to spin off projects to acquire advanced mines to ensure its productivity remains mainstream.

In the months past, ABX has off-loaded its Australian mines, the Yilgarn South minesto Gold Fields (GFI), and this time around it is the Plutonic mine.  Consolidation is a trend visible especially in the North American gold mining companies. The mines these companies are selling-off are being bought by the likes of large-sized producers of gold like GG and AEM. As the fall in prices continue, the impact of this is expected only by 2015, when production will finally fall, driving prices.

Interestingly, all the three major gold miners – ABX, Newmont Mining as well as AngloGold have maximized output as of November 2013.  A contrary to this trend was noted in Kinross Gold, which has chosen to suspend some of its projects to remain profitable.

Early December, has seen a change of guard at Barrick Gold Corporation (USA) (NYSE:ABX) as well. The founder of the company Peter Munk, who is also the Chairman will step down in 2014, making way for fresh leadership at the mining major’s helm.

He will be replaced by John Thornton, who has served as the President of Goldman Sachs will also have two more new executives on board, when he takes over.

Gold industry relooks Hedge Funding

It looks like the gold mining industry will now once again look at hedge funding. The first of the gold miners willing to give this investment option is Barrick Gold Corporation (USA) (NYSE:ABX). With John Thornton soon as the Chairman, the company may not be averse to looking at new funding options, it is believed.

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