Goldcorp eclipses Barrick by market cap

Nov 08 2012, 15:29 IST
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SummaryGoldcorp has been creeping up on Barrick for years.

a mining analyst with Dahlman Rose in New York.

They have a much larger production base to build from, so on a percentage basis, it's a bigger challenge to grow. Also, Barrick has many older mines that are coming to the end of their natural lives, or are fighting lower ore grades to stay operating.

That means ounces from Barrick's new mines will go towards replacing those being lost at older projects.

Of 24 analysts surveyed by Thomson Reuters I/B/E/S, 18 rank Goldcorp as a Buy or Strong Buy, with five Holds and one Underperform.

Out of a total of 29 analysts, Barrick has 16 Buy or Strong Buy rankings, with 12 Holds and one Underperform.

Barrick, which fired Chief Executive Aaron Regent in June amid disappointment with the performance of the shares, has a stake in some 22 producing gold mines around the world.

Goldcorp, by contrast, holds a stake in 12 producing mines across the Americas.

Barrick's shares closed up 2.47 percent at C$36.15 on Wednesday on the Toronto Stock Exchange, while Goldcorp's closed up 1.76 percent at C$44.51. ($1 = 0.9958 Canadian dollars)

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