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Gold Reports: Barrick Gold Corporation (USA) (ABX) Accusation, Goldcorp Inc. (USA) (GG)’s Price Target, Newmont Mining Corp (NEM)’s Stake

Editor’s Note: Barrick Gold Corporation (USA) (NYSE:ABX), Goldcorp Inc. (USA) (NYSE:GG), Newmont Mining Corp (NYSE:NEM), Gold Fields Limited (ADR) (NYSE:GFI)

Barrick accused of carrying out unauthorized works at Pascua Lama (SteelGuru)
BNamericas reported that Canadian gold miner Barrick Gold Corporation (USA) (NYSE:ABX)’s Pascua Lama gold and silver project, on the border of Chile and Argentina took another blow on September 2nd 2013 after a new legal action was filed against its Chilean unit, Minera Nevada. Lawyer Barbara Salinas presented an injunction against Minera Nevada seeking to block the miner’s execution of 16 different works and activities that are not currently authorized by Chile’s environmental supervision agency SMA.

Barrick Gold Corporation (USA) (NYSE:ABX)

Goldcorp Price Target Cut to $36.00 by Analysts at Barclays Capital (GG) (Ticker Report)
Analysts at Barclays Capital dropped their target price on shares of Goldcorp Inc. (USA) (NYSE:GG) from $37.00 to $36.00 in a research report issued to clients and investors on Friday, reports. The firm currently has an “overweight” rating on the stock. Barclays Capital’s target price would indicate a potential upside of 22.66% from the company’s current price. GG has been the subject of a number of other recent research reports. Analysts at TheStreet downgraded shares of Goldcorp Inc. (USA) (NYSE:GG) from a “hold” rating to a “sell” rating in a research note to investors on Thursday, August 8th.

Newmont takes 35.7% stake in Novo Resources (The Northern Miner)
A subsidiary of Newmont Mining Corp (NYSE:NEM) has acquired a 35.7% stake in Novo Resources, a Vancouver-based junior that is earning a 70% interest in two exploration properties in the Eastern Pilbara shire of Western Australia that president and chief executive Quinton Hennigh believes have the potential to contain heaps of gold. The Beatons Creek tenements cover extensive exposures of the Beatons Creek conglomerates, a series of Archaean-age pyritic conglomerates hosting gold mineralization that Hennigh describes as being similar to that of the Witwatersrand Basin in South Africa.

Gold Fields board acted ‘within law’ (Independent Online)
Gold Fields Limited (ADR) (NYSE:GFI)’s board of directors did not break the law in relation to a controversial 2010 black economic empowerment (BEE) deal, it said on Friday. “The Gold Fields board of directors acted deliberately and appropriately and in full compliance with the law,” chairwoman Cheryl Carolus said in a statement. “The board does not discuss the advice of counsel and internal privileged discussions of the board,” she said. On Friday, the Mail & Guardian reported that the mining house failed to act on the recommendations of a US law firm that it should report alleged irregularities to the authorities.

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