Goldcorp falls from top tier of miners as Agnico moves ahead
TORONTO – Agnico-Eagle Mines is now among the top three gold miners in North America based on market capitalisation, as erstwhile industry darling Goldcorp tumbled 18% Thursday on a “miserable quarter.”
The three largest gold miners on the continent are Newmont Mining at $15.7-billion, Barrick Gold at $14.7-billion and Agnico-Eagle at $8.3-billion. Goldcorp comes in fourth with a market cap of $7.4-billion. Credit Suisse Group analyst Fahad Tariq noted that Agnico-Eagle is “a top pick for its exploration and project pipeline, strong balance sheet, high quality asset base and track record.”
Barrick Gold remains at the top thanks to it pending merger with Randgold Resources. The market has clearly rewarded the company for its strategy, as Barrick’s market-cap had mostly trailed or matched Goldcorp’s over last 12-months. Deutsche Bank analyst Chris Terry wrote that the deal could lead to improved production for the short-to-medium term.
Goldcorp’s historically higher valuation had been based on company’s ability to generate steady growth. However, a difficult third-quarter may have dented that reputation, so the company will need to regain investors’ confidence by delivering on its guidance for the last three months of the year.
Richard Gray of Cormark Securities in Toronto downgraded Goldcorp to market perform from buy, saying that he will “need to see sustained operational improvement before the premium multiples can be ascribed again.”
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation