Canadian mining stocks have performed exceptionally in the wake of the COVID-19 induced market volatility. Because of global economic uncertainty, there has been a surge in demand for safe-haven assets like precious metals which have seen prices skyrocket. This has benefitted most of the Canadian miners especially those focusing on gold. Currently, it’s merry for gold miners, and here are some Canadian mining stocks to watch.
Barrick expects YoY earnings growth of 55%
Barrick Gold Corp (NYSE:GOLD) is one of the top Canadian mining stocks that offers a strong forage into mining stocks. It is one of the largest gold miners in terms of reserves production as well as market cap. According to Consensus Estimates the Toronto-based miner expects to post YoY earnings growth of 55%. Barrick Gold has a positive four-quarter training earnings surprise of around 15.4%.
In Q1 the company produced 1.25 million ounces and sold 1.22 million gold ounces for $1,583 per gold ounce. Also, it produced 115 million pounds of copper and sold 110 million pounds at $2.56 per pound.
Agnico Mines among top-performing Canadian mining stocks
Also, Agnico Eagles Mines (NYSE:AEM) is among the top-performing Canadian mining stock. it is one of the miners that have been consistent over the years and it delivers mines as assured while maintaining low costs. The company has eight mines across Canada, Mexico, and Finland.
Agnico Mines’ Nunavutis Meadowbank complex will soon achieve commercial production. On the other hand, the Amaruq project has been ramping up to full production since last year with production expected to jump to 351,000 ounces by 2021.
Newmont has an annual production base of 6 million ounces
Newmont Corp (NYSE:NEM) is also another standout gold focusing Canadian mining stock. the company has a huge production base of over 6 million gold ounces per year. this makes Newmont one of the biggest gold miners in terms of production globally. Most interestingly its projects and operations are diversified in various jurisdictions across the Americas, Africa as well as Australia.