Barrick Gold Corp. - GOLD STOCK NEWS

Barrick Gold (NYSE:GOLD) has declared a Q3 2024 dividend of $0.10 per share, aligned with its Performance Dividend Policy. The dividend will be paid on December 16, 2024, to shareholders of record as of November 29, 2024. The company has also repurchased 4.725 million shares in Q3 under its $1 billion buyback program announced in February 2024, bringing total repurchases to 7.675 million shares this year. The company cites strong balance sheet, record gold prices, and world-class assets as enabling factors for maintaining dividend payments while investing in growth.

Barrick Gold (NYSE:GOLD) has denied allegations from Mali's Ministry of Mines and Finance Ministry regarding unfulfilled commitments under a resource distribution agreement. The company states it has been actively engaged in negotiations with the government since September 30 to achieve a global resolution of disputes. Barrick made a payment of FCFA 50 billion (US$85 million) in early October as part of ongoing negotiations. While denying wrongdoing, the company is working towards a memorandum of agreement that would settle differences and establish future partnership principles, including increasing Mali's share of economic benefits from the Loulo-Gounkoto complex.

Barrick Gold (NYSE:GOLD) reported preliminary Q3 production results, with 943 thousand ounces of gold and 48 thousand tonnes of copper produced. Sales for the quarter included 967 thousand ounces of gold and 42 thousand tonnes of copper. The company expects a stronger Q4 to meet its 2024 production guidance. Q3 gold production was stable compared to Q2, with Pueblo Viejo showing a 23% sequential improvement. North Mara and Turquoise Ridge also performed well, while Carlin's Gold Quarry roaster expansion is set to boost Q4 throughput. Q3 gold cost of sales per ounce is expected to rise by 1%-3%, with total cash costs up 3%-5% and all-in sustaining costs up 0%-2%. Copper production increased due to higher grades and recoveries at Lumwana. However, Q3 copper cost of sales per pound is anticipated to increase by 5%-7%, with C1 cash costs up 13%-15%, although all-in sustaining costs are expected to decline by 2%-4%. Barrick will release its full Q3 2024 results on November 7, 2024.

Barrick Gold (NYSE:GOLD)(TSX:ABX) has announced the release schedule for its Q3 2024 financial results. The company will publish its preliminary production, sales, and cost information on October 16, 2024, at 07:00 EDT. The full Q3 results will be released on November 7, 2024, at 06:00 EST.

Following the release, Barrick's President and CEO Mark Bristow will host a live presentation in London, UK, at 11:00 EST / 16:00 UTC on November 7. The presentation will include an interactive webinar linked to a conference call, allowing participants to ask questions. The Q3 2024 presentation materials will be available on Barrick's website at www.barrick.com.

For those unable to attend the live event, a replay of the conference call will be available, and the webinar will remain on the website for later viewing.

Barrick Gold 's Twiga partnership with the Tanzanian government is contributing 51% of the government's revenue from the extractive industry, according to the latest Tanzania Extractive Industry Transparency Initiative report. The partnership, comprising the North Mara and Bulyanhulu gold mines, also led the industry's safety performance. Ongoing brownfields exploration around these mines continues to define additional opportunities to replace and expand depleted reserves.

The company's Future Forward Education initiative has completed its first $10 million phase, expanding infrastructure at 64 schools. Two more $10 million phases are planned. The Barrick Academy has trained over 1,000 employees and aims to train more than 2,000 this year. Barrick has also referred recent allegations of human rights abuses at North Mara Mine to the Tanzanian Commission of Human Rights and Good Governance, which found no evidence of violations.

Barrick Gold has officially launched the development of a Super Pit at its Lumwana copper mine in Zambia. The $2 billion project aims to transform Lumwana into a long-life, high-yielding, top 25 copper producer and a Tier One copper mine. Key highlights include:

- Doubling plant throughput from 27Mt to 52Mt
- Increasing annual copper production from 120kt to a life-of-mine average of 240kt
- Ramping up total mining volumes to an average of 290t per annum from 2030 onwards
- Creating 550 additional jobs over the next five years and 2,500 construction jobs until 2028
- Building critical infrastructure, including an airstrip and industrial supplier park

The feasibility study is expected by the end of the year, with construction planned to start in 2025. Barrick emphasizes the project's focus on creating a sustainable legacy through local capacity development and regional economic growth.

Barrick Gold (NYSE:GOLD)(TSX:ABX) and the Mali government have reached an agreement to resolve existing claims and disputes related to Barrick's Loulo and Gounkoto gold mining companies. The settlement details, based on Barrick's original proposals, will be disclosed once finalized. Mark Bristow, Barrick's president and CEO, highlighted the company's 30-year relationship with Mali, emphasizing that past differences were always amicably resolved.

Bristow acknowledged the challenging negotiations but expressed encouragement over the government's recognition of Loulo-Gounkoto complex's importance to Mali's economy. He looks forward to normalizing the long-standing partnership and working with the government moving forward.

New Porgera (NPL) is collaborating with the UN and Enga Provincial Government to provide humanitarian aid to the conflict-affected Porgera Valley in Papua New Guinea's Enga Province. A donor assessment team will visit Porgera to evaluate the situation, with NPL providing logistical support. The violence reportedly stemmed from a dispute between illegal miners.

NPL has been assisting with disaster relief efforts since the Mulitaka landslide on May 24. Barrick Gold and Zijin Mining Group, joint venture partners in Barrick Niugini (part-owner of NPL), donated $1 million for relief. NPL has provided food, shelter, and essential items to affected families, as well as infrastructure support including fencing a health center, repairing a school, and establishing a temporary fuel pipeline.

NPL is also working on completing a permanent bypass road to restore full access for the Porgera community.

Barrick Gold (NYSE:GOLD) projects a 30% growth in gold-equivalent ounce production from existing assets by 2030. The company has six Tier One gold mines with more in development, and is building a substantial copper business. Key growth projects include:

1) Goldrush in Nevada, ramping up to 400,000 oz/year by 2028
2) Fourmile in Nevada, with grades double those of Goldrush
3) Leeville project in Nevada, potentially doubling/tripling Carlin's reserves
4) Reko Diq copper-gold project in Pakistan (400,000t Cu, 500,000 oz Au/year)
5) Lumwana Super Pit in Zambia, doubling production over 30+ year life

Barrick has replaced mined gold reserves over the past 5 years, reduced debt by $3.5B, invested $11.2B in mine plans, and returned $5B to shareholders. Management believes the stock is significantly undervalued based on asset values.