Barrick Announces New Share Buyback Program
Barrick Gold (NYSE:GOLD) has announced a new share repurchase program of up to $1.0 billion of its outstanding common shares over the next 12 months at prevailing market prices. This new program replaces the previous February 2024 program, under which the company repurchased $498 million in common shares.
The repurchases can be made through various methods, including open market purchases on the New York Stock Exchange. The company states that its shares sometimes trade at prices that may not adequately reflect their underlying value. The timing and amount of purchases will be determined based on factors including financial performance, cash flow availability, and other capital allocation priorities such as investments, shareholder returns, and debt reduction.
The program is not obligatory and can be suspended or discontinued at the company's discretion.
Barrick Gold (NYSE:GOLD) ha annunciato un nuovo programma di riacquisto di azioni per un massimo di 1,0 miliardi di dollari delle sue azioni ordinarie in circolazione nel prossimo anno, ai prezzi di mercato attuali. Questo nuovo programma sostituisce quello precedente di febbraio 2024, sotto il quale la società ha riacquistato 498 milioni di dollari in azioni ordinarie.
I riacquisti possono essere effettuati attraverso vari metodi, inclusi acquisti sul mercato aperto della Borsa di New York. L'azienda afferma che le sue azioni talvolta vengono scambiate a prezzi che potrebbero non riflettere adeguatamente il loro valore intrinseco. Il momento e l'importo degli acquisti saranno determinati in base a fattori quali le performance finanziarie, la disponibilità di flusso di cassa e altre priorità di allocazione del capitale come investimenti, ritorni per gli azionisti e riduzione del debito.
Il programma non è obbligatorio e può essere sospeso o interrotto a discrezione dell'azienda.
Barrick Gold (NYSE:GOLD) ha anunciado un nuevo programa de recompra de acciones de hasta 1.0 mil millones de dólares de sus acciones ordinarias en circulación durante los próximos 12 meses a los precios de mercado actuales. Este nuevo programa reemplaza el anterior de febrero de 2024, bajo el cual la empresa recompró 498 millones de dólares en acciones ordinarias.
Las recompras se pueden realizar a través de varios métodos, incluidas compras en el mercado abierto de la Bolsa de Nueva York. La compañía afirma que sus acciones a veces se negocian a precios que pueden no reflejar adecuadamente su valor subyacente. El momento y la cantidad de las compras se determinarán en función de factores como el rendimiento financiero, la disponibilidad de flujo de efectivo y otras prioridades de asignación de capital, como inversiones, retornos para los accionistas y reducción de deudas.
El programa no es obligatorio y puede ser suspendido o cancelado a discreción de la empresa.
바릭 골드 (NYSE:GOLD)는 향후 12개월 동안 현재 시장 가격으로 자사의 보통주를 최대 10억 달러까지 재매입하는 새로운 주식 재매입 프로그램을 발표했습니다. 이 새로운 프로그램은 2024년 2월의 이전 프로그램을 대체하며, 그 당시 회사는 4억 9,800만 달러의 보통주를 재매입했습니다.
재매입은 뉴욕 증권 거래소에서의 공개 시장 구매를 포함한 다양한 방법을 통해 이루어질 수 있습니다. 회사는 자사의 주식이 때때로 그 본질적인 가치를 충분히 반영하지 않는 가격에서 거래된다고 밝힙니다. 구매의 시기와 금액은 재무 성과, 현금 흐름 가용성 및 투자, 주주 수익, 부채 감소와 같은 기타 자본 배분 우선 사항을 포함한 요소에 따라 결정됩니다.
이 프로그램은 의무 사항이 아니며 회사의 재량에 따라 중단되거나 종료될 수 있습니다.
Barrick Gold (NYSE:GOLD) a annoncé un nouveau programme de rachat d'actions pouvant aller jusqu'à 1,0 milliard de dollars de ses actions ordinaires en circulation au cours des 12 prochains mois aux prix du marché en vigueur. Ce nouveau programme remplace le précédent de février 2024, au cours duquel l'entreprise a racheté 498 millions de dollars d'actions ordinaires.
Les rachats peuvent être effectués par divers moyens, y compris des achats sur le marché libre de la Bourse de New York. L'entreprise indique que ses actions se négocient parfois à des prix qui peuvent ne pas refléter adéquatement leur valeur sous-jacente. Le moment et le montant des achats seront déterminés en fonction de facteurs tels que la performance financière, la disponibilité des flux de trésorerie et d'autres priorités d'allocation de capital telles que les investissements, les retours pour les actionnaires et la réduction de la dette.
Le programme n'est pas obligatoire et peut être suspendu ou interrompu à la discrétion de l'entreprise.
Barrick Gold (NYSE:GOLD) hat ein neues Aktienrückkaufprogramm von bis zu 1,0 Milliarden Dollar für seine ausstehenden Stammaktien über die nächsten 12 Monate zu den aktuellen Marktpreisen angekündigt. Dieses neue Programm ersetzt das vorherige Programm von Februar 2024, im Rahmen dessen das Unternehmen 498 Millionen Dollar an Stammaktien zurückgekauft hat.
Die Rückkäufe können durch verschiedene Methoden erfolgen, einschließlich Käufen auf dem offenen Markt an der New Yorker Börse. Das Unternehmen gibt an, dass seine Aktien manchmal zu Preisen gehandelt werden, die ihren inneren Wert möglicherweise nicht ausreichend widerspiegeln. Der Zeitpunkt und die Höhe der Käufe werden basierend auf Faktoren wie der finanziellen Leistung, der Verfügbarkeit von Cashflow und anderen Prioritäten der Kapitalallokation wie Investitionen, Aktionärsrenditen und Schuldenabbau bestimmt.
Das Programm ist nicht verpflichtend und kann nach Ermessen des Unternehmens ausgesetzt oder eingestellt werden.
- Authorization of substantial $1.0 billion share buyback program
- Successful completion of previous buyback with $498 million in shares repurchased
- Flexible implementation allowing for strategic timing of purchases
- Program indicates strong financial position and cash flow generation
- Program may reduce cash available for other investments or debt reduction
- No guarantee of full program execution as it's discretionary
Insights
The newly announced
The timing and size of this buyback are particularly strategic. With Barrick's robust operational cash flows and a strong balance sheet, this program provides valuable optionality without compromising the company's ability to invest in growth projects or maintain its dividend policy. The discretionary nature of the program, allowing for opportunistic purchases, enables management to capitalize on market volatility while preserving flexibility for other capital allocation priorities.
What's notably different about this announcement is the increased authorization size compared to the previous program, suggesting management's heightened confidence in the company's financial outlook and potentially their view on the stock's current valuation. The program's 12-month duration provides a balanced timeframe for execution while maintaining discipline in the deployment pace.
From a market perspective, this buyback represents a tax-efficient way to return capital to shareholders while potentially providing price support for the stock. The program's structure, allowing for various purchase methods including open market transactions, provides important flexibility in execution, which is important in the typically volatile gold mining sector.
All amounts expressed in US dollars
TORONTO, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) announced today that it plans to undertake a new share repurchase program for the buyback of its common shares.
Barrick’s Board of Directors has authorized a new program for the repurchase of up to
Under the program, repurchases can be made from time to time through published markets in the United States such as the New York Stock Exchange using a variety of methods, including open market purchases, as well as by any other means permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements.
Barrick believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value. The actual number of shares that may be purchased, if any, and the timing of such purchases, will be determined by Barrick based on a number of factors, including the Company’s financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.
The repurchase program does not obligate the Company to acquire any particular number of common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.
Enquiries:
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “plan”, “opportunity”, “prospects”, “can”, “will”, “commit”, “would”, “could” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the expected amount and timing of share purchases under Barrick’s new share repurchase program; the expectation that the Company will have the financial strength to undertake the contemplated share repurchase program during the relevant period; and the potential that the share repurchase program may be suspended or discontinued by the Company at any time.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; assumptions relating to the trading price of the Company’s common shares; changes in mineral production performance, exploitation, and exploration successes; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; whether benefits expected from recent transactions are realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia as well as conflicts in the Middle East; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
FAQ
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