Welcome to our dedicated page for Barrick Gold news (Ticker: GOLD), a resource for investors and traders seeking the latest updates and insights on Barrick Gold stock.
Barrick Gold Corp. (symbol: GOLD) is a leading global mining company headquartered in Toronto, Canada. Founded in 1983, Barrick operates gold and copper mines across 19 countries, including Argentina, Australia, Canada, Chile, the Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States, and Zambia. The company's stocks trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol ABX.
Core Business: Barrick Gold Corp. focuses on the exploration, development, and production of gold and copper, producing nearly 4.1 million attributable ounces of gold and about 420 million pounds of copper in 2023. The company holds approximately two decades' worth of gold reserves and significant copper reserves.
Key Achievements: Barrick's recent achievements include the acquisition of Randgold in 2019 and forming a joint venture with Newmont for its Nevada mines. The company is also working on significant projects like the Reko Diq copper-gold project in Pakistan and the Lumwana Super Pit project in Zambia, which are expected to enhance its copper portfolio by 2028.
Financial Performance: In 2023, Barrick's gold production reached 4.05 million ounces and its copper output was 420 million pounds. The company's operating cash flows increased by 7% year-on-year to $3.7 billion, and free cash flow rose by 50% to $646 million. Net earnings increased by 200% to $0.72 per share, and adjusted net earnings increased by 12% to $0.84 per share.
Partnerships and Sustainability: Barrick's vision is to generate wealth responsibly, benefiting its owners, employees, and partner countries and communities. The company is committed to sustainability, evident in projects like environmental rehabilitation at the now-closed Buzwagi mine in Tanzania. Barrick's holistic approach aligns with the United Nations' Sustainable Development Goals (SDGs) and aims to deliver measurable outcomes that benefit both the environment and local communities.
Strategic Outlook: Barrick aims to sustain its industry-leading organic growth outlook, projecting a 30% increase in gold equivalent production by the end of the decade. The company is also focusing on expanding its copper production, with projects like the Reko Diq copper-gold project and the Lumwana Super Pit expected to significantly contribute to its portfolio.
Recent News: Barrick announced its fourth quarter and full-year 2023 results, highlighting a strong financial performance and the declaration of a dividend of $0.10 per share. The company also announced a new share buyback program for up to $1.0 billion of its outstanding common shares.
- Fourth Quarter and Full Year 2023 Results: Barrick achieved a robust financial performance despite challenges in the first half of the year.
- Sustainability Initiatives: Barrick continued its environmental and community-focused projects in regions like Tanzania and Zambia.
- Strategic Projects: Significant progress was made on key projects like the Pueblo Viejo expansion in the Dominican Republic and the Goldrush project in Nevada.
Barrick Gold Corporation (NYSE:GOLD) announced a new $1.0 billion share repurchase program to buy back its own shares over the next 12 months. This initiative follows a successful buyback of $424 million in the previous year. The company believes its shares are currently undervalued based on the company's assets and future prospects. Repurchases will occur on the open market, providing flexibility based on various financial factors. The prior buyback program has been terminated, but the new program can be adjusted or paused at Barrick's discretion.
Barrick Gold Corporation (NYSE:GOLD) declared a $0.10 per share dividend for Q4 2022, aligned with its Performance Dividend Policy. This dividend will be payable on March 15, 2023 to shareholders on record as of February 28, 2023.
In 2022, Barrick returned $1.6 billion to shareholders through dividends and share buybacks, surpassing the $1.4 billion in 2021. The company repurchased 24.25 million shares under a buyback program initiated in February 2022. CFO Graham Shuttleworth highlighted the strong operational performance contributing to these record returns.
Barrick Gold Corporation (NYSE:GOLD) reported a 6.7 million ounce increase in attributable proven and probable gold reserves for 2022, reaching a total of 76 million ounces at 1.67g/t. This follows a significant increase in copper reserves as well, with attributable proven and probable copper reserves growing by 640 million pounds despite price increases. The company achieved 103% replacement of annual global depletion in reserves and aims to boost production from 5.5 to 6.5 million gold equivalent ounces by 2030. Strategic investments in organic growth and successful assessments at several mines have contributed to this positive outlook.
Barrick Gold Corporation (NYSE:GOLD) recently paid $3 million to the Balochistan provincial government as part of its new Reko Diq partnership. This payment marks the beginning of a scheduled financial commitment following the signing of definitive agreements. The project is expected to generate approximately 7,500 jobs during peak construction and around 4,000 long-term positions once operational. The Reko Diq project aims to produce high-quality copper-gold concentrates and will be developed in two phases, with first production targeted for 2028. The feasibility study update is expected to be completed by the end of 2024.
Barrick Gold Corporation (NYSE:GOLD) announced that its Kibali mine in the Democratic Republic of Congo is poised to replenish its gold reserves and enhance its growth opportunities. CEO Mark Bristow highlighted ongoing drilling efforts to convert resources into reserves and explore new targets. The operation's energy needs are primarily met by hydropower, supplemented by a solar plant set for 2025, increasing renewable energy usage. Additionally, Kibali has launched a reforestation initiative and is introducing rhinos to Garamba National Park. The mine's commitment to local employment is underscored by appointing its first Congolese general manager.
Barrick Gold Corporation (NYSE:GOLD) announced the successful operational performance of its Loulo-Gounkoto mining complex in Mali for 2022, meeting production guidance and contributing significantly to the local economy.
The complex generated $260 million in direct economic contributions and $570 million indirectly. A third underground mine at Gounkoto is on track for ore production in Q2 2023, and the company has emphasized local employment, with Malian nationals making up 100% of management.
Additionally, the expansion of the solar power plant aims to reduce CO2 emissions by 62kt annually, reflecting Barrick's commitment to sustainable practices.
Barrick Gold Corporation (NYSE:GOLD) reported a combined gold output of 547,000 ounces from its Tanzania mines, North Mara and Bulyanhulu, in 2022. The company aims for Tier One asset status and continues exploration to grow mineral reserves. North Mara has transitioned to owner-mining, enhancing operational efficiency, while Bulyanhulu focuses on accessing new reserves. Since 2019, Barrick invested $2.4 billion in Tanzania, contributing $303 million in various payments last year, and maintaining a workforce that is 96% Tanzanian. Community investments exceed $10 million.
Barrick Gold Corporation (NYSE:GOLD) announced its preliminary production results for Q4 and the full year of 2022. Preliminary gold production for the year totaled 4.14 million ounces, slightly below guidance of 4.2 million ounces, with a notable increase of 13% in Q4 production compared to Q3. Q4 saw sales of 1.11 million ounces of gold and 99 million pounds of copper. The average gold price in Q4 was $1,726 per ounce, while copper averaged $3.63 per pound. Despite stronger production at key sites, overall copper production for Q4 was lower due to increased waste stripping and lower grades. More detailed results will be discussed on February 15, 2023.
Barrick Gold Corporation (NYSE:GOLD) announced plans to complete the Reko Diq feasibility study update by the end of 2024, with first production targeted for 2028. The project, located in Balochistan, will be operated by Barrick, which holds 50% ownership. During a project review, Barrick's president Mark Bristow highlighted the mine's long-term economic benefits, including a life expectancy of at least 40 years. An initial payment of $3 million will be made this month to the province as part of a memorandum of agreement signed with local officials.
The project aims to create jobs and support community development, focusing on food security, education, and healthcare.
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