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) has signed joint venture agreements with Ma’aden for exploration projects in Saudi Arabia, covering the Jabal Sayid South and Umm Ad Damar areas. This venture will enhance Barrick's exploration presence and strengthen its existing partnership with Ma’aden. The Jabal Sayid mine, a successful 50/50 joint venture, saw production rise from 110 million to 152 million pounds between 2018 and 2021 due to improved operations. Barrick's CEO emphasized their commitment to exploration and strengthening their Saudi partnership to support the country's mining goals.
Barrick announces the release of its 2022 Q4 and full year results on February 15, 2023. A live presentation will be hosted by President and CEO Mark Bristow at 11:00 EST / 16:00 UTC, accompanied by an interactive webinar and conference call for participant inquiries. Preliminary production, sales, and cost data will be shared on January 17, 2023, at 7:00 EST / 12:00 UTC. Access to the results and webinar materials will be available on Barrick's website.
Barrick Gold Corporation has completed the reconstitution of the Reko Diq project following a favorable Supreme Court ruling in Pakistan. The project, a major copper-gold venture, is owned 50% by Barrick and aims for a life of at least 40 years. The company is updating feasibility studies and plans to initiate production by 2028. The mine is expected to create 4,000 permanent jobs and contribute significantly to the economy of Balochistan, providing $70 million for social development and up to $50 million in advance royalties before production begins.
Barrick Gold Corporation (NYSE:GOLD) announced a credit rating upgrade from Moody's Investors Service, moving from Baa1 to A3 with a stable outlook. This upgrade reflects Barrick's excellent liquidity and improved capital structure, allowing for better flexibility amid gold price volatility. Since its last downgrade in 2015, Barrick has progressively improved its credit standing, showcasing strong overall business performance alongside record shareholder returns in 2021 and 2022.
Barrick Gold Corporation (NYSE:GOLD) announced the pricing terms of its tender offer for its 5.250% Notes due 2042, totaling $693.988 million. The total consideration for each $1,000 principal amount is $956.04, with an interest payment up to the settlement date, expected on November 23, 2022. The offer is set to expire today at 5:00 p.m. ET. Holders may withdraw up to the expiration date but must use guaranteed delivery procedures for later submissions. This move aims to enhance liquidity and manage its debt effectively.
Barrick Gold Corporation (NYSE:GOLD) emphasizes the need for a holistic approach to achieving the United Nations’ 17 Sustainable Development Goals (SDGs) by 2030. CEO Mark Bristow advocates for integrated solutions addressing economic prosperity, health, and climate change. Barrick's sustainability strategy is highlighted at COP27, showcasing their commitment to collaborative efforts in mining and socio-economic development, especially in emerging markets. The company aims to enhance community resilience and biodiversity through strategic partnerships and investments, driving benefits for all stakeholders.
Barrick Gold Corporation (NYSE:GOLD) announced strong growth prospects for the next 5 to 10 years, as highlighted by CEO Mark Bristow at an investor meeting. The $2.1 billion expansion at the Pueblo Viejo mine in the Dominican Republic is expected to upgrade 2 million ounces of inferred resources, extending its life to beyond 2040 with average production exceeding 800,000 ounces annually. Barrick maintains a strong balance sheet, transitioning from $4.2 billion net debt to $145 million net cash. The company continues to refine its sustainability approach, aiming for a 30% reduction in greenhouse gas emissions by 2030.
Barrick Gold Corporation (NYSE:GOLD) has initiated an offer to purchase cash for all its 5.250% Notes due 2042. The offer, outlined in the Offer to Purchase dated November 14, 2022, will expire on November 18, 2022. Holders may withdraw Notes until the Expiration Date, with settlement expected on November 23, 2022. Holders whose Notes are accepted will receive Total Consideration plus accrued interest. The offer is subject to specific conditions and does not require a minimum principal amount to be tendered. Barclays Capital, J.P. Morgan, and RBC Capital Markets are the dealer managers for this transaction.
Barrick Gold Corporation (NYSE:GOLD) reported its Q3 2022 results with net earnings of $241 million, down 51% year-over-year, and operating cash flow of $758 million. Despite operational challenges, production guidance remains on track, aided by improved grades at Nevada Gold Mines. The company declared a quarterly dividend of $0.15 per share, reflecting strong shareholder returns. Barrick continues its focus on sustainability and growth, with successful exploration initiatives and projects like Reko Diq in Pakistan moving forward towards production by 2027/2028.
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