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 third-quarter dividend of $0.15 per share, in line with its Performance Dividend Policy. This dividend will be paid on December 15, 2022, to shareholders on record by November 30, 2022. The company has repurchased 18 million shares for $322 million under its buyback program. In total, Barrick has returned $1.2 billion to shareholders in 2022, and expects to exceed $1.4 billion in distributions from 2021. The company's strong operating performance supports these enhanced returns.
Barrick Gold Corporation has appointed Isela Costantini as an independent director. With over 25 years in international business, Costantini leads Grupo Financiero GST and has a remarkable background as former CEO of Aerolíneas Argentina and prominent roles at General Motors. She holds degrees in social communications and an MBA in marketing. Executive chairman John Thornton highlighted her expertise in business and regulatory affairs in Latin America, emphasizing her alignment with Barrick's culture of partnership and leadership development.
Barrick Gold Corporation (NYSE:GOLD) has significantly contributed $8.7 billion to Mali's economy over 25 years, with its Loulo-Gounkoto mines accounting for 5%-10% of the country's GDP in the last decade. CEO Mark Bristow announced that the complex is on track to meet 2022 production guidance and is investing in exploration and infrastructure upgrades. Notably, 95% of the workforce are Malian nationals. Barrick has also invested $395 million in local business partnerships, enhancing healthcare, education, and addressing malaria issues in surrounding communities.
Barrick Gold Corporation's Kibali mine, Africa's largest gold mine, is set to secure its Tier One status beyond depletion, according to CEO Mark Bristow. With a 13-year history and improved performance for three consecutive quarters, Kibali's exploration pipeline continues to expand, ensuring a business plan for at least another decade. A $4.2 billion investment has significantly benefited the Congolese economy. The mine's social development fund has earmarked $13.7 million for community projects, and it supports biodiversity initiatives, including reintroducing 76 white rhinos to Garamba National Park.
Barrick Gold Corporation (NYSE:GOLD) reports significant advancements in its Lumwana copper operation in Zambia. Since 2019, Lumwana has transformed into a profitable venture, achieving solid year-to-date production, employing over 4,400 individuals, predominantly Zambian nationals. The mine maintains an exceptional safety record with no fatalities since 2016. Future growth plans include developing a super pit, with a pre-feasibility study set to begin in 2023. The upcoming changes in Zambia's mineral royalty tax regime are expected to enhance cash flow, facilitating reinvestment in operations.
Barrick Gold Corporation (NYSE:GOLD) announced production exceeding 500,000 ounces from its North Mara and Bulyanhulu gold mines for the second consecutive year. CEO Mark Bristow highlighted successful mining operations and a partnership with the Tanzanian government that promotes a cooperative model in the mining sector. North Mara achieved a record of 505,000 tonnes of ore mined last quarter. Barrick aims for resource expansion and potential life extensions for both mines, while significantly contributing to the Tanzanian economy through local hiring and spending.
Barrick Gold Corporation's CEO Mark Bristow reports steady progress in finalizing agreements for the Reko Diq project, one of the world's largest undeveloped copper-gold deposits. Upon completion, ownership will be split among Barrick (50%), Balochistan province (25%), and state-owned enterprises (25%). The project is expected to cost approximately $7 billion and enter production between 2027 and 2028. Community development committees will be formed to oversee local benefits from the project, which also includes a $150,000 donation for flood relief in Balochistan.
Barrick Gold Corporation (NYSE:GOLD) reported preliminary Q3 2022 sales of 1.00 million ounces of gold and 120 million pounds of copper. Production was 0.99 million ounces of gold and 123 million pounds of copper. Access to anticipated high-grade ore at Nevada Gold Mines has been delayed to Q4 2022, but the company remains on track for its 2022 production guidance. The average market price for gold was $1,729 per ounce, while copper averaged $3.51 per pound. Cost metrics show expected increases for both gold and copper operations.
The Veladero gold mine in Argentina marks its 17th anniversary, with Barrick emphasizing its commitment to community partnerships and resource exploration. During a media briefing, Barrick's CEO announced the initiation of drilling campaigns targeting four high-interest areas. The mine has invested $22 million in local suppliers and is launching four new Community Development Committees to enhance local engagement. However, Barrick cautions that Argentina's financial issues, including inflation and currency restrictions, pose risks to the mining industry's viability.
Barrick Gold Corporation (NYSE:GOLD) will announce its Q3 2022 results on November 3, 2022. CEO Mark Bristow will host a live presentation in London at 11:00 EDT / 15:00 GMT, which will include an interactive webinar. Preliminary production, sales, and cost information for Q3 will be released on October 13, 2022, at 07:00 EDT / 12:00 BST. The conference call will be available for replay after the event, with presentation materials accessible on Barrick's website.
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