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 finalized the sale of a portfolio of 22 royalties to Maverix Metals Inc., receiving $50 million in cash. Following a buy-down right exercised by Skeena Resources Limited on the Eskay Creek mine, Barrick also stands to gain up to an additional $10 million based on contingent conditions. The transaction highlights Barrick's strategic asset management and financial positioning within the gold sector.
Nevada Gold Mines has finalized the sale of a royalty portfolio to Gold Royalty Corp for $27.5 million. This transaction was settled through the issuance of 9,393,681 common shares of Gold Royalty to Nevada Gold Mines. Following this deal, Nevada Gold Mines now owns about 6.5% of Gold Royalty's outstanding shares. This move is part of Nevada Gold Mines, which is a joint venture between Barrick Gold Corporation and Newmont, creating a major gold production hub in Nevada.
Nevada Gold Mines (NGM), operated by Barrick Gold Corporation (NYSE:GOLD), showcased significant advancements in its operations and mineral reserves during a recent investor visit. NGM has achieved production of 10 million ounces of gold since the joint venture with Newmont, with notable mineral reserve increases of 14.7 million ounces and 8.5 million ounces in inferred resources. The flagship Goldrush project promises a lifespan exceeding 20 years and will provide employment for 570 individuals. NGM's community initiatives and talent development programs further establish its role as a committed partner in Nevada.
On September 1, 2022, Nevada Gold Mines announced a definitive agreement to sell a portfolio of royalties to Gold Royalty Corp. for $27.5 million. This Portfolio includes royalties from the Granite Creek and Bald Mountain projects in Nevada. The payment will be made through the issuance of 9,393,681 common shares by Gold Royalty, allowing Nevada Gold Mines to hold approximately 7.0% of Gold Royalty's shares post-transaction. This move aligns with their strategy to optimize assets in the evolving gold market.
Barrick Gold Corporation (NYSE:GOLD) announced a definitive agreement to sell a portfolio of 22 royalties to Maverix Metals Inc. for up to $60 million. This sale includes $50 million in cash upon closing, with additional contingent payments of $6 million and $4 million based on future cash flows from the royalties. The transaction is expected to close by the end of Q3 2022, contingent on customary conditions.
Barrick Gold Corporation (NYSE:GOLD) is donating $150,000 to Balochistan's Provincial Disaster Management Authority to aid flood relief efforts following severe monsoon rains that killed over 500 people in Pakistan. The contribution reflects the partnership in the Reko Diq project, one of the largest undeveloped copper-gold deposits globally, where Balochistan will hold a 25% share. Expected benefits include $70 million in social development programs and substantial job creation, with around 7,500 positions during peak construction and 4,000 full-time jobs once operational.
Barrick Gold Corporation announced a new growth phase for Nevada Gold Mines (NGM), focusing on further discoveries and additions. NGM, which is 61.5% owned by Barrick, has produced 10 million ounces of gold in three years and plans future projects like the Goldrush development. This project is expected to create significant local employment during construction and operation. Barrick continues to invest in education and community initiatives, paying nearly $60 million towards a new mining excise tax. Their workforce of 7,000 makes NGM one of Nevada's largest employers.
Peter Richardson has been appointed as the incoming executive managing director of Nevada Gold Mines effective August 2022. He will work alongside Greg Walker, who is set to retire by the end of December 2022. Richardson boasts a strong background in process engineering and mining operations, having previously served as senior vice president at Lundin Mining Corp. His appointment is backed by Mark Bristow, who highlighted Richardson's proven track record and commitment to safety, ESG initiatives, and operational excellence, emphasizing expected value creation for stakeholders.
Barrick Gold Corporation (NYSE:GOLD) announced plans for the Reko Diq copper-gold project in Pakistan, projected to generate significant economic value for Balochistan. The province will own a 25% stake, funded by partners, allowing it to benefit from dividends and royalties without initial financial contributions. The project aims to implement $70 million in social development programs and will provide up to $10 million annually in royalties. Reko Diq is expected to create 7,500 construction jobs and 4,000 long-term positions, with a mine life of 40 years.
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