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 reaffirmed its commitment to the Reko Diq copper-gold project in Pakistan, highlighting its strategic importance. Following an agreement with the Pakistani government, the project, on hold since 2011, will be reconstituted with Barrick owning 50%. A feasibility study update is planned, followed by construction expected to commence with initial production by 2027/2028. The project aims to create significant employment and economic benefits for local communities, with no financial burden on the Balochistan province for its 25% ownership stake.
Barrick Gold Corporation (NYSE:GOLD) announced preliminary Q2 2022 results, achieving 1.04 million ounces of gold and 113 million pounds of copper sales and production. The average gold price was $1,871 per ounce, while copper averaged $4.32 per pound. Despite strong overall production, Q2 copper prices are expected to be 13-15% lower due to market fluctuations. Costs for gold production are also anticipated to rise slightly. The company will release full Q2 results on August 8, 2022.
Barrick Gold Corporation (NYSE:GOLD) has been recognized as the largest contributor to Tanzania's government revenue in 2021. Since acquiring the North Mara and Bulyanhulu mines in September 2019, Barrick has invested $1.995 billion in-country and paid $158 million in taxes and royalties in the first half of 2022. The company aims to achieve Tier One status for these mines, projecting annual production of 500,000 ounces of gold. Barrick's operations employ 96% Tanzanian nationals and contribute to various community development projects, including healthcare and education.
Barrick Gold Corporation (NYSE:GOLD) will release its Q2 2022 results on August 8, 2022. A virtual presentation led by CEO Mark Bristow is scheduled for 11:00 EDT, coinciding with an interactive webinar and conference call. Preliminary production, sales, and cost details for Q2 2022 will be disclosed on July 14, 2022, at 7:00 EDT. The Q2 results will be available on Barrick’s website, with the presentation materials accessible post-event.
Barrick Gold Corporation's Kibali gold mine in the Democratic Republic of Congo has surpassed a $4 billion investment, significantly boosting the local economy and enhancing infrastructure. CEO Mark Bristow highlighted that 94% of the workforce are Congolese, with a focus on advancing women in mining. Kibali is on track for production goals and has demonstrated sustainability through hydropower stations that lower its carbon footprint. The mine's reserves have grown for three consecutive years, and ongoing exploration presents new opportunities for growth.
Barrick Gold Corporation (NYSE:GOLD) announced significant developments at its Loulo-Gounkoto complex in Mali on July 2, 2022. The company has invested $337 million into the Malian economy so far this year, contributing a total of $8.5 billion since inception. Key projects include the commissioning of new mines, reserve replacement, and community initiatives like a motel and an agricultural college. Barrick is on track to meet its production guidance for 2022 while maintaining a strong safety record with no lost-time injuries reported.
Barrick Gold Corporation announced the sale of 5,382,587 shares of Perpetua Resources Corp. for C$21,729,504, averaging C$4.04 per share. Prior to the sale, Barrick owned 8.5% of Perpetua's shares. Post-disposition, Barrick no longer holds any shares of Perpetua. This sale was part of Barrick's investment portfolio management strategy. The company indicated that it may acquire or dispose of Perpetua resources in the future, depending on market conditions.
Barrick Gold Corporation (NYSE:GOLD) announced a commitment to invest $6 for every ounce of gold sold from its Tanzanian mines to enhance local healthcare, education, infrastructure, and water access. Additionally, it has earmarked $70 million for national projects, including mining-related training and road improvements. This investment aligns with the company's framework agreement with the Tanzanian government, which includes a 50/50 profit-sharing in their Twiga joint venture. Barrick has paid over $1.9 billion in local taxes and salaries during the past two years.
Barrick Gold Corporation (NYSE:GOLD) announced a quarterly dividend of $0.20 per share, including a performance component of $0.10.
Net cash at the end of Q1 stood at $743 million, boosted by cash from operations and asset sales. The Q1 gold production was 990,000 ounces, down from 1.2 million ounces in Q4 2021, with costs rising.
Significant developments include a framework agreement in Pakistan for the Reko-Diq project and progress on a tailings storage facility at Pueblo Viejo. The company remains confident in meeting its 2022 production guidance.
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