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) declared a dividend of $0.20 per share for Q1 2022, consisting of a base dividend of $0.10 and a performance enhancement of $0.10. This enhancement, tied to the company's strong financial health, is due to net cash exceeding $0.5 billion at the end of Q1. The dividend will be paid on June 15, 2022, to shareholders of record by May 27, 2022. The strong operating performance is credited for enabling this enhanced dividend, reflecting confidence in future financial streams.
Barrick Gold Corporation (NYSE:GOLD) held its annual meeting on May 3, 2022, where shareholders overwhelmingly supported three key resolutions. All eleven nominee directors were elected with over 87% approval, PricewaterhouseCoopers LLP was authorized as auditors with 88% support, and the advisory executive compensation resolution received 93% of votes in favor. Executive Chairman John Thornton expressed gratitude for the shareholders' confidence in the company's leadership and progress toward sustainability.
Barrick Gold Corporation (NYSE:GOLD) reported preliminary Q1 2022 sales of 1.0 million ounces of gold and 113 million pounds of copper. Gold production was affected by lower grades and maintenance issues, while copper production is expected to improve later in the year. The average market price for gold was $1,877 per ounce. Cost of sales per ounce for gold is expected to rise by 10% to 12%, with total cash costs anticipated to increase by 15% to 17% compared to the previous quarter. The company will release detailed results on May 4, 2022.
Nevada Gold Mines (NGM), majority owned by Barrick Gold (NYSE:GOLD), is investing in a 200 MW solar power plant to further its decarbonization goals. Partnering with First Solar, all modules will be manufactured in the United States. Construction is set to begin in Q3 2022, with module delivery anticipated in Q2 2023, aiming for project completion by early 2024. NGM targets a 20% carbon reduction by 2025 through this project and converting its coal power plant to natural gas, contributing to Barrick's broader goal of net-zero emissions by 2050.
Barrick Gold Corporation has announced a partnership with the federal government of Pakistan and the provincial government of Balochistan to revitalize the Reko Diq project, one of the largest undeveloped copper and gold deposits globally. This agreement enables Barrick to own 50% of the venture, which has been stalled since 2011. The project aims for a phased construction approach, beginning with a 40 million tonne per annum plant and is expected to generate approximately 4,000 long-term jobs. Production could commence in five to six years, contributing significantly to local economic development.
Barrick Gold Corporation (NYSE:GOLD) announced on April 8, 2022, the completion of the Dominican Government's strategic review for the new Tailings Storage Facility (TSF) for the Pueblo Viejo mine. This expansion aims to extend the mine's life beyond 2040 and support annual production exceeding 800,000 ounces. The Government pinpointed alternative sites for the TSF, and Barrick's assessment identified two sites in Sanchez Ramirez Province for further investigation. The project is expected to significantly contribute to the Dominican economy, increasing total tax payments to over $9 billion through the extended mine life.
Barrick will release its Q1 2022 results on May 4, 2022, with a virtual presentation hosted by President and CEO Mark Bristow at 11:00 EDT. Additionally, preliminary production, sales, and cost information will be available on April 14, 2022. Key event details include:
- Q1 Preliminary Info: April 14, 7:00 EDT
- Q1 Results Release: May 4, 6:00 EDT
- Live Presentation: May 4, 11:00 EDT
Materials will be accessible on Barrick's website.
Barrick Gold Corporation (NYSE:GOLD) announced an upgrade in its long-term corporate credit rating from BBB to BBB+ by S&P Global Ratings, with a stable outlook. This upgrade is attributed to Barrick's strong financial flexibility, operational efficiency, and resilience against falling gold prices. The company's ability to generate significant free cash flows and reduce net debt has bolstered its position, alongside a robust liquidity situation with $130 million in cash and no major debt repayments until 2033. Barrick aims to execute on its strategic goals while enhancing returns to shareholders.
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