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) reported a strong start to 2022 at its Kibali mine in the Democratic Republic of Congo, expecting to match 2021 production levels. The mine has successfully replaced depleted reserves and continues to explore growth opportunities in open pit and underground mining. Key initiatives include community agreements and infrastructure improvements, alongside investment in health programs with zero lost time injuries reported. Barrick's commitment extends to environmental conservation, including a plan to reintroduce white rhinos to Garamba National Park.
Barrick Gold Corporation (NYSE:GOLD) has entered a Purchase Agreement to sell 8,831,250 common shares of Skeena Resources Ltd. for C$132,468,750, equating to C$15.00 per share. Prior to this sale, Barrick held a 12.9% stake in Skeena, with shares acquired through warrants exercised on March 23, 2022. Following the sale, Barrick will no longer own any shares of Skeena. This move is part of Barrick's investment portfolio management strategy, with future transactions contingent on market conditions.
Barrick Gold Corporation (NYSE:GOLD) has reached a framework agreement with the governments of Pakistan and Balochistan to reconstitute the Reko Diq project, which was suspended since 2011 due to licensing disputes. The new project structure will equally split ownership between Barrick and Pakistan stakeholders, which include the government of Balochistan. Barrick will operate the project and plans to update feasibility studies, aiming for production within five to six years. The agreement is expected to bring significant economic benefits to Balochistan and Pakistan.
Barrick Gold Corporation (NYSE:GOLD) announces robust financial strategies in its 2021 annual report, revealing a significant transformation from over $4 billion in net debt post-Randgold merger to a net cash position. The company returned $2.5 billion to shareholders, including a record $1.4 billion last year. A new dividend policy featuring a base and performance dividend linked to net cash begins in 2022, alongside a $1 billion share buyback plan. This aims to buy back shares trading below their intrinsic value, ensuring sustained shareholder value.
Barrick Gold Corporation (NYSE:GOLD) is investing in capital projects to enhance its strong asset base, as detailed in the 2021 annual report by CEO Mark Bristow. The company is expanding into new regions like Japan, North Africa, and Latin America, focusing on exploration and sustainable practices. Barrick aims for greenhouse gas emission reductions and prioritizes socio-economic development in host countries. With a diverse workforce, 56% under 40 and increasing gender diversity among new hires, Barrick is committed to stakeholder value and operational agility.
Barrick Gold Corporation (NYSE:GOLD) announced a reduction in its ownership of Reunion Gold Corporation to approximately 9.9875% after Reunion's February 24, 2022, private placement. Barrick, which did not participate in the offering, continues to hold 81,150,000 common shares. The decrease in ownership leads to the termination of certain rights under their investor rights agreement, although Barrick retains a right of first refusal on specific mineral projects associated with Reunion. An early warning report will be filed to disclose this change.
Barrick's 2021 results reveal stable production, exceeding guidance for the third year, driven by strong performance in Africa & Middle East and Latin America. The company replenished its gold reserves at a better grade, achieving 150% replacement net of depletion. Free cash flow was robust at $1.4 billion, with net cash at $130 million, supporting an increased dividend of 11% to $0.10 per share and a $1 billion share buyback program. Barrick is advancing major growth projects while maintaining a commitment to sustainability, achieving a 95th percentile ranking in the Dow Jones Sustainability Index.
Barrick Gold Corporation (NYSE:GOLD) has announced a new share repurchase program, authorizing up to $1.0 billion for repurchasing its common shares within the next 12 months. This move is in response to the belief that current share prices do not reflect the company's underlying value and future prospects. The buyback will be executed in accordance with applicable laws, with factors such as financial performance and cash flow influencing the timing and extent of repurchases. The program does not obligate the company to repurchase a specific number of shares.
Barrick Gold Corporation (NYSE:GOLD) announced a quarterly dividend of $0.10 per share for Q4 2021, an 11% increase from the previous dividend of $0.09. This dividend, payable on March 15, 2022, rewards shareholders recorded by the close of business on February 28, 2022. Additionally, the company introduced a performance dividend policy that enhances shareholder returns based on net cash levels, with potential total dividends reaching $0.25 per share at the highest performance level.
Barrick Gold Corporation has officially opened its Tailings Reprocessing Project at the Golden Sunlight Mine in Montana, creating over 75 jobs. This project aims to generate tens of millions in tax revenue and enhance environmental safety by removing potential groundwater contaminants. The facility will focus on concentrating sulfur for use in gold production at Nevada Gold Mines. President Mark Bristow highlighted the project as a model for future mine closures and emphasized its economic benefits for local communities.
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