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 significantly enhanced its gold mineral reserves, replacing depletion by 150% in 2021, according to its annual report. Proven and probable reserves now total 69 million ounces at a grade of 1.71g/t, up from 68 million ounces at 1.66g/t in 2020. Key contributions came from North America and Africa, with notable increases from the Goldrush underground project and the North Mara mine. Additionally, attributable gold resources rose to 160 million ounces. The optimal integration of geological studies and mining strategies is driving these improvements.
Barrick Gold Corporation (NYSE:GOLD) announced its North Mara and Bulyanhulu mines produced over 500,000 ounces of gold in 2021, meeting criteria for Tier One status. North Mara is set to integrate the Nyabirama and Nyabigena pits, enhancing production capabilities. Bulyanhulu has established itself as a low-cost, long-life operation. The company acquired six new licenses around Bulyanhulu and invested $6.7 million in community projects. Vaccination efforts have reached 26.45% partially and 20.25% fully, with local employment at 96%.
Barrick Gold Corporation reported a successful year for its Kibali gold mine, producing 812,152 ounces in 2021, within guidance and expecting to boost mineral reserves for the third consecutive year. The mine maintained its Tier One asset status, with no lost time injuries in Q4. Kibali focused on sustainability, investing $3.7 billion in the DRC and supporting local economies with $2.1 billion in local spending. A dividend of $200 million was distributed to shareholders. Looking ahead, underground drilling may unveil a new high-grade lode.
Barrick Gold Corporation (NYSE:GOLD) reported preliminary production results for 2021, achieving its annual guidance for the third consecutive year. Total gold production reached 4.44 million ounces, while preliminary copper production was 415 million pounds. In Q4 2021, gold production was 1.20 million ounces with an average gold price of $1,795 per ounce. The company anticipates Q4 gold costs to be lower than Q3 2021. Barrick will provide comprehensive results on February 16, 2022, which will include more detailed analysis of production, sales, and cost metrics.
Barrick will release its Q4 2021 results on February 16, 2022, with a presentation led by President and CEO Mark Bristow at 11:00 EST. An interactive webinar linked to a conference call will follow, allowing participants to ask questions.
Preliminary production, sales, and cost data for Q4 will be available on January 19, 2022. All materials will be accessible on Barrick's website after the event.
Barrick Gold Corporation (NYSE:GOLD) has announced the appointment of Christine Keener as the new chief operating officer for its North American region, effective February 2022. With a robust background in finance, strategy, and operations, Keener previously served as vice president at Alcoa, where she consistently improved results over 21 years. Her qualifications include an MBA from Carnegie Mellon University and public accounting experience at PricewaterhouseCoopers. CEO Mark Bristow emphasized her commitment to business outcomes and capability in identifying and executing improvement opportunities.
Barrick Gold Corporation (NYSE:GOLD) announced on December 29, 2021, that its North Mara mine successfully restored its tailings storage facility (TSF) pond to within permitted design capacity ahead of schedule. This achievement fulfills Barrick's commitment to the Tanzanian government made during its takeover in September 2019. Over $65 million was invested to enhance the water treatment facility's capacity from 2.5 to 40 million liters per day. This milestone underscores Barrick's commitment to international environmental standards and community welfare in Tanzania.
Twiga Minerals Corporation, a joint venture between Barrick and the Government of Tanzania, has announced the acquisition of six prospecting licenses in Tanzania through its subsidiary, Bulyanhulu Gold Mine Limited. The total consideration for this acquisition is $6 million, with additional contingent payments based on gold mineral resources identified in the license areas. Bulyanhulu is required to invest at least $9 million in the area over four years. This strategic move aims to enhance Barrick's mineral reserves in Tanzania, supporting the company's growth initiatives.
On December 1, 2021, Barrick Gold Corporation (NYSE:GOLD) announced the third and final tranche of a $750 million return of capital distribution, paying $0.1405058 per share on December 15, 2021. This decision follows shareholder approval on May 4, 2021. The total cash return to shareholders for 2021 is projected at $1.4 billion, marking the highest annual payout in the company's history. Barrick's strong financial performance continues to support its commitment to shareholder returns while investing in future growth.
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