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 significant socio-economic contributions, totaling nearly $38 billion across 38 countries in the past year, as detailed in the World Gold Council's recent report. Barrick's contributions included $1.8 billion in taxes to host governments and $4.5 billion spent on local suppliers. The company's ability to foster local employment was highlighted, with 97% of its workforce being host country nationals. Additionally, Barrick committed over $30 million to Covid-related initiatives, demonstrating its ongoing community support amid the pandemic.
Barrick Gold Corporation (NYSE:GOLD) has been recognized in the Dow Jones Sustainability Index (DJSI) World Index for the 14th consecutive year, ranking in the top 5% of mining and metals companies. Barrick achieved a perfect score in environmental reporting, social reporting, and water risk management, and made significant improvements in health and safety and climate strategy. CEO Mark Bristow emphasized the company's dedication to sustainability and community partnerships, while acknowledging the ongoing need for enhancement in ESG performance.
Barrick Gold Corporation (NYSE:GOLD) reported strong third-quarter results for 2021, with attributable gold production of 1.09 million ounces and a year-to-date total of 3.23 million ounces. Notably, copper production reached 100 million pounds for the quarter. The company achieved a net earnings per share of 20 cents and adjusted net earnings per share of 24 cents. Operating cash flow totaled $1,050 million, while free cash flow stood at $481 million. Barrick's capital return to shareholders is set to hit a record approximately $1.4 billion in 2021, including a sustainable quarterly dividend of 9 cents per share.
Barrick Gold Corporation (NYSE:GOLD) announced a third tranche of $250 million in return of capital distribution, amounting to $0.14 per share, scheduled for December 15, 2021. This payment complements a $0.09 per share dividend for Q3, also payable on December 15, 2021, benefiting shareholders of record by November 30, 2021. This distribution forms part of a total $750 million approved by shareholders earlier this year, contributing to a record cash return of approximately $1.4 billion in 2021.
Barrick Gold Corporation (NYSE:GOLD) appointed Hongyu Cai as an independent director, enhancing its Board with her extensive finance and investment experience. A graduate of MIT, Ms. Cai has nearly 20 years of experience, having worked at Goldman Sachs and CICC, where she excelled in equity research and led significant M&A projects. Chairman John Thornton highlighted her expertise in equity markets and corporate finance, anticipating that her insights will bolster Barrick's strategic interests, particularly in China, a major player in gold production and consumption.
Nevada Gold Mines (NGM), the largest gold mining complex in the world, showcases the effectiveness of Barrick’s strategy, according to CEO Mark Bristow. NGM's strengths lie in the consolidation of valuable assets, exemplified by projects like Turquoise Ridge and Goldrush, which promise significant future production. Recent achievements include a successful Notice of Intent for the Goldrush project and enhanced processing efficiencies at Carlin, contributing to a positive outlook. NGM is also investing in infrastructure and sustainability, aiming to cut greenhouse gas emissions by 20% by 2025.
Barrick Gold Corporation announced an expansion project at its Pueblo Viejo mine in the Dominican Republic, aiming to extend its operational life to 2040 and beyond. CEO Mark Bristow highlighted the mine's significant contributions, including $522 million in taxes this year, totaling nearly $3 billion since 2013. With 97% of its workforce being local Dominicans, the mine supports economic growth and community programs. The project is projected to double its economic impact, emphasizing sustainable development and environmental management.
Barrick Gold Corporation, led by CEO Mark Bristow, has established a trust fund for community development projects in San Juan, Argentina, with an initial commitment of 1.5% of Veladero mine sales, estimated at $138 million. This initiative aims to enhance local living conditions and create jobs, supported by a $140 million investment in the new Phase 7 leach facility, anticipated to generate 640 jobs. The project aligns with Barrick's sustainability goals, including connecting Veladero to Chile’s power grid to reduce emissions. Barrick is also exploring new resources for the Pascua-Lama project.
Nevada Gold Mines (operated by Barrick Gold) has finalized an asset exchange with i-80 Gold Corp., acquiring a 40% interest in the South Arturo Joint Venture and a low-cost option on the adjacent Rodeo Creek exploration property. This will be in exchange for the Lone Tree and Buffalo Mountain properties, which are currently inactive. The transaction strengthens NGM's position in the gold mining sector as it consolidates its asset portfolio.
Barrick Gold Corporation (NYSE:GOLD) announced preliminary Q3 2021 results, reporting sales of 1.07 million ounces of gold and 101 million pounds of copper. Gold production reached 1.09 million ounces, with production expected to peak in Q4 due to mill repairs. The Q3 average gold price was $1,790 per ounce, and copper $4.25 per pound. Q3 costs per ounce are estimated to rise by 2%, while all-in sustaining costs are projected to decrease by up to 6%. A detailed report will follow on November 4, 2021.
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