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 reported strong performance at its Tanzanian mines, North Mara and Bulyanhulu, confirming they are on track to meet 2021 production targets. The Bulyanhulu mine saw an 11% increase in tonnage, aided by new automated loaders and drills, along with a new photon assay laboratory enhancing mineral analysis. North Mara is set to commission a brine treatment plant soon, contributing to environmental improvements. Barrick invests significantly in local economies, with 73% of spending directed at Tanzanian companies. The company also emphasizes community development and COVID-19 vaccination efforts among its workforce.
Barrick Gold Corporation (NYSE:GOLD) has launched Africa's first Chrysos PhotonAssay laboratory at its Bulyanhulu mine in Tanzania, in collaboration with MSALABS Ltd. This advanced technology allows for faster, safer, and more accurate analysis of gold and silver in just two minutes, greatly enhancing operational efficiency. The eco-friendly method significantly reduces CO2 emissions and hazardous waste compared to traditional fire assays. Barrick aims to leverage such innovations to improve operational excellence and environmental performance.
Barrick Gold's Kibali mine is set to meet its production targets for the year and is expected to grow its mineral reserves beyond ten years. President Mark Bristow highlighted ongoing technological advancements, including machine learning, that enhance safety and efficiency, while local employment remains a priority with Congolese nationals making up 94% of the workforce. Kibali has contributed $3.7 billion to the DRC economy through various payments and initiatives, alongside a successful anti-COVID-19 campaign that has vaccinated 21% of its workforce.
Barrick will announce its Q3 2021 results on November 4, 2021, hosted by President and CEO Mark Bristow in London at 11:00EDT / 15:00GMT. Preliminary production, sales, and cost data will be released on October 14, 2021, at 7:00EDT / 11:00GMT.
Participants can join a live presentation and interactive webinar linked to a conference call on the same day. Presentation materials will be accessible on Barrick’s website. For inquiries about the live event, contact Kathy du Plessis.
Barrick Gold Corporation (NYSE:GOLD) announces strong performance from its Loulo-Gounkoto gold complex in Mali, which is expected to contribute significantly to the local economy. In 2021, Barrick has paid $318 million in taxes and invested over $13 million in community projects. The complex is maintaining production guidance, with a new underground mine ramping up and mineral reserves projected to increase for the third consecutive year. Additionally, Barrick emphasizes its commitment to social responsibility, with efforts in local employment and Covid-19 vaccinations.
Nevada Gold Mines (NGM) has signed an asset exchange agreement to acquire a 40% interest in the South Arturo Joint Venture from i-80 Gold Corp., along with an option for the Rodeo Creek property. In return, NGM will provide the Lone Tree and Buffalo Mountain properties, which are under care and maintenance. This move consolidates production and enhances operational flexibility for NGM, while also alleviating closure liabilities. The agreement includes contingent payments up to $50 million based on mineral resources and pending regulatory approvals.
Barrick Gold Corporation (NYSE:GOLD) announced that on September 15, 2021, it will distribute $0.1405092 per share as part of a $750 million return of capital, following shareholder approval in May 2021. This is the second tranche of the planned distributions, with the first paid in June and another expected in November. Additionally, a $0.09 per share dividend will also be paid on the same date. In total, Barrick will have returned almost $1 billion to shareholders in 2021, showcasing its robust financial position.
Barrick Gold Corporation (NYSE:GOLD) has become a patron of the Charge on Innovation Challenge, aimed at reducing emissions in surface mining. This global competition invites proposals for electrifying large haul trucks, crucial for mining decarbonization. Currently, over 350 companies from 19 industries are involved, with 80 submitting formal expressions of interest. Barrick aims for a 30% emissions reduction by 2030 and net zero by 2050. Evaluation of proposals will commence soon, with site trials expected in the coming years.
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