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) announced its Q2 2021 results, reporting net earnings of $411 million and adjusted earnings of $513 million. Despite a 5% decline in gold production to 1,041,000 ounces, the company remains on track to meet its annual guidance. Key projects include the commissioning of the Phase 6 heap leach facility at Veladero and the completion of the third shaft at Turquoise Ridge. The firm declared a quarterly dividend of $0.09 per share, alongside a second $250 million capital return tranche. With a cash balance over $5 billion, Barrick is positioned for future growth.
Barrick Gold Corporation (NYSE:GOLD) announced a $250 million tranche of its $750 million return of capital distribution, set to be paid on September 15, 2021. This amount, approximately $0.14 per share, follows the previous $250 million distribution made in June. Additionally, a $0.09 per share dividend for Q2 will be paid on the same date. Shareholders of record by August 31, 2021, will receive these distributions. The final $250 million tranche is scheduled for distribution in November 2021, contingent on shareholder approval and company performance.
Barrick Gold Corporation (NYSE:GOLD) announced strategic environmental and social impact assessments for a new tailings storage facility at Pueblo Viejo, requiring an initial investment of $1.3 billion. This project aims to extend the mine's life to beyond 2040, ensuring annual production of over 800,000 ounces. The initiative follows extensive community engagement and aims to comply with environmental standards. Barrick expects over $9 billion in economic contributions to the Dominican Republic from this project, reaffirming its commitment to responsible mining and community development.
Barrick Gold has secured four exploration licenses for 19 blocks in Egypt's Eastern Desert, following the International Bid-Round (1)/2020. This region is part of the Arabian Nubian Shield, known for significant gold deposits. Barrick's strategy involves collaborating with the Egyptian Mineral Resource Authority to finalize an exploitation license agreement. The company's expansion into Egypt aligns with its aim to explore underdeveloped mineral areas globally. Additionally, Barrick has increased its portfolio with new properties in Tanzania, Guyana, Japan, and Nevada.
Barrick Gold clarifies a Reuters article suggesting that the company exports products through Durban port, following a cyber attack that disrupted operations. The statement highlighted could mislead readers into believing that Barrick exports gold or other products from this port in South Africa. The company emphasizes that this is not the case, reaffirming its operational details to avoid confusion. Barrick operates mainly in regions like the Democratic Republic of Congo and Zambia, where other miners like Glencore are active.
Barrick Gold Corporation (NYSE:GOLD) announced preliminary Q2 2021 results with gold sales of 1.07 million ounces and copper sales of 96 million pounds. Gold production totaled 1.04 million ounces, impacted by maintenance shutdowns at Nevada Gold Mines and mechanical issues at Goldstrike. The average market price for gold was $1,816 per ounce, while copper averaged $4.40 per pound. Production forecasts for the second half of 2021 remain positive, although costs for both gold and copper are projected to rise by 2-8% and 14-22% respectively, compared to Q1.
Barrick Gold Corporation (NYSE:GOLD) announced that significant exploration successes at the Tongon gold mine in Côte d'Ivoire could extend its operational life. CEO Mark Bristow highlighted promising results from near-mine exploration and noted that the mine's Nielle mining license has been filed for a 10-year extension. Tongon declared a $150 million dividend for Q2 2021 and has invested $1.77 billion in the local economy. The mine is known for its profitability and safety.
Barrick's Kibali gold mine continues to meet production targets for 2021, with an aggressive exploration program replacing reserves faster than they are mined. The mine has contributed $3.6 billion to the Democratic Republic of Congo's economy, with local businesses receiving $73.8 million this year. Kibali is prioritizing local employment, with 94% of its 5,341 employees being Congolese. The mine also focuses on health, safety, and environmental protection, including clean energy use and reforestation efforts. Barrick maintains strong government partnerships and aims for sustainable growth in the region.
Barrick will announce its Q2 2021 results on August 9, 2021, with a virtual presentation by President and CEO Mark Bristow at 11:00 EDT. Preliminary production, sales, and cost data will be released on July 15, 2021. The Q2 results will be available at 6:00 EDT on the same day, and can be accessed through a webinar at 11:00 EDT. The conference call linked to the webinar will also be available for listeners. Presentation materials will be accessible on Barrick's website, ensuring investors are kept informed.
Tanzanian President Samia Suluhu Hassan and Barrick Gold Corporation (NYSE:GOLD) CEO Mark Bristow recently met to assess progress at Twiga Minerals Corporation, the joint venture managing gold mines in Tanzania. Since Barrick's management began in September 2019, North Mara and Bulyanhulu mines have been revived, generating over $370 million in cash inflows for the government in 2020, which includes taxes and dividends. Barrick has invested $800 million in the local economy and employs 600 Tanzanians, with a commitment to further investments and exploration.
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