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 a return of capital distribution totaling $750 million, with an initial $250 million tranche of $0.1405117 per share payable on June 15, 2021. This distribution follows shareholder approval on May 4, 2021, and a further $500 million will be paid in two equal tranches later in 2021. Additionally, a $0.09 dividend per share for Q1 2021 will be paid on the same date. Barrick emphasized its strong balance sheet and commitment to delivering value to shareholders, aiming to be the world's most valued gold company.
The Porgera gold mine in Papua New Guinea is advancing towards re-opening under a new framework agreement between Barrick Niugini Limited (BNL) and the government. The agreement establishes a joint venture, with PNG stakeholders owning 51% and BNL 49%, ensuring BNL remains the operator. Barrick's CEO Mark Bristow emphasized the importance of local landowners and communities. Key features include a Porgera Development Fund for local projects and a commitment to local hiring. The timeline for reopening is contingent on finalizing agreement details and collaboration among stakeholders.
Barrick Gold Corporation (NYSE:GOLD) has published its 2020 'Communication on Progress' report for the United Nations Global Compact. The report highlights advances made towards the UNGC’s Ten Principles on human rights, environment, and anti-corruption. Key actions include a new greenhouse gas emissions reduction target of 30% by 2030, alignment of water reporting with ICMM standards, and establishment of community development committees at operational sites. Barrick has been a signatory to the UNGC since 2005, integrating its principles into corporate sustainability strategies.
Barrick Gold Corporation (NYSE:GOLD) announced the completion of the divestiture of its interest in the Lagunas Norte mine to Boroo Pte Ltd, based in Singapore. This move aligns with Barrick's strategy to streamline operations and focus on core assets. The transaction emphasizes Barrick's commitment to optimizing its portfolio and maintaining strong financial health.
Barrick Gold Corporation (NYSE:GOLD) reported a strong Q1 2021, with gold and copper production on track to meet annual guidance. Key highlights include:
- Net cash increased by $0.5 billion, supported by operating cash flow of $1.3 billion.
- Quarterly dividend of $0.09 per share and a $250 million return of capital distribution.
- Copper revenues rose 31% owing to higher prices.
- Significant exploration successes across multiple sites, including Kibali and Nevada Gold Mines.
The company is focused on long-term value, targeting sustainable growth.
Barrick Gold Corporation (NYSE:GOLD) announced a $250 million return of capital distribution, part of a total $750 million payout, to shareholders on June 15, 2021. Shareholders of record by May 28, 2021, will receive $0.14 per share. Additionally, a quarterly dividend of $0.09 per share will also be paid on the same date. This follows shareholder approval for the capital distribution. With dividends tripling since the Randgold merger in 2018, Barrick aims to provide significant returns to its shareholders in 2021, reflecting a strong commitment to shareholder value.
Barrick Gold Corporation (NYSE:GOLD) held its annual meeting on May 4, 2021, where a $750 million return of capital was overwhelmingly approved by over 99% of shares voted. This return will occur in three installments throughout 2021. Furthermore, more than 90% of shares supported the election of directors and executive compensation plans. Executive Chairman John Thornton emphasized the company's strong financial position, highlighting zero net debt and robust cash flows. Barrick aims to enhance its long-term growth strategy, particularly in ESG, receiving high scores from advisory reports on sustainability practices.
Barrick Gold Corporation (NYSE:GOLD) has referred a $208 million tax claim from the Senegalese Revenue Authority to the International Chamber of Commerce for arbitration after unsuccessful negotiations. The claim relates to taxes from Barrick's sale of its Massawa project interest to Teranga Gold. Barrick argues that the claim contradicts its investment agreement with Senegal. The arbitration process will begin once the SRA appoints its arbitrator, while Barrick continues to seek a resolution with the Senegalese government.
Barrick Gold Corporation's Loulo-Gounkoto gold complex has reached its first mining level in its third underground mine, set to deliver ore this quarter. A prefeasibility study has commenced for two additional mines, enhancing flexibility in mining sources. The complex produced 193,014 ounces of gold in Q1, on track for annual guidance of 640,000 to 700,000 ounces. A dividend of $80 million was paid to the joint venture board. The company has also improved COVID-19 testing capacities and continues to invest in local community development.
Barrick Gold's Kibali mine in the DRC produced 191,612 ounces of gold in Q1 2021, remaining on track to meet its annual target, according to CEO Mark Bristow. Key drivers included underground operations and increased plant throughput. Efficiency projects and improved energy generation from hydropower reduced costs, aligning with Barrick’s carbon reduction strategy. The mine also contributed $3.5 billion to the DRC economy since 2010. Looking forward, Kibali aims to expand resources and enhance open pit options while maintaining community development initiatives.
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