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 and Nevada Gold Mines have completed a strategic review confirming the significant geological potential of NGM properties. The joint venture is the largest gold mining complex globally and aims to produce 3.4 to 3.7 million ounces in 2021. CEO Mark Bristow emphasized the importance of exploration for new discoveries and resource additions, particularly in key areas such as the Carlin Basin. NGM is also committed to enhancing local communities through educational initiatives and infrastructure investments, demonstrating its focus on long-term economic benefits.
Barrick Gold Corporation (NYSE:GOLD) mourns the loss of Tanzanian President John Magufuli, who passed away recently. CEO Mark Bristow praised him as a visionary statesman who recognized the mining sector's importance to Tanzania’s economy. Under his leadership, Barrick established the Twiga Minerals Corporation joint venture, aimed at ensuring the benefits of mining are shared equally. This partnership serves as a model for future collaborations between governments and mining companies in Africa, standing as a testament to the late president’s foresight.
On March 3, 2021, Barrick Gold expressed deep sorrow over the passing of Vernon Jordan, a key civil rights leader and member of its International Advisory Board for over 20 years. Jordan played a significant role in discussions impacting the company's future and its socio-political engagement worldwide. Barrick's Chairman, Brian Mulroney, highlighted Jordan's brilliance, humor, and sound judgment, noting that he will be remembered for his valuable contributions to the board and as a loyal friend.
Barrick Gold Corporation (NYSE:GOLD) announced its annual reserve and resource declaration for 2020, reporting a 76% replacement of mineral reserves despite a slight 2% year-on-year reduction. Attributable gold reserves total 68 million ounces at an average grade of 1.66g/t. The total gold resources are estimated at 160 million ounces, with a further 43 million ounces inferred. Additionally, copper reserves stand at 13 billion pounds. The company emphasizes improved geological understanding and resource management post-Randgold merger, with plans to enhance resource conversion potential over time.
Barrick Gold Corporation (NYSE:GOLD) announced it met its 2020 production targets, driven by strong operational management amid the pandemic. Key highlights include a net earnings per share of $1.31, with adjusted earnings up 125% compared to 2019. The company achieved zero net debt and upgraded its credit rating. Barrick declared a quarterly dividend of $0.09 per share and proposed a $750 million return of capital to shareholders. Significant progress was made on major projects, including the Pueblo Viejo expansion and the Gounkoto underground mine development, alongside a commitment to environmental, social, and governance (ESG) initiatives.
Barrick Gold Corporation (NYSE:GOLD) announced a proposed capital return of approximately $0.42 per share, set for discussion at the Annual Meeting on May 4, 2021. This distribution arises from proceeds of prior divestitures, totaling around $750 million, to be paid in three tranches in May, August, and November 2021. Additionally, a $0.09 dividend for Q4 2020 has been declared, payable on March 15, 2021. The company emphasizes its commitment to returning surplus funds to shareholders, with dividends having tripled since the Randgold merger.
Barrick Gold Corporation (NYSE:GOLD) has announced the sale of its 100% interest in the Lagunas Norte mine in Peru to Boroo Pte Ltd for a total value of up to $81 million. This includes an upfront payment of $20 million and additional payments contingent on gold prices. Boroo will also assume $226 million in closure liabilities. The transaction aligns with Barrick's strategy of divesting non-core assets, having previously realized $1.5 billion from similar actions. The deal is subject to closing conditions, and Barrick will maintain a presence in Peru for exploration efforts.
Barrick Gold's Loulo-Gounkoto mine in Mali produced 680,215 ounces of gold in 2020, surpassing its full-year guidance despite Covid-19 challenges. Safety performance improved significantly, with a 50% reduction in Lost Time Injury Frequency Rate and achieving a Lost Time Injury Free year underground. Major technological advancements include a 20MW solar power plant and ongoing exploration activities increasing gold reserves. The complex contributed $7.7 billion to Mali’s economy over 24 years, highlighting its significant economic impact.
Barrick Gold's Tongon mine in Côte d’Ivoire produced 284,863 ounces of gold in 2020, meeting its guidance. The mine achieved a record plant throughput of 95.2% and implemented cost-reduction measures. Despite challenges, including a mill fire and socio-political instability, Tongon paid a $150 million dividend to shareholders and contributed $1.2 million to Covid-19 efforts. The mine boasts the best safety record in Barrick's group and has invested $105 million locally, significantly impacting the Ivorian economy since its inception.
Barrick Gold reports strong operational performance at the North Mara and Bulyanhulu gold mines for 2020, achieving a combined output of 462,472 ounces. Under Barrick's management, North Mara has improved its production profile, while Bulyanhulu resumed underground ore processing. The company invested $800 million in Tanzania's economy, employing over 600 new workers at Bulyanhulu. Barrick aims to position these mines as Tier One assets by optimizing costs and has established community development initiatives to enhance local relations.
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