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 preliminary third quarter results for 2020, highlighting 1.25 million ounces of gold sales and 1.16 million ounces of gold production. Despite no production from Porgera, gold output increased by 3% from the previous quarter, thanks to improved performance at Carlin and Pueblo Viejo. The average gold price was $1,909 per ounce. Copper production decreased, attributed to lower throughput at Lumwana. Cost predictions show a 2-4% decrease in total cash costs for gold and a 4-6% decrease in copper costs compared to Q2 2020.
Barrick Gold has finalized a purchase agreement with Bullfrog Gold Corp (BFGC) to sell all mining claims and rights in the Bullfrog mine area. The deal, expected to close in Q4 2020, includes Barrick receiving 54.6 million units from BFGC. Each unit comprises a share and a warrant to purchase additional shares at $0.30 for four years. Barrick will hold approximately 16.8% of BFGC’s shares post-transaction, along with a 2% NSR royalty on minerals from the claims. The move eliminates Barrick’s previous back-in rights under a 2015 agreement.
Twiga Minerals Corporation, a joint venture between the Tanzanian government and Barrick Gold Corporation (NYSE:GOLD), has announced a maiden interim cash dividend of $250 million. This payment aligns with Barrick's ongoing commitment to create value for stakeholders through a 50/50 partnership.
Since acquiring Acacia Mining's assets over a year ago, Barrick has contributed approximately $205 million to the Tanzanian government in taxes, royalties, and dividends, reinforcing its dedication to fulfilling financial obligations and settling prior disputes.
Barrick Gold is set to release its Q3 2020 financial results on November 5, 2020. CEO Mark Bristow will host a virtual presentation at 11:00 EST, with an interactive Q&A session. Prior to this, the company will disclose preliminary production, sales, and cost information for Q3 on October 15, 2020, at 07:00 EDT. The Q3 results will be made available on Barrick’s official website, and a replay of the conference call will be accessible post-event.
Barrick Gold Corporation has completed its transaction with Skeena Resources Ltd. for the Eskay Creek project, waiving its back-in right. Skeena issued 22.5 million units, each comprising one share and a warrant, allowing Barrick to purchase additional shares at C$2.70 until two years after closing. Barrick also gains a 1% NSR royalty on Eskay Creek and a C$15 million contingent payment over 24 months. Post-transaction, Barrick's ownership in Skeena increases to 17.2%, enhancing its asset portfolio focused on Tier One assets.
Barrick Gold Corporation (NYSE: GOLD) has accepted the Antofagasta Environmental Court’s ruling to uphold the closure order on its Pascua-Lama project in Chile. The closure, prompted by environmental violations, marks the end of a legal struggle that began in 2013, with construction halted since then. Barrick will transition the project into a closure phase without an appeal. The company plans a thorough re-evaluation of Pascua-Lama’s potential, focusing on compliance with current legislation, sustainable mining practices, and fostering community relations in Chile and Argentina.
Barrick Gold Corporation (NYSE:GOLD) and AngloGold Ashanti Limited have agreed to sell their 80% stake in the Morila gold mine in Mali to Mali Lithium Limited for cash between $22 million and $27 million, pending state approval. This sale aims to allow new ownership to explore additional resources and extend the mine's operations. Morila, which produced 6.9 million ounces of gold since 2000, transitioned to a stockpile facility in 2015 and was expected to close in 2021. The deal is anticipated to close by the end of October 2020.
Barrick Gold Corporation (NYSE: GOLD) reported that its Loulo-Gounkoto mining complex in Mali remains unaffected by the local political situation, with operations continuing normally. The company confirmed that it has sufficient inventory to meet future needs and is actively securing supply lines. Barrick is closely monitoring the political landscape and is in consultation with local stakeholders to ensure operational continuity.
Barrick Gold Corporation (NYSE:GOLD) reported solid second quarter results, with year-to-date gold production at 2.4 million ounces, well within 2020 guidance of 4.6 to 5 million ounces. Operating cash flow reached over $1 billion, and free cash flow was $522 million. Net earnings per share stood at 20 cents, while adjusted net earnings rose 44% to 23 cents. Net debt decreased nearly 25% to $1.4 billion. The company increased its quarterly dividend by 14% to $0.08 per share. Barrick remains focused on ongoing projects and asset disposals, realizing $1.5 billion in value.
Barrick Gold Corporation (NYSE:GOLD) declared a dividend of US $0.08 per share for Q2 2020, a 14% increase from the previous quarter. This dividend will be payable on September 15, 2020 to shareholders on record as of August 31, 2020. Senior EVP Graham Shuttleworth attributed the increase to Barrick's strong financial performance, noting a liquidity of $6.7 billion with $3.7 billion in cash and no significant debt repayments until 2033.
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