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 (NYSE:GOLD) announced in its 2023 Sustainability Report that almost $12 billion in economic value generated from its mines remained in the operating countries. The report highlights Barrick's commitment to sustainable development, aligning with the UN's Sustainable Development Goals. In 2023, 97% of Barrick’s employees were host country nationals, and $43 million was invested in Community Development Committees for various local initiatives. Safety improvements were noted with a 21% reduction in Lost Time Injury Frequency Rate and a 33% decrease in malaria incidence. Barrick achieved its 2025 target for reducing greenhouse gas emissions by 15%, already surpassing it with a 16% reduction from the 2018 baseline. The company also recycled 84% of its water usage and continues to focus on biodiversity conservation, exemplified by the successful reintroduction of white rhinos in the Democratic Republic of Congo.
Barrick Gold announces an exploration partnership with Geophysx Jamaica, granting Barrick access to 4,000 square kilometers of land in Jamaica. The agreement allows Barrick to earn up to an 80% joint-venture interest in designated properties. Geophysx Jamaica is a leading mineral exploration company committed to responsible exploration. The partnership aims to leverage Geophysx's expertise and Barrick's resources to accelerate the discovery of new resources in Jamaica.
Barrick Gold reported its Q1 results showing steady gold and copper production growth to meet full year targets. Despite lower production due to delays and maintenance, the company's financials saw a significant increase in net earnings and operating cash flow. Barrick is progressing major organic growth projects and maintaining a strong focus on exploration, sustainability, and value delivery. The company remains on track to achieve its 2024 targets, with a positive outlook for its copper projects and sustainable energy initiatives.
Barrick Gold (NYSE:GOLD)(TSX:ABX) has declared a dividend of $0.10 per share for Q1 2024, in line with its Performance Dividend Policy. The dividend will be paid on June 17, 2024, to shareholders of record on May 31, 2024. This decision reflects the company's strong balance sheet and global asset base, ensuring continued shareholder returns and business growth.
Barrick Gold announced the election of directors at the 2024 Annual Meeting of Shareholders. Voting results for directors, auditors, executive compensation, and shareholder proposal were provided. Notable victories include Mark Bristow, Isela A. Costantini, and Andrew J. Quinn. The investor and media relations contact information is also available.
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