Barrick Mining Corporation reports developments tied to its global gold and copper mining, exploration and development portfolio. Company news commonly covers operating and financial results, mine and project updates, technical and governance matters, and capital allocation actions for common shares that trade on the NYSE under B and on the TSX under ABX.
Recurring updates include quarterly results releases, dividend declarations, share repurchase authorizations, annual meeting materials and changes in executive or board oversight. Barrick also reports on its gold assets in North America and other mining jurisdictions, including disclosures connected to major mines, development projects, reserves, production, costs, cash flow and responsible mining obligations.
Barrick will announce its Q1 2023 results on May 3, 2023, with a live presentation hosted by President and CEO Mark Bristow at 11:00 EDT. An interactive webinar will accompany a conference call, allowing participants to ask questions. Additionally, Barrick will provide preliminary production, sales, and cost information for Q1 2023 on April 13, 2023. This information will be released at 7:00 EDT, and it can be accessed through Barrick's website.
The Q1 results will be made available early in the morning on May 3, followed by the live presentation. All presentation materials and details regarding the conference call and webinar will be accessible on Barrick's official site.
Barrick Gold Corporation (NYSE:GOLD) has successfully replaced the gold reserves mined in the previous year, as highlighted in its 2023 Information Circular. Executive Chairman John Thornton stated that sustainable growth strategies have prepared the company to navigate market challenges. The Reko Diq project in Pakistan is expected to nearly double copper production and enhance gold output upon its completion. Barrick's sustainability strategy, which impacts executive incentives, emphasizes long-term value creation for stakeholders. Additionally, the company aims to attract diverse talent amid a contracting recruitment pool. The 2023 Annual Meeting will take place on May 2 in Toronto.
Barrick Gold Corporation (NYSE:GOLD) announces the agreement to resume operations at the Porgera gold mine, which has been inactive since 2020. The mine hosts measured and indicated resources of 10 million ounces and inferred resources of 3.4 million ounces. Following the ramp-up, production is estimated at 700,000 ounces annually, moving towards its Tier One status. The New Porgera Progress Agreement confirms commitment from all parties to reopen the mine promptly. Barrick emphasizes local sourcing and hiring, enriching community benefits. This initiative is aligned with Barrick's successful partnership model observed in other regions.
Barrick Gold Corporation's Kibali mine, Africa's largest gold producer, has made significant contributions to the Democratic Republic of Congo, investing over $4.6 billion in the region since 2010. Local stakeholders have benefited from nearly $2.4 billion in contracts, while the government has received $1.4 billion in royalties and taxes. Kibali's commitment to sustainability is evident, with 80% of its energy sourced from renewables, increasing with a new solar plant planned for 2025. Continued exploration efforts have successfully replaced mined gold for four consecutive years, extending the mine's production profile to 2033.
Barrick Gold Corporation (NYSE:GOLD) has committed $30 million towards the expansion of education infrastructure in Tanzania through 'The Barrick-Twiga Future Forward Education Program.' This initiative aims to build 1,090 classrooms, 1,640 ablution blocks, and 270 dormitories across 161 schools, benefitting around 49,000 students. The first $10 million will be released in April 2023. Barrick's efforts have already funded over $10 million in local projects, enhancing healthcare and educational facilities since taking over the mines in 2019, which has contributed $2.4 billion to the Tanzanian economy. Additionally, the North Mara mine has been recognized as Tanzania's largest taxpayer.
Barrick Gold Corporation (NYSE:GOLD) announced significant progress in its 2022 Annual Report, highlighting key milestones in its quest to become the leading gold and copper mining entity. The company has achieved mineral resource growth, especially in North America, and extended the life of its Pueblo Viejo mine in the Dominican Republic, now exceeding 20 million ounces. Barrick also reported returning $1.6 billion to shareholders while continuing to invest in growth projects. Additionally, the company is expanding its copper holdings and enhancing sustainability through major solar projects.
Barrick Gold Corporation (NYSE:GOLD) has been recognized by the Mali government for its significant contributions to the country's tax revenue in 2022. The Loulo-Gounkoto gold mining complex was honored with certificates for its exemplary tax citizenship during a ceremony in Bamako. Barrick, which has been operating in Mali for over 25 years, has played a crucial role in the economic development of the nation and its mining sector. The company aims to maintain a productive partnership with the government moving forward.
Barrick Gold Corporation (NYSE:GOLD) reported strong financial and operational results for 2022, highlighting its strategy focused on organic growth. The company replaced gold reserves for the second consecutive year, adding 6.7 million ounces, while copper resources increased by 124%. Barrick returned a record $1.6 billion to shareholders via dividends and buybacks, with a new $1 billion share repurchase program announced. Operations in Nevada, Dominican Republic, and Côte d’Ivoire showed improved performance, contributing to over 4.1 million ounces of annual gold production. The development of the Reko Diq project in Pakistan is expected to significantly boost copper production capacity by 2028.
Barrick Gold Corporation (NYSE:GOLD) announced a new $1.0 billion share repurchase program to buy back its own shares over the next 12 months. This initiative follows a successful buyback of $424 million in the previous year. The company believes its shares are currently undervalued based on the company's assets and future prospects. Repurchases will occur on the open market, providing flexibility based on various financial factors. The prior buyback program has been terminated, but the new program can be adjusted or paused at Barrick's discretion.
Barrick Gold Corporation (NYSE:GOLD) declared a $0.10 per share dividend for Q4 2022, aligned with its Performance Dividend Policy. This dividend will be payable on March 15, 2023 to shareholders on record as of February 28, 2023.
In 2022, Barrick returned $1.6 billion to shareholders through dividends and share buybacks, surpassing the $1.4 billion in 2021. The company repurchased 24.25 million shares under a buyback program initiated in February 2022. CFO Graham Shuttleworth highlighted the strong operational performance contributing to these record returns.