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Barrick Gold Corp. - GOLD STOCK NEWS

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.
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Barrick Gold reported its Q3 2024 results, showing steady gold production and a 12% increase in copper production quarter-on-quarter. Net earnings per share rose 33% year-on-year, with operating cash flow of $1.18 billion and free cash flow of $444 million, up 31% quarter-on-quarter. The company maintained its $0.10 quarterly dividend and conducted a $95 million share buyback.

The company expects a strong Q4 performance driven by the Pueblo Viejo plant expansion ramp-up, increased Nevada Gold Mines throughput, and higher grades at Kibali. The feasibility studies for both Reko Diq copper-gold project and Lumwana Super Pit expansion are on track for year-end completion.

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Barrick Gold (NYSE:GOLD) has declared a Q3 2024 dividend of $0.10 per share, aligned with its Performance Dividend Policy. The dividend will be paid on December 16, 2024, to shareholders of record as of November 29, 2024. The company has also repurchased 4.725 million shares in Q3 under its $1 billion buyback program announced in February 2024, bringing total repurchases to 7.675 million shares this year. The company cites strong balance sheet, record gold prices, and world-class assets as enabling factors for maintaining dividend payments while investing in growth.

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Barrick Gold (NYSE:GOLD) has denied allegations from Mali's Ministry of Mines and Finance Ministry regarding unfulfilled commitments under a resource distribution agreement. The company states it has been actively engaged in negotiations with the government since September 30 to achieve a global resolution of disputes. Barrick made a payment of FCFA 50 billion (US$85 million) in early October as part of ongoing negotiations. While denying wrongdoing, the company is working towards a memorandum of agreement that would settle differences and establish future partnership principles, including increasing Mali's share of economic benefits from the Loulo-Gounkoto complex.

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Barrick Gold (NYSE:GOLD) reported preliminary Q3 production results, with 943 thousand ounces of gold and 48 thousand tonnes of copper produced. Sales for the quarter included 967 thousand ounces of gold and 42 thousand tonnes of copper. The company expects a stronger Q4 to meet its 2024 production guidance. Q3 gold production was stable compared to Q2, with Pueblo Viejo showing a 23% sequential improvement. North Mara and Turquoise Ridge also performed well, while Carlin's Gold Quarry roaster expansion is set to boost Q4 throughput. Q3 gold cost of sales per ounce is expected to rise by 1%-3%, with total cash costs up 3%-5% and all-in sustaining costs up 0%-2%. Copper production increased due to higher grades and recoveries at Lumwana. However, Q3 copper cost of sales per pound is anticipated to increase by 5%-7%, with C1 cash costs up 13%-15%, although all-in sustaining costs are expected to decline by 2%-4%. Barrick will release its full Q3 2024 results on November 7, 2024.

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Barrick Gold (NYSE:GOLD)(TSX:ABX) has announced the release schedule for its Q3 2024 financial results. The company will publish its preliminary production, sales, and cost information on October 16, 2024, at 07:00 EDT. The full Q3 results will be released on November 7, 2024, at 06:00 EST.

Following the release, Barrick's President and CEO Mark Bristow will host a live presentation in London, UK, at 11:00 EST / 16:00 UTC on November 7. The presentation will include an interactive webinar linked to a conference call, allowing participants to ask questions. The Q3 2024 presentation materials will be available on Barrick's website at www.barrick.com.

For those unable to attend the live event, a replay of the conference call will be available, and the webinar will remain on the website for later viewing.

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Barrick Gold 's Twiga partnership with the Tanzanian government is contributing 51% of the government's revenue from the extractive industry, according to the latest Tanzania Extractive Industry Transparency Initiative report. The partnership, comprising the North Mara and Bulyanhulu gold mines, also led the industry's safety performance. Ongoing brownfields exploration around these mines continues to define additional opportunities to replace and expand depleted reserves.

The company's Future Forward Education initiative has completed its first $10 million phase, expanding infrastructure at 64 schools. Two more $10 million phases are planned. The Barrick Academy has trained over 1,000 employees and aims to train more than 2,000 this year. Barrick has also referred recent allegations of human rights abuses at North Mara Mine to the Tanzanian Commission of Human Rights and Good Governance, which found no evidence of violations.

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Barrick Gold has officially launched the development of a Super Pit at its Lumwana copper mine in Zambia. The $2 billion project aims to transform Lumwana into a long-life, high-yielding, top 25 copper producer and a Tier One copper mine. Key highlights include:

- Doubling plant throughput from 27Mt to 52Mt
- Increasing annual copper production from 120kt to a life-of-mine average of 240kt
- Ramping up total mining volumes to an average of 290t per annum from 2030 onwards
- Creating 550 additional jobs over the next five years and 2,500 construction jobs until 2028
- Building critical infrastructure, including an airstrip and industrial supplier park

The feasibility study is expected by the end of the year, with construction planned to start in 2025. Barrick emphasizes the project's focus on creating a sustainable legacy through local capacity development and regional economic growth.

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Barrick Gold (NYSE:GOLD)(TSX:ABX) and the Mali government have reached an agreement to resolve existing claims and disputes related to Barrick's Loulo and Gounkoto gold mining companies. The settlement details, based on Barrick's original proposals, will be disclosed once finalized. Mark Bristow, Barrick's president and CEO, highlighted the company's 30-year relationship with Mali, emphasizing that past differences were always amicably resolved.

Bristow acknowledged the challenging negotiations but expressed encouragement over the government's recognition of Loulo-Gounkoto complex's importance to Mali's economy. He looks forward to normalizing the long-standing partnership and working with the government moving forward.

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New Porgera (NPL) is collaborating with the UN and Enga Provincial Government to provide humanitarian aid to the conflict-affected Porgera Valley in Papua New Guinea's Enga Province. A donor assessment team will visit Porgera to evaluate the situation, with NPL providing logistical support. The violence reportedly stemmed from a dispute between illegal miners.

NPL has been assisting with disaster relief efforts since the Mulitaka landslide on May 24. Barrick Gold and Zijin Mining Group, joint venture partners in Barrick Niugini (part-owner of NPL), donated $1 million for relief. NPL has provided food, shelter, and essential items to affected families, as well as infrastructure support including fencing a health center, repairing a school, and establishing a temporary fuel pipeline.

NPL is also working on completing a permanent bypass road to restore full access for the Porgera community.

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Barrick Gold (NYSE:GOLD) projects a 30% growth in gold-equivalent ounce production from existing assets by 2030. The company has six Tier One gold mines with more in development, and is building a substantial copper business. Key growth projects include:

1) Goldrush in Nevada, ramping up to 400,000 oz/year by 2028
2) Fourmile in Nevada, with grades double those of Goldrush
3) Leeville project in Nevada, potentially doubling/tripling Carlin's reserves
4) Reko Diq copper-gold project in Pakistan (400,000t Cu, 500,000 oz Au/year)
5) Lumwana Super Pit in Zambia, doubling production over 30+ year life

Barrick has replaced mined gold reserves over the past 5 years, reduced debt by $3.5B, invested $11.2B in mine plans, and returned $5B to shareholders. Management believes the stock is significantly undervalued based on asset values.

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FAQ

What is the current stock price of Barrick Gold (GOLD)?

The current stock price of Barrick Gold (GOLD) is $16.85 as of November 14, 2024.

What is the market cap of Barrick Gold (GOLD)?

The market cap of Barrick Gold (GOLD) is approximately 29.7B.

What does Barrick Gold Corp. do?

Barrick Gold Corp. is a global mining company focusing on the exploration, development, and production of gold and copper.

Where is Barrick Gold Corp. headquartered?

Barrick Gold Corp. is headquartered in Toronto, Canada.

What are Barrick Gold Corp.'s key achievements?

Key achievements include acquiring Randgold in 2019, forming a joint venture with Newmont, and working on significant projects like the Reko Diq copper-gold project in Pakistan.

How did Barrick Gold Corp. perform financially in 2023?

In 2023, Barrick's operating cash flows increased by 7% to $3.7 billion, free cash flow rose by 50% to $646 million, and net earnings increased by 200% to $0.72 per share.

What is Barrick Gold Corp.'s approach to sustainability?

Barrick focuses on responsible mining and sustainability, aligning its initiatives with the United Nations' Sustainable Development Goals (SDGs) to deliver measurable environmental and community benefits.

What are Barrick Gold Corp.'s future plans?

Barrick aims to increase its gold equivalent production by 30% by the end of the decade and expand its copper production through projects like the Reko Diq and Lumwana Super Pit.

Where are Barrick Gold Corp.'s shares traded?

Barrick Gold Corp.'s shares trade on the New York Stock Exchange (symbol: GOLD) and the Toronto Stock Exchange (symbol: ABX).

What recent news has Barrick Gold Corp. announced?

Recent news includes the company's fourth quarter and full-year 2023 results, a dividend declaration, and a new $1.0 billion share buyback program.

How much gold and copper did Barrick produce in 2023?

In 2023, Barrick produced 4.05 million ounces of gold and 420 million pounds of copper.

What sustainability projects is Barrick involved in?

Barrick is involved in environmental rehabilitation projects, such as the Buzwagi mine in Tanzania, and initiatives to provide potable water to communities near its mines.

Barrick Gold Corp.

NYSE:GOLD

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29.68B
1.75B
0.6%
62.37%
0.63%
Gold
Basic Materials
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United States of America
Toronto