Welcome to our dedicated page for Barrick Gold Corporation news (Ticker: GOLD), a resource for investors and traders seeking the latest updates and insights on Barrick Gold Corporation 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)(TSX:ABX) reports that the Porgera Gold Mine in Papua New Guinea has exceeded production targets since resuming operations in December, despite challenges from the Mulitaka landslide. Gold production for H1 2024 was above guidance, with lower all-in sustaining costs. The company has been actively involved in disaster relief efforts, contributing $1 million jointly with JV-partner Zijin. Porgera currently employs 2,500 people, with 57% from Porgera and Enga. The mine achieved its throughput performance test in June, four months ahead of schedule. However, Barrick CEO Mark Bristow identified lack of law and order as the greatest threat to the mine's continued operation and profitability.
Barrick Gold (NYSE:GOLD)(TSX:ABX) reported preliminary Q2 2024 production of 948,000 ounces of gold and 43,000 tonnes of copper. Gold production increased from Q1, driven by improvements at Turquoise Ridge, Porgera, Tongon, North Mara, and Kibali. Copper production also rose, primarily due to higher grades and recoveries at Lumwana. The company remains on track to achieve its full-year gold and copper guidance.
Q2 gold cost metrics are expected to be slightly higher than Q1, while copper costs are projected to be lower. Barrick anticipates costs to decrease in the second half of 2024 as production ramps up. The average market price for gold in Q2 was $2,338 per ounce, and copper was $4.42 per pound.
Barrick Gold (NYSE:GOLD) continues to underscore its commitment to Mali's mining industry with significant investments aimed at ensuring the long-term viability of the Loulo-Gounkoto mining complex. Over the past 29 years, Barrick has invested more than $10 billion in the Malian economy, contributing 5% to 10% of the country's GDP annually. In the past year alone, Barrick's contributions exceeded $1 billion. CEO Mark Bristow emphasized the importance of sustainable benefit-sharing partnerships, similar to those in Tanzania and Papua New Guinea. Despite challenges in Mali's political and economic climate affecting exploration activities, Barrick is actively working with the National Directorate of Geology and Mines to expand its exploration footprint and deliver continued value to Mali and its stakeholders.
Barrick Gold (NYSE:GOLD) will release its Q2 2024 financial results on August 12, 2024. The company's President and CEO, Mark Bristow, will present the results through a live interactive webinar at 11:00 EDT. Preliminary production, sales, and cost details will be disclosed on July 16, 2024. The Q2 results presentation will be accessible for replay, and the presentation materials will be available on Barrick’s official website.
Participants can register for the webinar and conference call for detailed insights and have the opportunity to engage with the session. For further information, investors and media can contact Claudia Pitre or Kathy du Plessis via the provided contact details.
Barrick Gold (NYSE:GOLD) announced that its Kibali gold mine in the Democratic Republic of Congo (DRC) is set to maintain its annual production rate of 750,000 ounces for over 15 years. The mine, Africa's largest, leverages advanced automation and renewable energy, with three hydropower stations and an upcoming solar power plant increasing its renewable energy mix to 85% by next year. Kibali has fostered significant regional growth, turning a once underdeveloped area into a thriving commercial hub with a population of over 500,000. Barrick has invested heavily in local communities, spending nearly $2.7 billion on local contractors and suppliers since 2010. Additionally, the company is committed to biodiversity, partnering to reintroduce white rhinos to the DRC and supporting local agriculture through a coffee project. Barrick expresses readiness to pursue new gold and copper opportunities in the DRC, contingent on continued government cooperation.
Barrick Gold and Zijin Mining Group have announced a $1 million contribution to aid communities in Papua New Guinea's Enga province following a devastating landslide in Mulitaka, which claimed approximately 600 lives. The aid includes monetary and in-kind contributions, with the Porgera gold mine providing additional support such as manpower, relief supplies, and construction equipment. Barrick's efforts are coordinated with various international and national bodies to streamline relief and recovery operations. The mine has also sourced containers for relief supplies and is evaluating the use of radar for monitoring the affected area.
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.
FAQ
What does Barrick Gold Corp. do?
Where is Barrick Gold Corp. headquartered?
What are Barrick Gold Corp.'s key achievements?
How did Barrick Gold Corp. perform financially in 2023?
What is Barrick Gold Corp.'s approach to sustainability?
What are Barrick Gold Corp.'s future plans?
Where are Barrick Gold Corp.'s shares traded?
What recent news has Barrick Gold Corp. announced?
How much gold and copper did Barrick produce in 2023?
What sustainability projects is Barrick involved in?
