Barrick Gold - GOLD STOCK NEWS

Barrick Gold Corporation (NYSE:GOLD) announced discussions with the Papua New Guinea government regarding the reopening of the Porgera mine, which has been inactive since April 2020. A framework agreement is being negotiated for a joint venture, ensuring increased local ownership and fair economic benefits. Barrick Niugini Limited will remain the mine operator. The company anticipates a final agreement soon, which would mark a significant step towards resuming operations at Porgera.

Barrick Gold Corporation (NYSE:GOLD) reports significant progress towards becoming the world's most valued gold company, following its merger with Randgold Resources. In 2020, Barrick capitalized on rising gold prices, achieving strong production, and ending the year with zero net debt. The company increased its quarterly dividend three-fold since the merger and plans to return $750 million to shareholders. With a solid $5.2 billion in cash and a $3 billion credit facility, Barrick's governance focuses on sustainability and diversity, including a commitment to achieve at least 30% female representation on its board by 2022.

Barrick Gold (NYSE:GOLD) has announced a new project at the Golden Sunlight mine in Montana, aiming to generate 75 jobs and tens of millions in tax revenue over the next decade. This initiative involves reprocessing tailings to extract sulfur, which will be sold to Nevada Gold Mines, enhancing revenue streams. The project will also mitigate potential groundwater pollution, aligning with Barrick’s sustainability goals. The mine, which produced over 3 million ounces of gold before its closure in 2019, is currently undergoing an environmental review process.

Barrick Gold Corporation (NYSE:GOLD) is focusing on enhancing its leadership through youth and diversity, as reported in its 2020 Annual Report. Executive chairman John Thornton emphasizes that a diverse team will drive innovation and strengthen stakeholder relations. The company adopts an ownership-based compensation model, aligning employee interests with shareholders. Thornton noted that Barrick has emerged stronger from previous challenges and continues its goal of being the world’s most valued gold company, supported by 5- and 10-year strategic plans aimed at achieving future objectives.

Despite facing challenges from the Covid-19 pandemic, Barrick Gold Corporation (NYSE:GOLD) achieved all its key performance indicators in 2020, highlighting the impact of its ESG strategy and effective Covid-19 containment measures. The company reported a 118% share price increase since the Randgold merger, alongside a tripling of quarterly dividends and a proposed $750 million return of capital to shareholders. Barrick has eliminated its net debt, boasting strong liquidity with $5.2 billion in cash and no significant maturities for the next decade.

Barrick Gold Corporation and Nevada Gold Mines have completed a strategic review confirming the significant geological potential of NGM properties. The joint venture is the largest gold mining complex globally and aims to produce 3.4 to 3.7 million ounces in 2021. CEO Mark Bristow emphasized the importance of exploration for new discoveries and resource additions, particularly in key areas such as the Carlin Basin. NGM is also committed to enhancing local communities through educational initiatives and infrastructure investments, demonstrating its focus on long-term economic benefits.

Barrick Gold Corporation (NYSE:GOLD) mourns the loss of Tanzanian President John Magufuli, who passed away recently. CEO Mark Bristow praised him as a visionary statesman who recognized the mining sector's importance to Tanzania’s economy. Under his leadership, Barrick established the Twiga Minerals Corporation joint venture, aimed at ensuring the benefits of mining are shared equally. This partnership serves as a model for future collaborations between governments and mining companies in Africa, standing as a testament to the late president’s foresight.

On March 3, 2021, Barrick Gold expressed deep sorrow over the passing of Vernon Jordan, a key civil rights leader and member of its International Advisory Board for over 20 years. Jordan played a significant role in discussions impacting the company's future and its socio-political engagement worldwide. Barrick's Chairman, Brian Mulroney, highlighted Jordan's brilliance, humor, and sound judgment, noting that he will be remembered for his valuable contributions to the board and as a loyal friend.

Barrick Gold Corporation (NYSE:GOLD) announced its annual reserve and resource declaration for 2020, reporting a 76% replacement of mineral reserves despite a slight 2% year-on-year reduction. Attributable gold reserves total 68 million ounces at an average grade of 1.66g/t. The total gold resources are estimated at 160 million ounces, with a further 43 million ounces inferred. Additionally, copper reserves stand at 13 billion pounds. The company emphasizes improved geological understanding and resource management post-Randgold merger, with plans to enhance resource conversion potential over time.