Gold.com Stock Price, News & Analysis

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.

Barrick Gold Corporation (NYSE:GOLD) announced it met its 2020 production targets, driven by strong operational management amid the pandemic. Key highlights include a net earnings per share of $1.31, with adjusted earnings up 125% compared to 2019. The company achieved zero net debt and upgraded its credit rating. Barrick declared a quarterly dividend of $0.09 per share and proposed a $750 million return of capital to shareholders. Significant progress was made on major projects, including the Pueblo Viejo expansion and the Gounkoto underground mine development, alongside a commitment to environmental, social, and governance (ESG) initiatives.

Barrick Gold Corporation (NYSE:GOLD) announced a proposed capital return of approximately $0.42 per share, set for discussion at the Annual Meeting on May 4, 2021. This distribution arises from proceeds of prior divestitures, totaling around $750 million, to be paid in three tranches in May, August, and November 2021. Additionally, a $0.09 dividend for Q4 2020 has been declared, payable on March 15, 2021. The company emphasizes its commitment to returning surplus funds to shareholders, with dividends having tripled since the Randgold merger.

Barrick Gold Corporation (NYSE:GOLD) has announced the sale of its 100% interest in the Lagunas Norte mine in Peru to Boroo Pte Ltd for a total value of up to $81 million. This includes an upfront payment of $20 million and additional payments contingent on gold prices. Boroo will also assume $226 million in closure liabilities. The transaction aligns with Barrick's strategy of divesting non-core assets, having previously realized $1.5 billion from similar actions. The deal is subject to closing conditions, and Barrick will maintain a presence in Peru for exploration efforts.

Barrick Gold's Loulo-Gounkoto mine in Mali produced 680,215 ounces of gold in 2020, surpassing its full-year guidance despite Covid-19 challenges. Safety performance improved significantly, with a 50% reduction in Lost Time Injury Frequency Rate and achieving a Lost Time Injury Free year underground. Major technological advancements include a 20MW solar power plant and ongoing exploration activities increasing gold reserves. The complex contributed $7.7 billion to Mali’s economy over 24 years, highlighting its significant economic impact.

Barrick Gold's Tongon mine in Côte d’Ivoire produced 284,863 ounces of gold in 2020, meeting its guidance. The mine achieved a record plant throughput of 95.2% and implemented cost-reduction measures. Despite challenges, including a mill fire and socio-political instability, Tongon paid a $150 million dividend to shareholders and contributed $1.2 million to Covid-19 efforts. The mine boasts the best safety record in Barrick's group and has invested $105 million locally, significantly impacting the Ivorian economy since its inception.