Barrick Gold - GOLD STOCK NEWS

Barrick Gold Corporation (NYSE:GOLD) has declared a third-quarter dividend of $0.09 per share, marking a 12.5% increase from the previous quarter. The payout will be distributed on December 15, 2020, to shareholders on record as of November 30, 2020. This increase is the third in the past year, with dividends having tripled since the Barrick-Randgold merger. The company reported total liquidity of $7.7 billion and a cash balance of $4.7 billion, indicating strong financial health.

Barrick Gold Corporation (NYSE:GOLD) has appointed Anne Kabagambe as an independent director on its Board, enhancing its leadership with her extensive experience in international institutions. Kabagambe, a former Executive Director at the World Bank, brings 35 years of leadership experience, emphasizing her advocacy for gender equality and diversity. Her previous roles include significant positions at the African Development Bank, where she fostered partnerships across various sectors. Barrick's Executive Chairman noted that her insight into global business and governance will strengthen the Board's capabilities.

Barrick Gold Corporation (NYSE:GOLD) announced that Moody’s upgraded its senior unsecured ratings from Baa2 to Baa1, maintaining a Stable outlook. Moody's praised Barrick's excellent liquidity, which enables it to navigate gold price fluctuations effectively. CFO Graham Shuttleworth highlighted the company's strengthened balance sheet since its merger with Randgold, citing strong operating and free cash flows, enhanced liquidity, and a reduction in net debt. Barrick aims to continue building on these positive developments in the future.

Barrick Gold Corporation's Loulo-Gounkoto complex is on track to meet the upper end of its 2020 guidance despite challenges, including a military coup in Mali. CEO Mark Bristow highlighted the company’s strong local partnerships and commitment, noting $7.4 billion contributed to Mali's economy over 24 years. The third underground mine at Gounkoto is set to deliver its first ore in Q2 2021, while the first solar power plant is operational. To date, the complex has paid $160 million in dividends, with Morila being sold to Mali Lithium, enabling reallocation of assets for local benefit.

Twiga Minerals Corporation, established by Barrick and the Government of Tanzania, has quickly proven its value by paying $300 million to settle past disputes with the government. Recent financial highlights include over $200 million in taxes and royalties, along with a maiden interim dividend of $250 million. The company plans to enhance production capabilities at North Mara and Bulyanhulu, targeting a combined output of at least 500,000 ounces of gold annually. Additionally, Barrick has been awarded new exploration licenses, with $8 million allocated for exploration this year.

Barrick Gold Corporation’s Kibali mine is projected to achieve the upper end of its 2020 guidance, as noted by CEO Mark Bristow. This mine, a leader in automation, has set a new record in ore delivery, indicating improved efficiency. Innovations like battery technology are reducing Kibali’s carbon footprint. The mine is also enhancing local economies via infrastructure projects and community initiatives, including skills training and healthcare improvements. Kibali remains a Tier One mine, contributing significantly to the DRC's economy and Barrick's ongoing exploration efforts.

Barrick's Pueblo Viejo mine paid $108 million in October 2020, contributing a total of $385 million in taxes and royalties to the Dominican government for the year. The payments are significantly higher than 2019 due to rising gold prices. An advance royalty payment of $95 million for 2022 and 2023 has been agreed upon to support Covid-19 responses. The mine also employs 2,247 people, most of whom are Dominicans, and has committed $1 million to local Covid-19 relief efforts. Environmental remediation efforts have improved water quality in the area, with extensive monitoring in place.

Barrick Gold Corporation (NYSE:GOLD) reported preliminary third quarter results for 2020, highlighting 1.25 million ounces of gold sales and 1.16 million ounces of gold production. Despite no production from Porgera, gold output increased by 3% from the previous quarter, thanks to improved performance at Carlin and Pueblo Viejo. The average gold price was $1,909 per ounce. Copper production decreased, attributed to lower throughput at Lumwana. Cost predictions show a 2-4% decrease in total cash costs for gold and a 4-6% decrease in copper costs compared to Q2 2020.

Barrick Gold has finalized a purchase agreement with Bullfrog Gold Corp (BFGC) to sell all mining claims and rights in the Bullfrog mine area. The deal, expected to close in Q4 2020, includes Barrick receiving 54.6 million units from BFGC. Each unit comprises a share and a warrant to purchase additional shares at $0.30 for four years. Barrick will hold approximately 16.8% of BFGC’s shares post-transaction, along with a 2% NSR royalty on minerals from the claims. The move eliminates Barrick’s previous back-in rights under a 2015 agreement.