Barrick Gold - GOLD STOCK NEWS

Barrick Gold (NYSE:GOLD) has initiated arbitration proceedings through its Mali operating entities at the International Centre for Settlement of Investment Disputes (ICSID). The arbitration concerns disagreements regarding the Loulo-Gounkoto complex operations in Mali.

The company is pursuing resolution through arbitration mechanisms provided under the Somilo and Gounkoto Mining Conventions with Mali. CEO Mark Bristow emphasized Barrick's 30-year commitment to Mali and expressed openness to dialogue with the government for amicable resolution while the arbitration process continues.

Barrick Gold (NYSE:GOLD) reports unsuccessful negotiations with Mali's government regarding disputes over the Loulo-Gounkoto complex, despite previous framework agreements. The situation has deteriorated with employee imprisonments and blocked gold shipments, potentially leading to operational suspension.

Over 29 years, Barrick has invested $10 billion in Mali, contributing 5-10% to the country's GDP annually. In 2023, Barrick contributed over $1 billion to Mali's economy. The complex employs 8,000 workers, with 97% being Malian nationals. The government, holding 20% ownership, has received over 70% of economic benefits.

Since November 25, several senior Malian management members have been imprisoned on unfounded charges, with reported illegitimate arrest warrants against Barrick's CEO. The company remains open to constructive engagement while protecting operational viability.

Quaise Energy and Nevada Gold Mines (NGM) are partnering to explore the decarbonization of NGM's TS Power Plant using deep geothermal energy. The project aims to hybridize on-site power generation, following NGM's recent completion of a 200-megawatt solar power plant. This marks the first commercial pilot for retrofitting a fossil fuel power plant with geothermal heat, supporting NGM's target of 30% reduction in GHG emissions by 2030. The partnership demonstrates deep geothermal's potential to compete with fossil fuels by producing up to 10x more power per well than traditional geothermal methods.

Barrick Gold (NYSE:GOLD)(TSX:ABX) announced that the Ontario Superior Court has dismissed claims by Tanzanian residents alleging human rights abuses near the North Mara gold mine. The Court ruled that Ontario was not the appropriate forum for these claims. CEO Mark Bristow stated that the company has consistently denied allegations of historical human rights abuses made by activist NGOs. He highlighted the positive impact of their Twiga partnership with Tanzania's government, emphasizing the mine's contribution to the country's economy and community development.

Barrick Gold has confirmed the arrest and detention of four employees from its Loulo-Gounkoto mining complex in Mali. While the company disputes the charges, it continues to seek an amicable resolution with the Malian government. Since September 30, Barrick has been working to finalize a Memorandum of Agreement regarding their partnership, including the state's share of economic benefits and legal framework. President Mark Bristow stated that despite unsuccessful attempts so far, the company remains committed to resolving claims against the company and its employees, and securing the release of the detained staff.

Barrick Gold (NYSE:GOLD) reported significant progress in building its future business, highlighting its Tier One focused asset portfolio and value-creation strategy. Since its merger, the company has generated $23 billion in operating cash flow, invested $15 billion in operations and growth projects, reduced net debt by nearly $4 billion, and returned over $5 billion to shareholders.

The company is advancing mine extension projects in Nevada, including Leeville, Goldrush, Hanson, Robertson, Swift, and Turquoise Ridge. The newly permitted Goldrush mine is increasing production, while the adjacent Fourmile project shows potential for annual operating cash flows 70% higher than Goldrush.

Barrick Gold has announced a significant update to its Fourmile project mineral resource estimate in Nevada, showing a 192% increase in indicated resources (1.4 million ounces grading 11.76g/t) and a 137% increase in inferred resources (6.4 million ounces grading 14.1g/t). The update reflects the addition of 25 new drill holes in the southernmost portion of the orebody. The company plans to start a three-year prefeasibility study in 2025, which will include surface drilling and pilot autoclave testing. According to preliminary economic assessment, Fourmile's potential annual operating cash flows could be 70% higher than the Goldrush project.

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.

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.