Gold.com Stock Price, News & Analysis

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.

Barrick Gold (NYSE:GOLD) has denied allegations from Mali's Ministry of Mines and Finance Ministry regarding unfulfilled commitments under a resource distribution agreement. The company states it has been actively engaged in negotiations with the government since September 30 to achieve a global resolution of disputes. Barrick made a payment of FCFA 50 billion (US$85 million) in early October as part of ongoing negotiations. While denying wrongdoing, the company is working towards a memorandum of agreement that would settle differences and establish future partnership principles, including increasing Mali's share of economic benefits from the Loulo-Gounkoto complex.

Barrick Gold (NYSE:GOLD) reported preliminary Q3 production results, with 943 thousand ounces of gold and 48 thousand tonnes of copper produced. Sales for the quarter included 967 thousand ounces of gold and 42 thousand tonnes of copper. The company expects a stronger Q4 to meet its 2024 production guidance. Q3 gold production was stable compared to Q2, with Pueblo Viejo showing a 23% sequential improvement. North Mara and Turquoise Ridge also performed well, while Carlin's Gold Quarry roaster expansion is set to boost Q4 throughput. Q3 gold cost of sales per ounce is expected to rise by 1%-3%, with total cash costs up 3%-5% and all-in sustaining costs up 0%-2%. Copper production increased due to higher grades and recoveries at Lumwana. However, Q3 copper cost of sales per pound is anticipated to increase by 5%-7%, with C1 cash costs up 13%-15%, although all-in sustaining costs are expected to decline by 2%-4%. Barrick will release its full Q3 2024 results on November 7, 2024.

Barrick Gold (NYSE:GOLD)(TSX:ABX) has announced the release schedule for its Q3 2024 financial results. The company will publish its preliminary production, sales, and cost information on October 16, 2024, at 07:00 EDT. The full Q3 results will be released on November 7, 2024, at 06:00 EST.

Following the release, Barrick's President and CEO Mark Bristow will host a live presentation in London, UK, at 11:00 EST / 16:00 UTC on November 7. The presentation will include an interactive webinar linked to a conference call, allowing participants to ask questions. The Q3 2024 presentation materials will be available on Barrick's website at www.barrick.com.

For those unable to attend the live event, a replay of the conference call will be available, and the webinar will remain on the website for later viewing.

Barrick Gold 's Twiga partnership with the Tanzanian government is contributing 51% of the government's revenue from the extractive industry, according to the latest Tanzania Extractive Industry Transparency Initiative report. The partnership, comprising the North Mara and Bulyanhulu gold mines, also led the industry's safety performance. Ongoing brownfields exploration around these mines continues to define additional opportunities to replace and expand depleted reserves.

The company's Future Forward Education initiative has completed its first $10 million phase, expanding infrastructure at 64 schools. Two more $10 million phases are planned. The Barrick Academy has trained over 1,000 employees and aims to train more than 2,000 this year. Barrick has also referred recent allegations of human rights abuses at North Mara Mine to the Tanzanian Commission of Human Rights and Good Governance, which found no evidence of violations.

Barrick Gold has officially launched the development of a Super Pit at its Lumwana copper mine in Zambia. The $2 billion project aims to transform Lumwana into a long-life, high-yielding, top 25 copper producer and a Tier One copper mine. Key highlights include:

- Doubling plant throughput from 27Mt to 52Mt
- Increasing annual copper production from 120kt to a life-of-mine average of 240kt
- Ramping up total mining volumes to an average of 290t per annum from 2030 onwards
- Creating 550 additional jobs over the next five years and 2,500 construction jobs until 2028
- Building critical infrastructure, including an airstrip and industrial supplier park

The feasibility study is expected by the end of the year, with construction planned to start in 2025. Barrick emphasizes the project's focus on creating a sustainable legacy through local capacity development and regional economic growth.