Barrick Proposes Return of Capital Distribution and Declares Dividend
February 18 2021 - 5:59AM
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced it
intends to propose to shareholders a return of capital distribution
of approximately $0.42 per share1. Barrick also announced that its
Board of Directors has declared a dividend for the fourth quarter
of 2020 of $0.09 per share, payable on March 15, 2021, to
shareholders of record at the close of business on March 1, 20212.
The return of capital will be proposed to
shareholders at its Annual and Special Meeting on May 4, 2021. This
distribution is derived from a portion of the proceeds from the
divestiture of Kalgoorlie Consolidated Gold Mines in November 2019
and from other recent dispositions made by Barrick and its
affiliates. It is proposed that the total distribution of
approximately $750 million will be effected in three equal tranches
to shareholders of record on dates to be determined in May, August
and November 2021.
Senior executive vice-president and chief financial
officer Graham Shuttleworth said that the return of capital
distribution demonstrates Barrick’s commitment to return surplus
funds to shareholders as outlined in the strategy announced at the
time of the Randgold merger in September 2018. Since that time, the
quarterly dividend has tripled, and this capital distribution
further increases returns to shareholders.
“The Board believes that the return of capital
distribution is the most efficient way to return these surplus
funds to shareholders. Based on the current number of outstanding
shares, this distribution represents approximately 14 cents per
share1 for each tranche, or approximately 42 cents per share1 in
total. In addition to the current quarterly dividend of 9 cents per
share, this distribution will provide shareholders with a
significantly enhanced return in 2021,” said Shuttleworth.
The Board continues to review further returns to
shareholders, which will be balanced and evaluated equally across
other capital uses, including disciplined growth and debt
management.
Enquiries:
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
Senior EVP and CFOGraham Shuttleworth+1 647 262
2095+44 779 771 1338
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Endnote 1Per share amounts for the
proposed return of capital distribution are based on issued and
outstanding Barrick shares as of December 31, 2020 and are subject
to change.
Endnote 2
The declaration and payment of dividends is at the
discretion of the Board of Directors, and will depend on the
company’s financial results, cash requirements, future prospects
and other factors deemed relevant by the Board.
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