Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced that
the first $250 million tranche ($0.14 per share1) of a return of
capital distribution totaling $750 million will be paid on June 15,
2021 to shareholders of record at the close of business on May 28,
2021. In addition, Barrick announced that its Board of Directors
has declared a dividend for the first quarter of 2021 of $0.09 per
share, which will also be paid on June 15, 2021 to shareholders of
record at the close of business on May 28, 20212.
This follows the approval by shareholders at
Barrick’s Annual and Special Meeting on May 4, 2021 of the total
$750 million return of capital distribution. The remaining
distribution of $500 million is expected to be effected in two
equal tranches to shareholders of record on dates to be determined
in August and November 2021.
Senior executive vice-president and chief financial
officer Graham Shuttleworth said that the return of capital
distribution and quarterly dividend demonstrates Barrick’s
commitment to shareholder returns in line with the strategy
outlined at the time of the Randgold merger in September 2018.
Since that time dividends have tripled, and together with this
capital distribution establishes one of the industry’s leading
returns for shareholders in 2021.
“Based on the current number of outstanding shares,
the distribution of this first tranche represents approximately 14
cents per share1, with the three tranches to be distributed during
2021 representing approximately 42 cents per share in total1. In
addition to the current quarterly dividend of 9 cents per share,
these distributions are providing Barrick’s shareholders with a
significantly enhanced return in 2021,” said Shuttleworth.
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 1
Distribution per share amount is based on issued
and outstanding shares as of March 31, 2021, and is 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.
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans, or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “will”, “expect”, “commit”,
“would”, “could” and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to the expected amount and timing of Barrick’s return of
capital distribution, and the expected delivery of significantly
enhanced returns to shareholders in 2021 through the return of
capital distribution in combination with Barrick’s quarterly
dividend.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation, and exploration
successes; disruption of supply routes which may cause delays in
construction and mining activities at Barrick’s more remote
properties; whether benefits expected from recent transactions are
realized; diminishing quantities or grades of reserves; increased
costs, delays, suspensions and technical challenges associated with
the construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; failure to comply with environmental and health
and safety laws and regulations; timing of receipt of, or failure
to comply with, necessary permits and approvals; uncertainty
whether some or all of targeted investments and projects will meet
the Company’s capital allocation objectives and internal hurdle
rate; the impact of global liquidity and credit availability on the
timing of cash flows and the values of assets and liabilities based
on projected future cash flows; the impact of inflation;
fluctuations in the currency markets; changes in national and local
government legislation, taxation, controls or regulations and/ or
changes in the administration of laws, policies and practices,
expropriation or nationalization of property and political or
economic developments in Canada, the United States, and other
jurisdictions in which the Company or its affiliates do or may
carry on business in the future; lack of certainty with respect to
foreign legal systems, corruption and other factors that are
inconsistent with the rule of law; damage to the Company’s
reputation due to the actual or perceived occurrence of any number
of events, including negative publicity with respect to the
Company’s handling of environmental matters or dealings with
community groups, whether true or not; the possibility that future
exploration results will not be consistent with the Company’s
expectations; risks that exploration data may be incomplete and
considerable additional work may be required to complete further
evaluation, including but not limited to drilling, engineering and
socioeconomic studies and investment; risk of loss due to acts of
war, terrorism, sabotage and civil disturbances; risks associated
with illegal and artisanal mining; risks associated with new
diseases, epidemics and pandemics, including the effects of the
global Covid-19 pandemic; litigation and legal and administrative
proceedings; contests over title to properties, particularly title
to undeveloped properties, or over access to water, power and other
required infrastructure; business opportunities that may be
presented to, or pursued by, the Company; our ability to
successfully integrate acquisitions or complete divestitures; risks
associated with working with partners in jointly controlled assets;
employee relations including loss of key employees; increased costs
and physical risks, including extreme weather events and resource
shortages, related to climate change; and availability and
increased costs associated with mining inputs and labor. In
addition, there are risks and hazards associated with the business
of mineral exploration, development and mining, including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding and gold bullion, copper
cathode or gold or copper concentrate losses (and the risk of
inadequate insurance, or inability to obtain insurance, to cover
these risks).
Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future
performance. All of the forward-looking statements made in this
press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
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