Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today confirmed that
the per share amount of the third and final $250 million1 tranche
of a return of capital distribution totalling $750 million to be
paid on December 15, 2021 will be $0.1405058, based on the number
of issued and outstanding shares as of the November 30, 2021 record
date.
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.
On December 15, 2021, Barrick will also pay a
previously declared dividend of $0.09 per share for the third
quarter of 2021 to shareholders of record at the close of business
on November 30, 20212.
“The payment of the $750 million return of capital
distribution over the course of 2021, along with our quarterly
dividend payments, will result in a total cash return to
shareholders of approximately $1.4 billion during the year, which
represents the highest annual cash payout to shareholders in
Barrick’s history,” said senior executive vice-president and chief
financial officer Graham Shuttleworth. “Even after these record
annual distributions, our balance sheet remains exceptionally
strong as a result of our robust operational and financial
performance, leaving Barrick in a position to maintain our
commitment to provide our shareholders with meaningful returns
while continuing to invest in our future growth and
development.”
Enquiries
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
Senior EVP and CFO Graham 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
The funds to be used to pay this $250 million
return of capital distribution to shareholders represent a portion
of the proceeds received from the following transactions:
- Sale of a portion of our investment
interest in Shandong Gold Mining Co Ltd
- Sale of our 100% interest in Lagunas
Norte mine to Boroo Pte Ltd
- Sale of our 40% interest in Morila
Gold Limited to Firefinch Limited
- Sale of our investment interest in
Shanta Gold Ltd
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”,
“continue”, “maintain” 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, the expected delivery of significantly
enhanced returns to shareholders in 2021 through the return of
capital distribution in combination with Barrick’s quarterly
dividend, and Barrick’s ability to maintain its commitment to
providing shareholders with meaningful returns while continuing to
invest in the growth of its assets.
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.
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Apr 2023 to Apr 2024