Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today confirmed that
the per share amount of the first $250 million tranche of a return
of capital distribution totalling $750 million to be paid on June
15, 2021 will be $0.1405117, based on the number of issued and
outstanding shares as of the May 28, 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. 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.
On June 15, 2021, Barrick will also pay a
previously declared dividend of $0.09 per share for the first
quarter of 2021 to shareholders of record at the close of business
on May 28, 20211.
“Our overall return to shareholders for 2021 is one
of the highest in the industry and marks another milestone in our
journey towards our objective of building the world's most valued
gold company,” said senior executive vice-president and chief
financial officer Graham Shuttleworth.
“Our strong balance sheet and cash flows, and our
10-year production outlook anchored by our Tier One2 gold assets,
position us well to continue creating and delivering value to our
investors and our other stakeholders.”
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 1The
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.
Endnote 2A Tier
One Gold Asset is an asset with a reserve potential to deliver a
minimum 10-year life, annual production of at least 500,000 ounces
of gold and total cash costs per ounce over the mine life that are
in the lower half of the industry cost curve.
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”, “position”,
“continue”, “expect”, “commit”, “objective” 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 vision to build the world's most
valued gold company and its ability to create and deliver value to
its investors and other stakeholders.
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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