Barrick Gold on Track to Meet Production Guidance

The first quarter was a softer one, in comparison with Q4 of 2021.

SEATTLE (Scrap Monster): Barrick Gold Corporation announced $0.20 per share quarterly dividend, including $0.10 per share performance component, in line with its new dividend policy.

The company doubled its dividend, on the back of strong cash position, noted Mark Bristow, President and CEO, Barrick Gold. The net balance at the end of the first quarter stood at $743 million, mainly contributed by cash flow from the operations, the continuing sale of non-core assets, and its share of a further $0.6 billion in cash distributions by Kibali. Incidentally, Kibali has delivered $1.2 billion in the form of dividends and debt repayments from the date of agreement last year until date.

ALSO READ: Barrick Gold Posted Strong Start to FY2022

The first quarter was a softer one, in comparison with Q4 of 2021. The company expects a stronger performance in the second half of the year. It is on track to meet its earlier production guidance for the full year 2022.

Operationally, the company reached a framework agreement with the government of Pakistan towards restarting the Reko-Diq copper-gold mine project. Also, it made significant progress in securing a new tailings storage facility for the Pueblo Viejo project in the Dominican Republic. The quarter produced promising results from all regions, with significant new potential identified in Nevada, Argentina and Africa’s Loulo district.

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