Barrick Gold Foresees Boost in Near-Term Output Growth

SEATTLE (Scrap Monster): Barrick Gold Corporation expects industry-leading production growth in the near term, driven by notable increase in reserves and resources. It must be noted that the miner had returned record amount of capital to investors during the previous year. The earnings report published Wednesday says that the company will continue to reward its shareholders in 2023 as well.

The company had repurchased $424 million worth shares in 2022. It returned a record of $1.6 billion to its shareholders through stock buyback programs and dividend payments. Barrick had declared a 10-cent per share dividend during its Q4 earnings announcement. During the current year, it looks to repurchase up to $1 billion in its outstanding shares.

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The robust operational performance, especially in Q4, from Cortez and Carlin in Nevada, Pueblo Viejo in the Dominican Republic and Tongon in Ivory Coast contributed to the annual gold production of 4.141 million ounces in 2022. However, this was marginally lower when compared with the 2021 production of 4.437 million ounces.

Mark Bristow, President and Chief Executive Officer said that the company will repurchase its shares when it believes that they are trading in a price range that does not reflect the value of the company's mining and financial assets and future business prospects. The resources and reserve statement for 2022 highlights huge prospects of its organic growth pipeline, he added.