Barrick Gold to Open New Exploration Frontiers

SEATTLE (Scrap Monster): Barrick Gold Corporation reported production in line with guidance during 2021, mainly driven by strong performances at its Africa & Middle East and Latin America regions. Also, the company announced fresh plans to open new exploration frontiers.

The company delivered production in line with guidance for the third consecutive year. The company reported net earnings per share and adjusted net earnings per share of $1.14 and $1.16 respectively during the previous year. This compares with $1.31 and $1.15 during 2020. The net cash provided by operating activities totalled $4,378 million, whereas the free cash flow for the year stood at $1,943 million. The gold production amounted to 4.437 million ounces (Moz), compared with 2020 production of 4.760 Moz.

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Based on the strong operating performance and financial strength, the company increased its base quarterly dividend by almost 11% from $0.09 per share to $0.10 per share.

Also, the company expressed confidence that the strong balance sheet will fund investment in more number of growth projects. Apart from adding to the potential for further exploration success, Barrick Gold intends to advance its pipeline of large growth projects including Donlin Gold, Pascua-Lama and Norte Abierto. It hopes to resume production at Porgera in July 2022.