Since the Randgold merger Barrick delivered excellent results

Toronto – Barrick Gold Corporation is built on a foundation of six Tier One gold mines with rolling 10-year plans which secure the company’s ability to generate substantial free cash flows for the next decade and beyond, says executive chairman John Thornton.

Writing in the company’s 2021 annual report, Thornton notes that in September 2018, when the Randgold merger was announced, Barrick had net debt in excess of $4 billion. Since then it has not only moved into a net cash position but has returned $2.5 billion of cash to shareholders, including last year’s record distribution of $1.4 billion.

“As previously announced, after careful consideration of our capital allocation, the board has settled on a new dividend policy comprising a base dividend with an additional performance dividend linked to the net cash on the balance sheet, starting in 2022. We believe this will give our shareholders guidance on future dividend streams,” he says.

“The board has also approved a $1 billion share buyback plan which will afford us the opportunity to acquire our shares when they are trading below what we consider to be their intrinsic value.”