Barrick Gold Corp. reported higher-than-expected fourth-quarter profit, fueled by soaring gold prices. The company announced a $1 billion share buyback program and more than doubled its free cash flow. However, Barrick lowered its gold output forecast for 2024 due to the temporary closure of its Loulo-Gounkoto mine in Mali following a dispute with the government over new mining laws.
announced a new $1-billion share buyback program as higher gold prices helped the company beat analysts’ estimates for fourth-quarter profit on Wednesday.
Higher gold prices have buoyed gold miners’ earnings last year as they earned more on mining and selling the yellow metal. However, Barrick on Wednesday lowered its gold output forecast for the year to between 3.2 million ounces and 3.5 million ounces, from 3.9 million ounces in 2024, following the temporary closure of its Loulo-Gounkoto mine in Mali.
GOLD PRICES SHARE BUYBACK MINING INDUSTRY MALI DISPUTE PROFIT
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Barrick Suspends Mali Gold Mine Operations After Junta Seizes GoldBarrick Gold has temporarily suspended operations at its Loulo-Gounkoto mine in Mali after the military junta seized three tonnes of gold worth US$245 million. The government, embroiled in a tax dispute with Barrick, obtained an interim attachment order to seize the gold, escalating tensions between the two parties. Barrick has initiated international arbitration against Mali, mirroring actions taken by other mining companies like First Quantum Minerals and Franco-Nevada against Panama.
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Barrick Gold Halts Operations in Mali After Government Seizes GoldBarrick Gold Corporation has suspended operations in Mali following the government's seizure of gold worth $245 million Canadian dollars from its Loulo-Gounkoto mining complex. The military-led government moved the gold to a custodial bank, preventing its shipment and sale. Barrick expressed regret over the temporary shutdown and commitment to resolving the dispute with the Malian government. This action stems from a long-standing disagreement over a contract based on new mining regulations.
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Barrick Gold Suspends Mali Mining Operations Amidst Revenue DisputeBarrick Gold Corp. has suspended mining operations at its Loulo-Gounkoto complex in Mali after the government initiated the seizure of gold from the mine. This move follows months of escalating tension over revenue sharing between the company and the Malian government. Barrick claims the government's actions are unlawful and has initiated arbitration proceedings. The suspension is a significant setback for both Barrick, the world's second-largest gold producer, and the Malian government, which relies heavily on gold exports.
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Barrick Gold Warns Investors Against Mini Tender OfferBarrick Gold Corporation is advising investors to reject a mini tender offer from TRC Capital Investment Corp. for a small percentage of its shares, as the offer price is significantly below the market value. Barrick emphasizes that it is not affiliated with TRC Capital and recommends shareholders not tender their shares.
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