Exciting New Developments at Barrick Mining Corporation
All amounts expressed in U.S. dollars
Barrick Mining Corporation (NYSE:B)(TSX:ABX) recently announced an impressive 25% escalation in its quarterly base dividend, raising it to $0.125 per share. This significant increase showcases Barrick’s commitment to rewarding its shareholders and aligns perfectly with the company’s Performance Dividend Policy. Additionally, shareholders can expect an enhanced dividend of $0.175 per share for the upcoming quarter, which includes a performance dividend of $0.05 per share.
Details on the Q3 Dividend Payments
The third quarter dividend, scheduled for payment on December 15, will delight shareholders who are on record as of November 28. This move reinforces Barrick’s focus on delivering consistent and meaningful returns to its investors.
Share Buyback Program
To further enhance shareholder value, Barrick has been actively engaged in a share buyback program. During the third quarter alone, the company repurchased approximately 18.60 million shares, contributing to a total of about 39.79 million shares bought back within this fiscal year—equating to around 2.3% of all shares outstanding at the time the buyback was initiated. This action translates into cash expenditures nearing $1.0 billion, including $589 million spent just in Q3.
Performance Dividend Policy Adjustments
Barrick has updated its Performance Dividend Policy in light of the recent rise in the base quarterly dividend. This policy is designed to reflect varying performance levels based on the company’s cash position:
1. **Performance Dividend Level I:**
- Net cash less than $0
- Base Dividend: $0.125
- Performance Dividend: $0.00
- Total Dividend: $0.125
2. **Performance Dividend Level II:**
- Net cash greater than $0 and less than $0.5 billion
- Base Dividend: $0.125
- Performance Dividend: $0.05
- Total Dividend: $0.175
3. **Performance Dividend Level III:**
- Net cash between $0.5 billion and $1 billion
- Base Dividend: $0.125
- Performance Dividend: $0.10
- Total Dividend: $0.225
4. **Performance Dividend Level IV:**
- Net cash greater than $1 billion
- Base Dividend: $0.125
- Performance Dividend: $0.15
- Total Dividend: $0.275
Commitment to Shareholder Value
Graham Shuttleworth, the senior executive vice-president and chief financial officer, emphasized the company’s efforts in delivering substantial financial benefits through the dual strategies of elevated dividends and robust share repurchases. “These efforts, alongside strong operational metrics and strategic planning, will ensure ongoing substantial returns while retaining a healthy balance sheet,” he noted.
About Barrick Mining Corporation
Barrick Mining Corporation stands as a prominent name in the global mining sector, known for its exploration and development capabilities. With an expansive portfolio of top-tier gold and copper assets, including six world-class gold mines, Barrick operates across 18 countries and five continents. It holds the title of the largest gold producer in the United States, committed to yielding sustainable, long-term advantages for all stakeholders through responsible mining methodologies, strategic partnerships, and disciplined growth approaches.
Investor Relations and Media Contact Information
For inquiries, you can reach Barrick Mining Corporation’s investor relations via:
Cleve Rueckert, +1 775 397 5443
cleveland.rueckert@barrick.com
Media contact:
Carole Cable, +44 (0) 7974 982 458
barrick@brunswickgroup.com
Frequently Asked Questions
What is Barrick Mining Corporation's new dividend per share?
Barrick Mining Corporation has increased its quarterly dividend to $0.125 per share, with an additional performance dividend bringing the total to $0.175 per share for Q3.
When will the new dividend be paid?
The enhanced dividend for the third quarter will be paid on December 15 to shareholders recorded as of November 28.
How many shares has Barrick bought back this year?
This year, Barrick has repurchased approximately 39.79 million shares, contributing to a significant return for its investors.
What is Barrick's approach to shareholder returns?
The company focuses on delivering substantial shareholder returns through increased dividends and strategic share buybacks.
Where does Barrick trade?
Barrick shares are traded on the New York Stock Exchange under the ticker symbol 'B' and on the Toronto Stock Exchange as 'ABX'.
