Barrick Gold reports robust financials for 2020

By Daniel Brightmore
Share
Despite the challenges offered by the global pandemic, Barrick Gold boasts one of the industry’s strongest balance sheets for 2020...

Barrick Gold has revealed it met all its key performance indicators in 2020. In the face of challenges across all regions, notably the Covid-19 pandemic, the company has made significant progress towards achieving its key objectives, says president and chief executive Mark Bristow in the company’s recently published 2020 Annual Report

“The effectiveness of Barrick’s ESG strategy - which is powered at all levels by a long-established partnership philosophy and a close relationship with all stakeholders, from investors to host communities - was a key factor in the past year’s performance,” said Bristow.

“This was particularly evident in our successful Covid-19 containment programs, which buffered the impact of the pandemic on our business and people, and also enabled us to provide much needed and welcomed support to our host countries.”

Noting that the merged Barrick’s foundational objective was to build a business capable of delivering the industry’s best returns, Bristow said that since the announcement of the Randgold Resources merger the Barrick share price had grown by 118% by the end of 2020 against a 92% increase in the GDX. The quarterly dividend has been trebled and the Board has recommended that an additional $750 million of surplus cash be returned to shareholders as a return of capital distribution this year.

undefined

Bristow added: “A company that was burdened by net debt of more than $13 billion as recently as 2013 now has zero net debt, no significant maturities for the next 10 years and a robust balance sheet, with strong liquidity consisting of $5.2 billion in cash and an undrawn $3 billion credit facility.”

“Efficient operations and effective management enabled us to capitalize fully on the higher gold and copper prices and to pass the rewards on to our investors as well as our community stakeholders. These achievements were produced on the foundation of a solid 10-year plan built on a great asset base, a fit-for-purpose structure and management teams that more than lived up to our ‘best people’ mantra.”

Bristow said Barrick is still only at the beginning of an exciting and rewarding journey but it is well-equipped in every way to build on what it has and to find and exploit new opportunities, including any openings offered by the ongoing dynamics of the gold industry.

Share

Featured Articles

PwC Australia: Gold on rise, Lithium and Coal on Wane

PwC Australia's annual Aussie Mine analysis shows gold producers gaining ground, as critical minerals and coal mining companies face market cap decline

Why Coal is Still Very Much Part of Industrial Landscape

The Paris Agreement saw mass commitment to move away from fossil fuels, yet the coal market remains strong, driven by demand for steel and coal power

Rockwell to Drive Mining Industry Supply Chain Visibility

Rockwell Automation teams up with Circulor to enhance supply chain transparency and sustainability, empowering manufacturers to meet regulatory demands

Steel Recycling 'can Counter Coal & Iron Mining Carbon Cost'

Sustainability

How Tech Drives Responsible Sourcing at Vale SA

Sustainability

Albemarle Faces Billion-Dollar Loss Amid Lithium Price Drop

Supply Chain Management