OTTAWA (dpa-AFX) - Barrick Gold Corp. (ABX, ABX.TO), while reporting higher fourth-quarter results, on Wednesday issued fiscal 2025 production guidance, expecting year-over-year drop in gold and growth in copper.
Further, the company declared a dividend, and announced a new share repurchase program of up to $1.0 billion.
For 2025, attributable gold production is expected to be in the range of 3.15 million ounces to 3.5 million ounces, excluding production from Loulo-Gounkoto while it is temporarily suspended. In 2024, attributable gold production was 3.91 million ounces.
Attributable copper production for 2025 is projected to increase to 200,000 to 230,000 tonnes from 195,000 tonnes in 2024, driven by increased production at Lumwana.
Regarding the ongoing issues in Mali, Barrick president and chief executive Mark Bristow said the company remains open to a constructive engagement with the Malian government and he continues to believe that a mutually beneficial solution can be found.
Further, the company announced the declaration of a dividend of $0.10 per share for the fourth quarter, which will be paid on March 17 to shareholders of record at the close of business on February 28.
In addition, Barrick's Board of Directors has authorized a new program for the repurchase of up to $1.0 billion of the Companys outstanding common shares over the next 12 months at prevailing market prices.
In connection with the new share repurchase program, Barrick has terminated the share repurchase program announced by the Company on February 14, 2024.
In its fourth quarter, net earnings climbed to $996 million from last year's $483 million. Net earnings per share were $0.57, up from $0.28 a year ago.
Adjusted net earnings were $794 million, compared to $529 million last year. Adjusted net earnings per share were $0.46, compared to $0.30 in the prior year.
Revenues grew 8 percent to $3.645 billion from last year's $3.368 billion.
The Wall Street analysts on average expected the company to report earnings of $0.41 per share on revenues of $3.95 billion. Analysts' estimates typically exclude special items.
In pre-market activity on the NYSE, Barrick shares were gaining around 0.8 percent to trade at $17.20.
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