(Bloomberg) – Barrick Gold Corp. brings back some of the windfall it gets from the record rally of gold to its shareholders.
The world’s second-largest gold miner increased its quarterly cash dividend 14% to 8 cents per share, the company said Monday in its second-quarter earnings statement.
“The board believes that the increase in the dividend is sustainable and reflects the continued robust performance of our operations and the continuous improvement in the strength of our balance sheet,” the company said.
Chief Executive Officer Mark Bristow said the strong cash generation demonstrated the quality of Barrick’s ability and the management’s ability to capture the full benefit of higher gold prices.
Key Insights
All-in maintenance costs increased 8.1% to $ 1,031 an ounce in the second quarter of the previous three months amid precautionary measures against the coronavirus. Barick said that last month these costs increased probably 7% to 9% in the second quarter, compared to the previous three months. the metal.A Bloomberg Intelligence index of senior gold miners has risen 59% by 2020. Pot gold prices were up more than 30% on average in the second quarter compared to a year earlier, and last month they shot past the record set in September 2011. Barick is set to meet its 2020 production lead, estimated at 4.6 million to 5 million ounces. That target was lowered in May due in part to a conflict with the Papua New Guinea government. about his Porgera mine.
Market reaction
Barrick rose 1.3% to $ 29.25 at 9:37 a.m. in New York. The shares have risen 57% this year.
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Adjusted revenue came in at 23 cents a share as opposed to the average analyst estimate of 18 cents. Click here for additional details on the news.
(Share price updates in regular trading in New York.)
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