Barrick Gold (TSX:ABX) has announced a share buyback program of up to $1 billion after the mining company reported a 6% rise in fourth-quarter net profit.
Toronto-based Barrick Gold also declared that it is raising its quarterly dividend payment by 11% to $0.10 per share.
Barrick said its copper production improved nearly 6% to 126 million pounds, while its all-in sustaining cost (AISC) rose to $2.92 per pound from $2.42 per pound.
However, Barrick Gold said average gold prices for the quarter fell to $1,793 U.S. per ounce from $1,871 U.S. per ounce a year earlier, while production fell marginally to 1.203 million ounces from 1.206 million ounces.
Spot gold has declined from record levels hit earlier in the pandemic as rising vaccinations and the reopening of the global economy hit bullion's safe-haven appeal.
Barrick Gold’s net earnings rose to $726 million, or $0.41 per share, in the fourth quarter ended December 31, from $685 million, or $0.39 per share, last year.
Barrick’s stock has risen 11% year-to-date to $26.33 a share.
