Barrick Gold Corp. (ABX) has announced that it is cutting its quarterly dividend by 33% to
$0.10 per share.
The Toronto-based gold miner said the dividend cut is being undertaken so that the company can focus on repurchasing up to $1 billion U.S. of its own stock over the coming year.
The dividend cut also comes as Barrick Gold announced a fourth quarter loss of $735 million U.S., which was much worse than the $726 million U.S. profit the company earned a year earlier.
Barrick Gold said it aims to increase its gold production this year, though the company reiterated its previous guidance for between 4.2 million and 4.6 million ounces of gold and around 440 million pounds of copper to be mined in 2023.
Barrick Gold also said that cutting its dividend payment will enable the company to invest in several ongoing capital projects, and to expand operations at its copper mine in Zambia.
Barrick Gold’s stock is down 18% over the last year at $23 per share.
