- Barrick Gold (ABX) shareholders have approved a US$750 million return of capital distribution
- The return of capital distribution was proposed by the company’s board and supported by over 99 per cent of the shares voted at the meeting
- This will be paid in three tranches in the course of 2021
- More than 90 per cent of the shares voted also approved resolutions on the election of directors and Barrick’s approach to executive compensation
- Barrick Gold is down 0.71 per cent on the day, with shares of the company trading at C$27.10 at 3:37 pm ET
Barrick Gold (ABX) shareholders have approved a US$750 million return of capital distribution.
The return of capital distribution was proposed by the company’s board and supported by over 99 per cent of the shares voted at the meeting.
This will be paid in three tranches in the course of 2021.
More than 90 per cent of the shares voted also approved resolutions on the election of directors and Barrick’s approach to executive compensation.
The company’s executive chairman John Thornton called it “a strong show of support for Barrick’s long-term growth strategy.”
“As owners of five of the top ten gold producing operations in the world and with strong cashflows, no net debt and a 10-year plan based primarily on declared reserves and resources, we believe that our sustainable profitability is not yet recognized in the share price. What is clear is that the industry is not replacing what it is mining. The real winners will be the companies who grow their businesses for the long-term, rather than focusing on short-term gains, extending 10-year plans to 15 and even 20 years, which is what Barrick is doing,” said Thornton.
Barrick Gold is down 0.71 per cent on the day, with shares of the company trading at C$27.10 at 3:37 pm ET.
