- Barrick Gold Corporation (ABX) intends to propose to shareholders a return of capital distribution of approximately $0.42 per share
- The return of capital, totalling approximately $750 million will be effected in three equal tranches to shareholders
- The Board of Directors has declared a dividend for the fourth quarter of 2020 of $0.09 per share
- Barrick has gold and copper mining operations and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia
- Barrick Gold Corporation (ABX) opened trading at C$25.71 per share
Barrick Gold Corporation (ABX) proposes a return of capital distribution of approximately $0.42 per share.
The return of capital will be proposed to shareholders at its Annual and Special Meeting on May 4, 2021.
It is proposed that the total distribution of approximately $750 million will be effected in three equal tranches to shareholders of record on dates to be determined in May, August and November 2021.
Barrick also announced that its Board of Directors has declared a dividend for the fourth quarter of 2020 of $0.09 per share, payable on March 15, 2021, to shareholders of record at the close of business on March 1, 2021.
Senior vice-president and chief financial officer Graham Shuttleworth said that the return of capital distribution demonstrates Barrick’s commitment to return surplus funds to shareholders as outlined in the strategy announced at the time of the Randgold merger in September 2018. Since that time, the quarterly dividend has tripled, and this capital distribution further increase returns to shareholders.
“The Board believes that the return of capital distribution is the most efficient way to return these surplus funds to shareholders. Based on the current number of outstanding shares, this distribution represents approximately 14 cents per share for each tranche, approximately 42 cents per share in total. In addition to the current quarterly dividend of 9 cents per share, this distribution will provide shareholders with a significantly enhanced return in 2021,” said Shuttleworth.
Barrick has gold and copper mining operations and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia.
Barrick Gold Corporation (ABX) opened trading at C$25.71 per share.