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Barrick Gold announces $1 billion share repurchase program as fourth-quarter results beat

Barrick Gold Corp announced yesterday a share repurchase program of up to $1 billion and raised dividend payout, as it reported better-than-expected fourth-quarter results.

Total revenue went up 17% from the prior quarter to $3.310 billion, while exceeding a consensus of analyst estimates of $3.147 billion.

Excluding special items, the company earned $0.35 per share during the fourth quarter, which outstripped a median analyst forecast of $0.30 per share.

The gold miner announced a quarterly dividend of $0.10 per share, or 11% higher compared to the preceding three-month period.

Barrick’s gold production shrank to 4.437 million ounces last year from 4.76 million ounces in 2020, it said.

At the same time, copper production dropped to 415 million pounds in 2021 from 457 million pounds in 2020.

All-in sustaining costs, or the total cost of mining operations, surged to $2.62 per pound at Barrick’s copper mines in 2021 from $2.23 per pound a year ago.

Meanwhile, all-in sustaining costs for the company’s gold operations increased to $1,026 per ounce last year from $967 per ounce in 2020.

The company said it forecast all-in sustaining costs for gold operations to increase to a range of $1,040 to $1,120 per ounce this year.

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