Barrick Gold Corporation said on Wednesday that it would undertake a new share buyback program to repurchase additional common shares.
Barrick’s board of directors has authorized a new program for the repurchase of up to $1.0 billion of the company’s outstanding common shares during the upcoming 12 months at prevailing market prices.
In relation with the new share buyback scheme, the company has terminated the share repurchase program it had announced on February 16th 2022. Under the latter, Barrick Gold Corp repurchased $424 million in common shares.
Under the new program, repurchases can be made from time to time via official markets in the United States such as the NYSE by using numerous methods, including open market purchases, Barrick Gold said.
“After the success of last year’s buyback program, this new program gives us a further opportunity to repurchase our shares when we believe that they are trading in a price range that does not reflect the value of the Company’s mining and financial assets and future business prospects,” Mark Bristow, President and Chief Executive Officer of Barrick Gold Corp, said in a press release.
“We continue to have the financial strength to undertake this program,” the CEO added.