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Barrick has announced that the first $250 million ($0.14 per share) tranche of a return of capital distribution totaling $750 million will be paid on June 15, 2021 to shareholders of record at the close of business on May 28, 2021.

In addition, Barrick announced that its Board of Directors has declared a dividend for the first quarter of 2021 of $0.09 per share, which will also be paid on June 15, 2021 to shareholders of record at the close of business on May 28, 2021.

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This follows the approval by shareholders at Barrick’s Annual and Special Meeting on May 4, 2021 of the total $750 million return of capital distribution. The remaining distribution of $500 million is expected to be effected in two equal tranches to shareholders of record on dates to be determined in August and November 2021.

Senior executive vice-president and chief financial officer Graham Shuttleworth said that the return of capital distribution and quarterly dividend demonstrates Barrick’s commitment to shareholder returns in line with the strategy outlined at the time of the Randgold merger in September 2018. Since that time dividends have tripled, and together with this capital distribution, establishes one of the industry’s leading returns for shareholders in 2021.

“Based on the current number of outstanding shares, the distribution of this first tranche represents approximately 14 cents per share, with the three tranches to be distributed during 2021 representing approximately 42 cents per share in total. In addition to the current quarterly dividend of 9 cents per share, these distributions are providing Barrick’s shareholders with a significantly enhanced return in 2021,” said Shuttleworth.

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On 1 January 2019 a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources. Shares in the new company trade on the NYSE (GOLD) and the TSX (ABX). The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets (Cortez and Goldstrike in Nevada, USA (100%); Kibali in DRC (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%)) and two with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, Côte d’Ivoire, DRC, Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, USA, and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts.