Barrick’s Record Cash Haul Extends Investor Payout Streak
- The world is charting ‘unprecedented waters,’ CEO Bristow says
- Soaring gold prices fuel 32% revenue jump in earnings beat
A bulldozer moves rubble as a villager searches for tiny flecks of gold contained in discarded waste rock from Barrick Gold Corp.'s North Mara mine in the district of Nyangoto, Tanzania, on Saturday, July 31, 2010. Skyrocketing bullion prices helped propel Barrick to post its highest quarterly revenue since last year’s merger with Randgold Resources Ltd.
Photographer: Bloomberg
Skyrocketing bullion prices helped Barrick Gold Corp. generate record amounts of cash -- and shareholders are getting rewarded with another dividend hike.
The world’s second-largest gold producer spun out $1.3 billion of free cash flow in the third quarter, prompting the company to hike its quarterly payout for a third time in the past year. Barrick reported quarterly earnings and revenue that topped analysts’ estimates on Thursday, as surging bullion prices helped offset the impacts of the coronavirus pandemic on its business.