The miner beat expectations with a small fall in 2020 earnings, but boosted dividend as soaring commodity prices helped it recover from covid-19 disruptions in the first half of the year.
The world’s No.2 gold miner is also planning to boost dividend by at least 50% next year, based on balance sheet improvements and the performance of its gold mines.
"The first thing we are going to do with the cash is pay debt, and then we are going to make this company's shareholders happy as never before," said Chief Executive Officer Fabio Schvartsman.
“A lot of people including myself are promoting the idea that Nelson continues on as CEO for a couple of years if possible,” said chairman Oscar Landerretche.
The Canadian precious metals producer announced a financing plan consisting of a $10-million bought deal private placement offering of four million flow-through common shares.
The non-brokered private placement gives Barrick about 15% of Reunion Gold Corporation (TSX-V:RGD), which has interests in four different projects in South America’s North Atlantic coast.