TORONTO - Barrick Gold (LON:0R22) Corporation (NYSE:GOLD) (TSX:ABX) has announced in its 2023 Annual Report the growth of its gold reserves to 77 million ounces, claiming to have replaced 112% of its annual gold equivalent production. President and CEO Mark Bristow highlighted the company's exploration efforts and reserve replenishment as key drivers of value. Barrick Gold's focus on Tier One assets is emphasized as a cornerstone of its strategy.
The mining giant reported a 7% increase in year-on-year operating cash flow and a significant 50% growth in free cash flow. Adjusted net earnings rose by 12%, allowing the company to maintain a robust dividend for its shareholders in 2023. Barrick Gold's commitment to sustainability was also noted as integral to its operations and social license to operate.
The company's management expressed confidence in delivering on and extending its 10-year gold and copper production forecast without resorting to dilutive acquisitions. This forecast includes a projected increase of more than 30% in gold equivalent production by the end of the decade.
Barrick Gold's exploration strategy spans across major gold and copper districts worldwide, with the aim of discovering new Tier One assets and replenishing reserves. The company's track record includes organically adding 29 million ounces of attributable reserves since 2019.
The financial performance and balance sheet strength of Barrick Gold have enabled it to continue investing in human capital and developing its next generation of industry leaders. Chairman John Thornton stated that the company's focus on the best assets and management has been delivering strong returns.
The 2023 Annual Report, along with other regulatory filings, is available on SEDAR+ and EDGAR. Shareholders can request a copy of the audited financial statements from Barrick Gold's Investor Relations Department.
This news article is based on a press release statement from Barrick Gold Corporation.
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