Barrick shareholders approve $750M return of capital distribution
(Kitco News) - Barrick Gold (NYSE:GOLD)(TSX:ABX) announced Tuesday that the $750 million return of capital distribution proposed by the company's board was supported by over 99% of the shares voted at today's meeting. This will be paid in three tranches in the course of 2021.
The company added that more than 90% of the shares voted also approved resolutions on the election of directors and Barrick's approach to executive compensation, in what executive chairman John Thornton said was a strong show of support for Barrick's long-term growth strategy.
"As owners of five of the top ten gold producing operations in the world and with strong cashflows, no net debt and a 10-year plan based primarily on declared reserves and resources, we believe that our sustainable profitability is not yet recognized in the share price," Thornton said.
Thornton noted that it is clear to him that the industry is not replacing what it is mining.
"The real winners will be the companies who grow their businesses for the long-term, rather than focusing on short-term gains, extending 10-year plans to 15 and even 20 years, which is what Barrick is doing," concluded Thornton.