Barrick Mining Boosts Dividends and Launches Operational Review Amid Record Free Cash Flow

Barrick Mining Reports $1.5B Free Cash Flow, Increases Dividend and Launches Nevada-Pueblo Viejo Operational Review

Barrick Mining has used the first quarter following the unexpected resignation of CEO Mark Bristow to announce an operational review and measures to return capital to shareholders, supported by record free cash flow.

The company reported $1.5 billion in free cash flow for the three-month period, driven by soaring gold prices that hit all-time highs in US dollars. In response, Barrick increased its base dividend and expanded its share buyback program.

“This strong cash flow allows us to significantly increase share repurchases while advancing key growth projects and maintaining our industry-leading balance sheet,” said Mark Hill, Barrick’s interim CEO and president.

Barrick plans to repurchase an additional $550 million in shares, on top of the $1 billion previously announced, of which $589 million were bought during the quarter.

The company also raised the base quarterly dividend by 25% to $0.125 per share and approved a total dividend of $0.175 per share, including a $0.05 performance dividend.

Operational Review Focus

Hill highlighted an ongoing operational review, particularly at Nevada Gold Mines and the Pueblo Viejo mine in the Dominican Republic, emphasizing the company’s focus on Tier One gold assets.

“We are singularly focused on improving performance and shareholder value at our top-tier assets,” Hill said. “This review, initiated under Mark [Bristow], will ensure we deliver results safely and consistently. We will provide updates with our year-end results.”

Hill confirmed there is no change to Barrick’s multi-jurisdiction strategy, including operations in Africa and Pakistan, where the company is developing the $7.7 billion Reko Diq mine.

Asset Sales and Mali Dispute

Barrick recently sold non-core assets, including the Hemlo gold mine in Canada for $1.09 billion and the Tongon mine in Côte d’Ivoire for up to $305 million. However, operations at the Loulo-Gounkoto mine in Mali—producing 578,000 ounces annually—remain under state control following a dispute over alleged unpaid taxes.

The company is prioritizing the release of four detained employees, who have been held since 2024 amid allegations of money laundering and terrorism financing. Barrick denies all claims against its staff.

CEO Transition

Mark Bristow resigned as CEO in September after seven years in the role, with no official reason provided. Barrick is actively searching for a replacement with “deep industry expertise” and the ability to grow the business while delivering sustainable returns.

Hill, previously head of Barrick’s Latin America and Asia Pacific operations, serves as interim CEO and COO, but is not seeking the permanent CEO position.