Barrick Gold Capitalized on Sky-High Gold Prices in 2020

SEATTLE (Scrap Monster): Toronto-based world’s leading miner Barrick Gold announced publication of 2020 annual report.

The report stated that the company ended the previous year with one of the industry’s strongest balance sheets. Since the company’s merger with Randgold Resources in 2018, its quarterly dividend has increased nearly three-fold. The shares of the company have surged higher by 118% over the past two-year period.

ALSO READ: Barrick Gold Surpassed Production Targets for 2020

Barrick Gold emerged highly successful in capitalizing on rising gold prices. During the previous year, Barrick’s gold revenues increased significantly by 27%, mainly triggered by full-year production from Nevada Gold Mines. Excluding the impact of Nevada Gold Mines, Barrick’s gold revenues increased by 12%.

The divestiture of non-core assets including the Canadian Eskay Creek gold-silver project contributed to the company’s operating cash flow of $5.4 billion and record free cash flow of $3.4 billion. Barrik Gold’s adjusted EBITDA margin stood at 59% in 2020. The company now has less than $100 million of public debt maturities falling due before 2033, apart from an undrawn credit facility of $3 billion.

The company reported production of 4.8 million ounces of gold and 457 million pounds of copper during the year, fitting well into the guidance provided earlier.