Toronto, ON
Barrick Mining Corporation (NYSE: B) (TSX: ABX) announced today that its Board of Directors has authorized the repurchase of up to $3.0 billion of the company’s outstanding common shares at prevailing market prices.
The authorization follows Barrick’s solid operational execution and strong free cash flow generation. The company said the program is intended to return capital to shareholders at a time when Barrick sees significant value in its own shares, particularly ahead of the planned initial public offering of North American Barrick.
The share repurchase authorization does not require Barrick to acquire any specific number of common shares. Repurchases may be made through public markets in the United States, including the New York Stock Exchange, using open market purchases and other methods permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements.
Barrick said the timing, volume and manner of any repurchases will depend on market conditions, share price, regulatory requirements and other factors determined by the company.
About Barrick Mining Corporation
Barrick Mining Corporation is a global mining, exploration and development company with a portfolio of long-life gold and copper assets. The company’s operations and projects span 17 countries across five continents. Barrick is also the largest gold producer in the United States.
The company focuses on responsible mining, long-term value creation, strong partnerships and disciplined growth. Barrick shares trade on the New York Stock Exchange under the symbol B and on the Toronto Stock Exchange under the symbol ABX.