Barrick Gold Raises Dividend Following Strong Profits - InvestingChannel

Barrick Gold Raises Dividend Following Strong Profits

Barrick Gold Corp. (TSX: ABX) has announced that it is raising its dividend following a better than expected fourth-quarter profit of $1.39 billion U.S.

The Canadian gold miner, which keeps its books in U.S. dollars, says it will now pay a quarterly dividend of seven cents per share, up from a nickel per share previously. The increased payment to shareholders came as Barrick earned 78 cents per share in the quarter ended December 31 compared with a profit of nearly $2.28 billion U.S. or $1.30 U.S. per share in its third quarter.

On an adjusted basis, Barrick said it earned 17 cents per share in its fourth quarter, up from 15 cents per share in its third quarter. Analysts, on average, had expected an adjusted profit of 14 cents per share in Barrick’s latest quarter, according to financial markets data firm Refinitiv.

Barrick signed a deal last month with the Tanzanian government to formalize a joint venture related to three mines that ended a long-running tax dispute with the African country.