Barrick Mining, a prominent player in the mining industry, made significant announcements on Monday. After reporting an adjusted quarterly profit that exceeded estimates, the company raised its dividend and expanded its share buyback program. Stronger gold prices effectively offset a decline in production, contributing to this positive financial outcome.

The interim CEO, Mark Hill, emphasized the company’s future focus. He stated that Barrick will be “firmly on North America … because it is our next growth area and it is the next growth in gold as well, so that is what we are focused on going forward.” Barrick jointly owns Nevada Gold Mines with Newmont and is also eyeing the development of the Fourmile gold mine in Nevada. This strategic focus led to a nearly 6% rise in Barrick shares during early trading on the Toronto Stock Exchange.

However, the year has been tumultuous for Barrick, the third – largest gold miner by production. It lost cont...

In Mali, four of Barrick’s employees are imprisoned due to a dispute over the country’s new mining tax code. Hill’s primary concern is to secure their release. Barrick has also filed for arbitration against Mali, but the World Bank’s dispute tribunal recently rejected the company’s request for an urgent hearing. Hill admitted that arbitration, while an option, may not be the most favorable one, especially for the immediate release of the incarcerated employees.

Since mid – January, Barrick has been in a protracted standoff with Mali’s military – led government. The government blocked Barrick’s exports for two months, detained some executives, and seized three tons of bullion, forcing Barrick to suspend operations.

Gold prices, which are sensitive to geopolitical and financial uncertainties, averaged $3,574.95 per ounce in the third quarter. This represented a more than 16% increase from the preceding quarter and a 43% rise compared to the previous year. Safe – haven demand, spurred by US President Donald Trump’s tariff plans and geopolitical tensions, buoyed the precious metal’s price.

Barrick’s average realized gold price rose to $3,457 per ounce in the third quarter, up from $2,494 per ounce a year earlier. Nevertheless, its quarterly production decreased from 943,000 ounces last year to 829,000 ounces. The company’s all – in sustaining costs for gold, a key industry metric reflecting total expenses, increased to $1,538 per ounce from $1,507 per ounce in the third quarter.

Despite the production decline and cost increase, Barrick declared a 25% rise in its quarterly dividend to $1.25 per share and announced a $500 million increase to its existing share repurchase program. The company also beat analysts’ average expectation, earning 58 cents per share on an adjusted basis in the third quarter, compared to the expected 57 cents per share.