JOHANNESBURG (miningweekly.com) – Driven by strong performances from its Africa, Middle East and Latin America regions, Barrick’s production in 2021 was in line with guidance for the third successive year. The company also more than replaced its gold reserves net of depletion at a better grade.

A dividend of $0.10 a share was declared for the fourth quarter of 2021 that will be paid to shareholders at the close of business on February 28.

This represents an increase of 11% on the previous base quarterly dividend of $0.09 a share.

A share buyback of up to $1-billion of outstanding common shares over the next 12 months has been authorised.

Announcing the annual results, the company said its reserve replenishment was attributable to continued brownfield exploration success and it was extending its drive for fresh discoveries into new prospective territories. Among other initiatives, it has set up a specialist Asia-Pacific team to identify and evaluate opportunities in that region.

Free cash flow from the operations remained robust and at the year’s end, net cash stood at $130-million after the record cash distribution of $1.4-billion to shareholders. The fourth-quarter dividend was increased by 11% to $0.10 a share. Under the company’s new dividend policy, a base dividend will in future be coupled to a performance dividend linked to the net cash on the balance sheet. The board also approved a share buyback programme of up to $1-billion, given its belief that the shares are trading in a price range that does not reflect the value of the company’s mining and financial assets and future business prospects.

In a sector feeling the pinch of dwindling reserves and resources, successful exploration continued to replenish the company’s asset base and target pipeline, securing its business plans well into the future, the company stated in a release to Mining Weekly.

In North America, gains were driven by the completion of the updated feasibility study of the Goldrush underground project, which increased Goldrush’s attributable proven and probable mineral reserves by 3.6-million ounces to 4.8-million ounces at 7.29 g/t. At the Turquoise Ridge complex, attributable proven and probable reserves increased by 1.4-million ounces before depletion, principally off the back of a revised geological model at Turquoise Ridge underground.

In Africa, Bulyanhulu completed an updated underground feasibility study on the Deep West portion of the orebody, allowing it to increase attributable proven and probable reserves by 0.77-million ounces before depletion through the conversion of inferred mineral resources. Staying in Tanzania, a fully optimised integrated mine plan at North Mara has increased attributable proven and probable reserves by 1.1-million ounces before depletion. Barrick’s tier-one mines in Africa also delivered strong results, with Kibali able to more than replace depletion of reserves and Loulo-Gounkoto replenishing 98% of depletion for the year.