Barrick shareholders approve $750m return of capital distribution
The shareholders of Barrick Gold have voted in favour of the board’s proposed $750-million return of capital distribution at Monday’s virtual annual and special meeting.
More than 90% of the shares voted also approved resolutions on the election of directors and Barrick’s approach to executive compensation, in what executive chairperson John Thornton said was a strong show of support for Barrick’s long-term growth strategy.
“As owners of five of the top ten gold producing operations in the world and with strong cashflows, no net debt and a ten-year plan based primarily on declared reserves and resources, we believe that our sustainable profitability is not yet recognized in the share price,” Thornton said.
“What is clear is that the industry is not replacing what it is mining. The real winners will be the companies who grow their businesses for the long-term, rather than focusing on short-term gains, extending 10-year plans to 15 and even 20 years, which is what Barrick is doing,” he said.
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