- Barrick Gold (GOLD +0.7%) is in a comfortable position to increase its payout to shareholders, CEO Mark Bristow says after raising its quarterly dividend by 40% to mark the company's third dividend increase in a year.
- After merging with Randgold in January 2019, the combined company "minded the market" and determined a higher dividend was key to attracting investors, Bristow tells Bloomberg after Barrick reported a better than expected Q4 profit.
- "It's eminently comfortable for us to pay out a bigger dividend," the CEO said, noting that Barrick's earnings have increased, net debt has been lowered by 47%, "significant" free cash flow has been generated, and gold prices have rallied.
- Bristow also says Barrick will exceed its target of selling $1.5B in assets by the end of this year, after divesting more than $1B in assets in 2019 including a 50% stake in its Kalgoorlie mine in Western Australia.