the Canadian miner, was declining on Wednesday as a new $1 billion share buyback program was overshadowed by a disappointing fourth quarter.
Barrick (ticker: ABX.Canada) said it made a net loss of $735 million in the last three months of the year, or 42 cents a share. That compares with a profit of $726 million a year ago. The shares were down 1.2% at $17.60 in premarket trading.
The company also said it had authorized a new share buyback program of up to $1 billion over the next 12 months. Barrick returned $1.6 billion to shareholders last year in dividends and buybacks. Gold prices are up about 4% over the past three months.
Barrick said its operational performance was strong at the end of last year, particularly from its Cortez and Carlin mines in Nevada. It produced 4.1 million ounces of gold last year.
Write to Brian Swint at [email protected]
#Barrick #Golds #Billion #Buyback #Eclipsed #FourthQuarter #Loss #Stock #Falls