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Gold/Mining/Energy : A to Z Junior Mining Research Site

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To: 4figureau who wrote (4329)	5/7/2003 9:27:17 AM
From: 4figureau	Read Replies (1) of 5423

Barrick Gold to buy back 7 percent of shares Reuters, 05.07.03, 9:09 AM ET TORONTO, May 7 (Reuters) - Barrick Gold Corp. ABX.TO ABX.N, one of the biggest gold miners in the world, said on Wednesday it will spend up to $500 million to buy back about 7 percent of its outstanding shares in a bid to boost the company's share price. The Toronto-based miner said in a release that it will begin a share buyback program to buy up to 35 million shares, or 7 percent of its public float. It has allocated up to $500 million for the buyback. "Our shares are trading in a price range that does not reflect the value of the company or our future business prospects," Greg Wilkins, president and chief executive, said in a release. "This program demonstrates the confidence that we have in our existing operations, development pipeline and exploration program." The company, which boasts a war chest of funds, said it had a cash balance of more than $1.1 billion, no net debt and a portfolio of operating mines generating substantial cash flows on March 31. Barrick shares last traded on the Toronto Stock Exchange at C$22.34 on Tuesday and in New York at $15.99. forbes.com

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