Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: 4figureau who wrote (4329)	5/7/2003 9:27:17 AM
From: 4figureau	Read Replies (1) \| Respond to 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