Cash-flush Barrick Gold funding reintroduction of white rhinos to DRC national park – by Martin Creamer ( – May 5, 2022)

JOHANNESBURG ( – Gold mining company Barrick Gold, which has just reported an outstanding set of first quarter financial results, is funding the reintroduction of white rhinos to the Democratic Republic of Congo (DRC), where it mines at Kibali gold mine.

Since agreement on the repatriation of revenue from Kibali was reached with the DRC last year, Kibali has delivered $1.2-billion (on a 100% basis) in the form of dividends and debt repayments, inclusive of distributions received subsequent to March 31, 2022.

The New York- and Toronto-listed company, which has raised its first-quarter dividend in the back of a strong cash position, is partnering with African Parks and the Congolese Institute for the Conservation of Nature to fund the transfer of at least 50 rhinos from South Africa in 2022.

Barrick’s net cash balance at the end of the first quarter stood at $743-million, reflecting cash flow from the operations, the continuing sale of noncore assets, and its share of a further $0.6-billion in cash distributions by Kibali.

For the rest of this article: