Barrick hits its quarter century

On May 2, 1983, Barrick Gold made its debut as a publicly traded company on the Toronto Stock Exchange. The stock began trading on May 2, 1983 at C$1.20 per share. An investment in Barrick of C$10,000 at that time was worth C$322,583 (CAD) on April 30, 2008. Between its listing on May 2, 1983 and December 31, 2007, market capitalisation on the TSX increased 329%; ounces of gold produced increased 2014%; and gold reserves (in thousands of ounces) increased 736%.

“We celebrate our 25th as the leader in the gold mining industry, with approximately 125 Moz of gold reserves and 51 Moz of Measured and Indicated resources, located on some of the most prolific gold belts in the world,” said Chairman, Founder and Acting CEO Peter Munk. “Today, Barrick’s competitive advantage is its strength, breadth and scale. The company has the combined financial muscle and more than 20,000 talented employees to execute its development plans for the future.”

Originally listed as Barrick Resources Corp under the symbol BRC, the company’s trading symbol on the TSX changed to ABX in December, 1983. By the end of 1984, Barrick’s first full year of operation, it had produced 34,078 oz of gold. In 2007, it produced 8.1 Moz of gold. Barrick now has the largest market capitalisation of any gold producer and is the 10th largest company on the TSX by market capitalisation.

“We started the business with a talented team that wasn’t afraid to dream big,” said Munk. “Today Barrick Gold is the world’s pre-eminent gold company, recognised for our ability to deliver on what we promise. Our values guide us. We have produced solid earnings through ethical business practices and a commitment to share the benefits of mining with the communities where we operate.”

Barrick says it is the industry leader in reserves, production, earnings, and has the deepest project pipeline. It has 27 operating mines and ten projects in progress, located on five continents. The company employs more than 20,000 people.