Barrick Gold’s board approved a $3 billion share repurchase program to commence immediately and run through the next 12 months, marking the largest buyback in company history. The initiative is designed to underpin the share price and deliver enhanced returns to investors ahead of a significant corporate transaction.

The company intends to finance the repurchase using existing cash on its balance sheet and near-term free cash flow, avoiding any incremental debt issuance. Management has reaffirmed its commitment to preserving Barrick’s investment-grade credit metrics while returning capital to shareholders.

Barrick plans to spin off its North American gold operations via an initial public offering on U.S. and Canadian exchanges in the coming year, aiming to recycle proceeds into higher-growth regions. The timing of the buyback is intended to improve valuation metrics such as earnings per share and price-to-book ahead of the listing.