Barrick Gold has announced a $1bn share repurchase scheme, alongside a six per cent rise in its fourth quarter profits.
The miner also declared a dividend of 10 cents per share, an increase of 11 per cent from the previous base quarterly dividend.
The results have been driven by a boom in copper production, which improved nearly six per cent to $172m.
Meanwhile, net earnings at the company have risen to $726m – at 41 cents per share – from $685m this time last year.
While copper production has risen, Barrick revealed that gold production fell marginally to 1.203m ounces from 1.206m.
Average gold prices for the quarter also fell to $1,793 per ounce from $1,871.
However, gold prices have resurged amid rallies over the past few weeks, with investors recognising its safe-haven appeal amid market turmoil.
OANDA’s Craig Erlam said: “The yellow metal continues to be supported by rapidly rising inflation even as markets price in more and more rate hikes from central banks.”
Following the announcement, Barrick Gold’s shares are up 8 per cent on the New York Stock Exchange, where it is primarily listed.