05:43 AM EDT, 04/07/2025 (MT Newswires) -- Barrick Gold ( GOLD ) late on Friday said it is aiming for 30% growth in gold equivalent ounces by 2030 and intends to change its name to Barrick Mining to reflect its changing production profile.

The company continued to ramp up Pueblo Viejo, started pre feasibility work at Fourmile and restarted the Porgera mining operation. It also completed feasibility studies for Reko Diq and the Lumwana expansion project, both of which are expected to support the company's goal to grow its production volumes, particularly in copper.

"We improved our financial performance, despite higher costs, with an increase in net earnings of 69% -- the highest in a decade -- operating cash flow growth of 20%, and a doubling of free cash flow relative to 2023," said Barrick Chairman John Thornton.

Thornton added that the company views its equity as undervalued amid a broad underperformance in mining equities despite rising metal prices. As a result, Barrick repurchased $498 million of shares in 2024 and will continue to pursue share buybacks when deemed necessary.

Barrick has nominated Ben van Beurden and Pekka Vauramo for election to its board of directors at the annual and special meeting of shareholders on May 6.

Van Beurden was the former chief executive of Shell and Vauramo most recently served as chief executive of mining equipment company Metso.

Meanwhile, Christopher Coleman and Andy Quinn will retire from the board.

The board also appointed new chairs for its key committees: Isela Costantini for the Compensation Committee; Loreta Silva for the Audit and Risk Committee; and Brian Greenspun for the Environmental, Social, Governance and Nominating Committees.

Barrick's share price at last look fell 2.9% to US$17.16 in U.S. pre-market trading on Monday.