Shareholder returns continue to be a focus area for Barrick and over the past three years, we have returned $3.5 billion to shareholders through dividends and share buybacks, which has reduced our outstanding share count by 52 million shares, or 3%.
Share buybacks will continue to be a key element of our capital allocation strategy with Barrick’s Board having authorized a further $1 billion buyback program for 2025. This will give us the opportunity to strategically purchase our shares when we believe Barrick’s true value is not being reflected in the share price, while at the same time balancing the capital needs of the group as we embark on this growth phase.
Managing inflationary cost pressures to ensure we can deliver expanding margins remains a focus for our supply chain teams. Through a combination of renegotiation, supplier rotation and leveraging our buying power, we have been able to get our input pricing for a large portion of the key consumables we purchase back to 2021 levels, as well as strengthening our relationships with our key long-term suppliers.
Our supply chain strategy also integrates our broader sustainability goals — we aim to ensure that our operations positively impact the countries and communities in which we function and foster the growth of local suppliers so they can thrive in the global marketplace. This local procurement strategy not only enhances our alignment with stakeholders but also serves as a crucial component of our risk management framework for the regions where we operate.
We have also been managing our spend outside of our operations, including closure liabilities, exploration activities and administrative expenses. Relative to 2018 and inclusive of the acquired properties, we have reduced our closure liabilities by $1.5 billion or almost 40% through the continuous review, optimization and completion of closure projects. We aim to maintain our spend on greenfield exploration at around the same level each year as it creates significant value over the longer term, but we force our exploration teams to compete for these dollars to ensure they pursue the most prospective opportunities in the portfolio.
Barrick remains the leader in general and administrative cost efficiency among its peers, through our flat management structure, initiatives to simplify the corporate structure and cost discipline. When measured as a percentage of consolidated revenue, operating cash flow or dollars per attributable gold equivalent ounce, we have consistently managed to keep corporate costs well below our peer group.
In an increasingly complex geopolitical environment, our commitment to partnering with host communities remains a cornerstone of our business model. Proactively identifying and managing risk is essential to maintaining a safe and sustainable operation, ensuring both value protection and creation.
This disciplined approach has been integral to our growth initiatives. With robust oversight and stringent project controls, we are committed to deploying shareholder capital efficiently, supporting our growth phase and positioning the company for strong returns as these projects transition into production.
Graham Shuttleworth
Senior Executive Vice-President, Chief Financial Officer