- Barrick Gold (TSX:ABX) reports an increase in earnings and production for Q2, putting the company on track for a strong second half of the year
- Net earnings were up 25 per cent and the attributable EBITDA margin was up 17 per cent quarter on quarter to 48 per cent with strong operating cash flows of US$1.16 billion
- Barrick’s average realized gold prices jumped 19 per cent to $2,344 per ounce and copper prices rose 22 per cent to $4.53 per pound
- Shares of Barrick Gold are up 8.91 per cent to C$26.04 as of 12:13 pm ET
Barrick Gold (TSX:ABX) has reported an increase in earnings and production for Q2, effectively putting the company on track for a strong second half of the year.
The company stated in a news release that its net earnings were up 25 per cent and the attributable EBITDA margin was up 17 per cent quarter on quarter to 48 per cent with strong operating cash flows of US$1.16 billion.
Meanwhile, Barrick’s average realized gold prices jumped 19 per cent to $2,344 per ounce and copper prices rose 22 per cent to $4.53 per pound. Additionally, its free cash flow surged more than 400 per cent to $340 million compared with the previous year.
“The strong cash flows from our operations will fund these and other developments while our robust balance sheet will support the forecast growth and dividend,” Mark Bristow, CEO of Barrick Gold, said in a statement. “In the meantime, Barrick’s unparalleled ability to replace reserve depletion organically will continue to enhance the scope and quality of our existing asset base.”
Barrick reported higher production at its mines in Nevada and Papua New Guinea, with gold output of 948,000 ounces in the quarter ended June 30, compared with estimates of 905,800 ounces.
The company also stated several of its key projects that intend to boost production and expand the asset base include the Goldrush Mine in Nevada, which has recently been permitted and will produce more than 400,000 ounces by 2028.
Next to the Goldrush Mine is the Fourmile project, which is on its way to becoming a Tier One mine with potential gold production of over 500,000 ounces per annum over a two-decade period.
Over in the Dominican Republic, the company’s Pueblo Viejo is completing an expansion project to increase gold production to more than 800,000 ounces beyond 2040.
Based out of Toronto, Barrick Gold is a gold and copper producer and has ownership interests in producing gold mines located in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of the Congo, the Dominican Republic, Mali, Tanzania and the United States.
Shares of Barrick Gold (TSX:ABX) are up 8.91 per cent to C$26.04 as of 12:13 pm ET.
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