- Barrick Gold (TSX:ABX) beat analysts’ expectations for Q2 profit thanks to higher prices of the precious metal
- The Canadian gold company logged quarterly adjusted earnings of 19 cents per share, as analysts had expected 17 cents
- The Canadian gold miner’s production for Q2 fell 3 per cent to 1 million ounces from a year earlier, while copper production was 107 million pounds, down 11 per cent from a year earlier
- Barrick Gold Corp. opened trading at C$22.04 per share
Barrick Gold (TSX:ABX) beat analysts’ expectations for Q2 profit thanks to higher prices of the precious metal.
The Canadian gold company logged quarterly adjusted earnings of 19 cents per share, as analysts had expected 17 cents.
The miner’s production for Q2 fell 3 per cent to 1 million ounces from a year earlier, while copper production was 107 million pounds, down 11 per cent from a year earlier.
As U.S. banking concerns pushed traders to the safe-haven asset, average prices of the commodity during the reported quarter rose 4.3 per cent compared with last year.
Higher gold prices helped raise the company’s average realized gold prices by 6 per cent to US$1,972 per ounce from a year earlier.
Barrick President and CEO Mark Bristow called the company’s asset base “the best in the business,” providing a platform from which the team can clearly see and plan for the future, manage the challenges and maximize the opportunities.
“At the halfway mark of this year, we’ve again advanced significantly towards our goal of building the world’s most valued gold and copper mining company, and we have the strategy, the means and the motivation to achieve that,” Bristow said in a statement.
He added that the company maintained its full-year production outlook for gold and copper, saying output in the second half of the year is expected to surpass the first – boosted by better performances from the Carlin complex in Nevada, the Kibali gold mine in the Democratic Republic of Congo and the Lumwana copper mine in Zambia.
The company also declared a dividend of $0.10 per share for Q2 2023. The dividend is consistent with the company’s performance dividend policy announced at the start of 2022.
Barrick Gold’s senior executive vice president and chief financial officer, Graham Shuttleworth, said in a news release, “As a result of the continuing overall strength of our business and balance sheet, we have maintained the distribution of a robust base dividend to our shareholders, while our performance dividend policy provides the potential for additional upside going forward.”
Barrick Gold Corp. is a global leader in gold and copper production, developing a portfolio of high-margin, long-life assets.
Barrick Gold Corp. opened trading C$22.04 at per share.
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