Barrick Gold's Core Mine Assets Posted Robust Output

All of the company’s Tier-1 gold mines delivered robust financial performances during the quarter.

SEATTLE (Scrap Monster): Barrick Gold Corporation announced robust results for the initial quarter of the current year. The gold and copper production from core mines exceeded analysts’ expectations. The company reported 78% surge in profits during the quarter and said that it is on track to meet annual guidance.

All of the company’s Tier-1 gold mines delivered robust financial performances during the quarter. The Q1 2021 gold production dipped from 1.25 million ounces a year before to 1.10 million ounces, due to lower grades at Pueblo Viejo mine. The higher copper prices led to 31% surge in revenues from its copper mines. Barrick Gold reported operating cash flow of $1.3 billion and free cash flow of $0.8 billion in Q1 2021.

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The company reported significant advancement in the plant and tailings expansion of the Tier One Pueblo Viejo mine in the Dominican Republic. The project towards third shaft at Turquoise Ridge in Nevada also witnessed notable progress. In addition, the Goldrush exploration development project in Nevada announced intersection of first ore, said the company press release.

Barrick Gold announced significant improvement in its ESG performance against all metrics. It raised the 2030 emission reduction target from 10% to 30% and reiterated its goal to achieve net zero emissions by 2050.

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