Barrick Posted Robust Gold Output in Q2 2024

SEATTLE (Scrap Monster): Barrick Gold Corporation delivered increased earnings and production during the second quarter of the year, in line with guidance. The company is on track for a strong second half of the year.

The company reported 25% surge in net earnings. The net earnings per share surged higher by 24% to $0.21, while the adjusted net earnings per share recorded significant jump by 68% to $0.32. Barrick posted strong operating cash flows of $1.16 billion and a notable increase in free cash flow to $340 million.

The key projects reported significant progress during the quarter. The recently permitted Goldrush mine in Nevada is ramping up its production to more than 400,000 ounces by 2028. The Barrick-owned Fourmile project is being developed as a new Tier One mine. The expansion works at Pueblo Viejo, aimed at increasing gold production to more than 800,000 ounces beyond 2040, is nearing completion.

During the quarter, Barrick released industry’s first-of-its-kind comprehensive biodiversity assessment tool.

The Lumwana super pit expansion project in Zambia will boost the mine’s production from 130,000 tonnes to 240,000 tonnes per annum. Also, the Reko Diq project in Pakistan targets to produce 400,000 tonnes of copper and 500,000 ounces of gold per annum, said Mark Bristow, President and Chief Executive, Barrick.

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