The company improved its financial performance, despite higher costs.
SEATTLE (Scrap Monster): A top official at Barrick Gold Corporation revealed the company's strategy to expand its portfolio of growth projects in order to meet its target of increasing output by 30% in gold equivalent ounces by the end of this decade.
Notwithstanding a difficult operating environment, Barrick's chairman, John Thornton, claims that the business met its 2024 objectives. The business achieved its annual output targets for copper and gold. It greatly expanded its resource base while maintaining reserve replacement.
Despite increased expenses, the company's financial performance improved. The company's net earnings increased by 69%, the most in ten years. On an annual basis, the operating cash flow increased by a fifth. According to Thornton, free cash flow also doubled from 2023.
In order to attain profitable growth and sustainable production, Barrick Gold expanded its portfolio. It resumed the Porgera mining operation, began prefeasibility studies at Fourmile, and ramped up Pueblo Viejo. The Reko Diq and Lumwana Expansion project's feasibility studies were finished. It is anticipated that both of these initiatives will encourage natural increases in production volumes, particularly for copper.
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