Barrick accelerates production, cash flows and key growth projects
London – Barrick Mining Corporation delivered a strong performance in the second quarter, increasing gold and copper production, growing free cash flow1 and advancing its pipeline of Tier One2 projects — all while returning more capital to shareholders. The performance builds on the first quarter’s positive start to the year and positions the Company for an even stronger second half.
Net earnings per share rose to $0.47 for the quarter, with adjusted net earnings per share1 also at $0.47. Operating cash flow for the first half of the year was $2.5 billion, 32% higher than the prior-year period, while free cash flow1 totaled $770 million, up 107% on the prior-year period, supported by stronger commodity prices.
Production improved across the board, with Q2 gold output up 5% and copper production increasing by 34% compared to Q1, supported by a strong contribution from Lumwana. Nevada Gold Mines led the group’s gold performance, with production increasing 11% quarter-on-quarter.
Pueblo Viejo also delivered a 28% production increase, underpinned by higher throughput and continued progress on the expansion. Gold and copper production was in line with guidance, with copper now tracking towards the upper end of the full-year range.
“Q2 was another quarter where Barrick delivered on all fronts. We’re growing production, lowering costs and advancing the industry’s most exciting pipeline of gold and copper projects. From the ramp-up at Goldrush to the progress at Pueblo Viejo, Lumwana and Reko Diq, not to mention the transformational potential of Fourmile, we’re demonstrating the strength and depth of our portfolio,” said president and chief executive Mark Bristow.
Bristow said that Reko Diq’s development remained on track with onsite construction ramping up. Meanwhile, Fourmile’s drill program has already logged 34 kilometers of drilling this year, with results supporting the potential to double existing resources by year end, and at similar high grades.
In addition, Barrick continued to strengthen its long-term growth foundation through reserve replacement and exploration. Drill testing of new greenfields prospects progressed across Canada, Nevada, Peru and Tanzania, while Kibali returned excellent results from brownfields programs. The Company remains on course to replace more than 80% of the gold it mines this year, with a rolling three-year average of more than 500% replacement of gold equivalent ounces7, reinforcing its consistent track record of organic growth through the drill bit.
