Barrick Gold lowers production, 143% increase in Q1 earnings
Barrick Gold lowers production, 143% increase in Q1 earnings Barrick Gold, reported slightly weaker gold production but higher gold prices in the first quarter of 2024 continue to drive profits as in the first quarter. The company says it is still on track to meet its annual target.Ahead of the North American trading session, the world’s second-largest gold producer announced adjusted net earnings of $333 million, or $0.19 per share.
The company reported a 143% year-over-year increase in net EPS, a 36% rise in adjusted net earnings, and a 7% increase in attributable EBITDA to $907 million; concurrently, the company’s operations generated $760 million in operating cash flow for the quarter.The company said it produced 940,000 ounces of gold in the first three months of the year, down roughly 1% from 952,000 ounces produced in the first quarter of last year.
However, higher gold prices more than made up for the lower production numbers.Barrick alleged that it saw a realized gold price of $2,075 in the first quarter, up from $1,902 reported during the same period last year. However, costs have also risen for the senior producer, with reported All-in-Sustaining Costs (AISC) of $1,474 an ounce, up from $1,370 an ounce last year.
Regarding its copper production, Barrick said it produced 40,000 pounds of copper in the first quarter, unchanged from last year. AISC was slightly higher at $3.59 per pound, up from $3.40 reported last year. Meanwhile, realized copper prices were $3.86 per pound, down compared to $4.20 seen in Q1 2023.Commenting on the results, president and chief executive Mark Bristow said Barrick’s ability to grow its gold and copper production from its peerless asset base would amplify its profitability in the rising commodity markets. “Our focus on exploration has placed Barrick in the unique position of more than replacing the reserves we mine year after year. Our key organic projects, such as the development of Reko Diq, the extension of Pueblo Viejo’s Tier One13 life by more than 20 years, and the transformation of Lumwana into one of the world’s major copper mines will secure Barrick’s production profile well into the future,” he said in a prepared statement.
