Barrick boosts output, cash flow in Q2
Gold and copper miner Barrick Mining posted higher production and stronger cash generation in the second quarter, advancing several major growth projects and stepping up shareholder returns.
The Toronto-based company on Monday reported net earnings a share of $0.47 for the period, with adjusted earnings matching that figure. Operating cash flow for the first half climbed 32% from a year earlier to $2.5-billion, while free cash flow surged 107% to $770-million, driven by higher commodity prices.
Gold output rose 5% from the first quarter, while copper production jumped 34% on the back of stronger performance at Lumwana, in Zambia. Nevada Gold Mines, Barrick’s joint venture with Newmont in the US, led gold gains with an 11% quarter-on-quarter increase.
Pueblo Viejo in the Dominican Republic increased output by 28%, helped by higher throughput and expansion progress. Copper production is tracking toward the upper end of full-year guidance.
The board approved a $0.15-a -share dividend, including a $0.05 performance component. The company also repurchased $268-million in stock during the quarter, bringing total buybacks to $411-million for the first half and $860-million over the past 12 months. Capital returned to shareholders in the first half totalled $753-million.
“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 are demonstrating the strength and depth of our portfolio,” president and CEO Mark Bristow said.
Comments
Projects
Showroom
Established in 1982, Invincible Valves is a medium-sized enterprise in Germiston, serving global and local markets.
VISIT SHOWROOM
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
