Barrick Gold Corporation, the world’s second-largest gold maker after Newmont (ASX:NEM), joined its biggest rival in reaping benefits from rising gold and copper costs in the three months to June.
Newmont got a further boost with the acquisition of Newcrest, which boosted its profits to more than triple last year’s, achieving $838 million in the June quarter.
Although Barrick did not profit from an acquisition, emerging gold prices especially boosted its earnings and gains in the second quarter.
The company reported a 19 percent increase in average learned gold prices to $2,344 per ounce (from $1,972 a year ago) and a 22 per cent increase in prices to $4. 53 per pound (from $3 per ounce). pound). a year ago). . 70 a year ago).
Although copper’s rise slowed in August, gold prices continue to rise, topping $2,500 an ounce this week, paving the way for a strong quarter for the company (and for Newmont).
Barrick expects lower prices and higher production in mid-December, which, combined with the emerging gold price, portends a stronger six-month generation ahead.
The company benefited from higher production at its Nevada and Papua New Guinea (Pogera) mines, with gold output reaching 948,000 ounces in the quarter ended June 30, surpassing analyst estimates of 905,800 ounces. This represents a slight increase of 8,000 ounces compared to the first quarter’s 940,000 ounces.
Barrick reaffirmed its annual gold production outlook of 3. 9 million to 4. 3 million ounces, down from analyst expectations of four million ounces and 4. 05 million ounces last year.
However, copper output fell to 43,000 tonnes in the June quarter from 48,000 a year ago, offsetting higher average prices.
For the second quarter, the company posted a profit of $3,162 million, up from $2,833 million a year ago, and a net profit pool of $370 million, up from $305 million a year ago. anus. year.
During the half-year, cash inflows amounted to $5. 909 billion, compared to $5. 476 billion a year ago, and net profit reached $665 million, an increase of 56% from $425 million last year.
Barrick was optimistic about key projects aimed at boosting production and expanding its asset base in the medium term.
These include the recently closed Goldrush mine in Nevada, which is expected to have annual production in excess of 400,000 ounces through 2028, and the adjacent Fourmile project, wholly owned by Barrick, which has the prospect of a new generation mine. more than 500,000 ounces of gold consistent with the year for more than two decades.
In the Dominican Republic, Pueblo Viejo is completing an expansion task aimed at expanding gold production to more than 800,000 beyond 2040.
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Overall increases for Deep Leads resources: quality, tonnage and target area ABx Group has reported a 30% increase in its mineral resource estimate (MRE) at the rare Deep Leads ion adsorption clay (IAC) earth deposit Leads in northern Tasmania. The accumulation at MRE comes from 36 assayed extension wells, representing significant northward extension to the existing Deep Leads prospect.
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