Barrick Mining has reported a 61% year-on-year increase in net earnings to $474m (A$739.04m) in the first quarter of 2025 (Q1 2025), compared with $295m for the same period last year, due to high gold prices.
The average realised gold price for the quarter was $2,898/oz, a 40% increase from the previous year.
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The operating cash flow for the quarter stood at $1.2bn, a 59% increase, while free cash flow improved to $375m compared with the same quarter last year. This financial strength enabled the company to reduce its net debt by 5% over the quarter.
Gold production reached 758,000oz, at the top end of the guidance range, with copper production rising to 44,000 tonnes (t). Full-year guidance for both gold and copper production remains unchanged.
The company posted progress in its long-term strategy and the advancement of its global portfolio of Tier 1 gold and copper assets.
Barrick’s global exploration teams have been drilling across high-potential targets in the Americas, Africa and Asia, with a new discovery within the Reko Diq mining licence in Pakistan highlighting the district’s potential.
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By GlobalDataBarrick president and CEO Mark Bristow said: “At Reko Diq and Lumwana, owner teams have been mobilised, long-lead items secured, and Fluor and Hatch appointed as engineering partners, respectively. These projects will materially grow Barrick’s copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30% by the end of the decade.
“We also progressed with the Pueblo Viejo ramp up and tailings expansion – critical to unlocking its full value – and transitioned Fourmile to prefeasibility with 16 rigs now active, targeting high-confidence substantial resource additions.”
In Canada, the company is advancing multiple exploration opportunities.
It also announced the $1bn sale of its 50% interest in the Donlin gold project during Q1, sharpening its focus on developing Tier 1 assets such as Fourmile, and is progressing planned divestments of the Tongon and Hemlo mines.
Barrick is also building a substantial copper business, which is expected to contribute meaningfully to production volumes in the coming years.
Reflecting this strategic shift, Barrick has decided to change its name to Barrick Mining Corporation and update its ticker symbol to ‘B’ on the New York Stock Exchange.
However, Barrick is facing challenges in Mali, where operations have been suspended at its largest mine in the country, the Loulo-Gounkoto complex, amidst a dispute with the government.
Bristow expressed concerns about the dispute, which has led to the jailing of Barrick employees and the confiscation of approximately 3t of gold, valued at around $318m, by Malian authorities, reported Reuters.
He stated that the company spends $15m a month to keep the mine operational.
Barrick excluded Loulo-Gounkoto from its 2025 guidance but included it from 2026 due to the temporary suspension of operations.
