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Barrick Gold has posted net earnings of $368m for the third quarter of this year (Q3 2023), a 21% increase compared with $241m in the corresponding quarter of 2022.

Its reported net earnings per share were $0.21 for the three-month period ending 30 September 2023, up 50% from $0.14 in Q3 2022.

On an adjusted basis, net earnings per share increased 85% to $0.24 from $0.13.

The performance benefitted from the rise in gold production at reduced costs.

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By GlobalData

Gold produced in this quarter was 1.04 million ounces (moz), up 5% from 988,000oz in Q3 2022.

This increase in production was due to improved performance from its Cortez and Turquoise Ridge mines in Nevada, US, and its Kibali mine in Congo.

The Canadian gold mining company sold 1.03moz of gold for the period, a 3% growth from 997,000oz in the prior year.

Realised price of gold increased 12% to $1,928 per ounce from $1,722 per ounce.

For Q3 2023, the company produced 112 million pounds (mlb) of copper, down 9% from 123mlb last year.

The amount of copper sold fell 16% from 120mlb to 101mlb.

Barrick Gold’s total revenue for this quarter stood at $2.86bn, a 13% increase from $2.53bn a year earlier. The cost of sales rose 6% year-on-year to $1.91bn.

Net cash provided by operating activities in the July-September 2023 quarter was $1.13bn, a 49% surge from $758m last year.

Total consolidated capital expenditure decreased 3% to $768m from $792m.