Barrick Mining has reported a robust performance in the second quarter (Q2), with significant increases in gold and copper production, which has led to a substantial rise in free cash flow and net earnings per share.
Net earnings per share for the quarter stood at $0.47, mirroring the adjusted net earnings per share.
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The first half (H1) of the year saw operating cash flow reach $2.5bn (C$3.45bn), a 32% increase from the previous year, while free cash flow soared by 107% to $770m, buoyed by stronger commodity prices.
Gold production in Q2 grew by 5%, and copper output saw a 34% increase from Q1, bolstered by a robust contribution from the Lumwana mine in Zambia.
Nevada Gold Mines spearheaded the company’s gold output, with an 11% increase compared to the previous quarter.
Pueblo Viejo also reported a 28% surge in production, driven by higher throughput and ongoing expansion efforts.
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By GlobalDataThe company’s gold and copper production aligned with its guidance, with copper on track to reach the higher end of the annual forecast.
The Board has also sanctioned a $0.15 per share dividend, inclusive of a $0.05 performance dividend.
Barrick Mining also continued its share repurchase programme during Q2, buying back $268m of its shares during the quarter, totalling $411m for H1 and $860m over the past 12 months.
In H1, $753m in total capital was returned to shareholders.
Barrick president and CEO Mark Bristow said: “Q2 was another quarter where Barrick delivered on all fronts. We are 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.”
Barrick also announced a charge of $1.03bn due to losing control of its Loulo-Gounkoto mine in Mali, although this was offset by a $745m gain through the sale of a 50% stake in the Donlin Gold project in Alaska.
The company has also been actively engaged in reserve replacement and exploration, with drill testing of new greenfield prospects across Canada, Nevada, Peru and Tanzania, while Kibali delivered promising results from brownfield programmes.
Barrick Mining is on track to replace more than 80% of the gold it mines this year, maintaining a rolling three-year average of more than 500% replacement of gold equivalent ounces.
Bristow also confirmed that the construction activities at Reko Diq are progressing as planned, with an increase in onsite construction activities.
Additionally, drilling efforts at the Fourmile project have covered 34km thus far this year. The outcomes suggest that there is a possibility of increasing the current resource estimates by a factor of two by the end of the year, with the resources being of high quality.
In addition, Barrick Mining is reportedly nearing the final stages of discussions to divest its last Canadian gold mine, Hemlo, to Discovery Silver. Initiated in April 2025, the sale process is in advanced stages, although the outcome is yet to be confirmed.
