Barrick reports 146% increase in first quarter profits and forms joint venture in Jamaica

May 2, 2024 Vaseline stjohnson 0

Barrick’s gold production in the first three months of 2024 decreased to 940,000oz from 952,000oz in the first quarter of 2023. Credit: Postmodern Studio/Shutterstock.com.

Barrick Gold has reported net profits of $295 million for the first quarter of 2024, an increase of 145.8% from $120 million in the same quarter a year ago.

On an adjusted basis that excludes certain items such as foreign currency translation gains/losses, the mining giant’s net earnings in the first quarter of 2024 were $333 million, compared to $247 million in the corresponding period of 2023.

Net earnings per share reached $0.17 for the quarter ended March 31, 2024, an increase of 142.8% from $0.07 a year ago, while adjusted net earnings per share increased to $0.19 from $0.14.

The company also reported a 4% increase in revenue, which reached $2.75 billion in the first quarter of 2024 from $2.64 billion a year ago, while attributable earnings before interest, taxes, depreciation and Amortization (EBITDA) increased to $907 million from $851 million.

However, its gold production in the first three months of 2024 decreased to 940,000oz compared to 952,000oz in the first quarter of 2023.

The realized price of gold in the last quarter was $2,075 per ounce, up from $1,902 per ounce recorded the previous year.

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Copper production remained stable at 40,000 tonnes, while the realized price of copper fell 8% to $3.86 per pound (pound) from $4.20 per pound.

The miner’s free cash flow for the quarter stood at $32 million, up from $88 million in the first quarter of 2023, while attributable capital expenditures increased 8.7% year-on-year to $572 million. of dollars.

However, the company announced a quarterly dividend of $0.10 per share.

Barrick Gold President and CEO Mark Bristow said: “Barrick’s ability to increase its gold and copper production from its unparalleled asset base would amplify its profitability in growing commodities markets.

“Our focus on exploration has put Barrick in the unique position of more than replacing the reserves we extract year after year.

“Our key organic projects, such as the development of Reko Diq, the extension of the Tier One13 mine life of Pueblo Viejo by more than 20 years and the transformation of Lumwana into one of the most important copper mines in the world will ensure the production profile of Barrick in the future. “

In a separate announcement, Barrick Gold revealed that its subsidiary, Barrick Gold (International Holdings), entered into an exploration participation agreement with Geophysx Jamaica with respect to certain properties in Jamaica.

This agreement gives Barrick access to almost 4,000 km² of land with geological configurations similar to those of the Dominican Republic, where the company operates the Pueblo Viejo mine.

Under the agreement, Barrick has the opportunity to earn up to an 80% joint venture interest in designated properties by meeting specific spending obligations and meeting study milestones.

Barrick will act as operator, working in partnership with Geophysx and utilizing the latter’s personnel, knowledge, facilities and equipment.