Barrick Gold Reports Record Profits, Boosts Production

TORONTO – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) announced a surge in profits and increased production for the fourth quarter and full year of 2024.

The company saw a 15% jump in gold production and a 33% rise in copper production in Q4 compared to the previous quarter, meeting its annual targets. This strong performance translated into a 69% increase in net earnings for the year, reaching $2.14 billion. Adjusted net earnings rose by 51% to $2.21 billion, and attributable EBITDA hit a more than decade-high of $5.19 billion, a 30% increase.

Operating cash flow increased by 20% to $4.49 billion, and free cash flow more than doubled to $1.32 billion. Barrick maintained its quarterly dividend of $0.10 per share, bringing the total annual dividend to $696 million. The company also returned $498 million to shareholders through share buybacks.

“Barrick remains focused on sustainable value creation for all our stakeholders,” said president and chief executive Mark Bristow. “Our results clearly demonstrate we have the asset quality, balance sheet strength, and organic growth projects to deliver on our vision well into the future.”

While North American and Africa/Middle East operations met production targets, the Latin America and Asia Pacific region fell slightly short due to a slower-than-expected ramp-up at Pueblo Viejo, despite strong performance from Veladero. Pueblo Viejo is slated for upgrades in 2025 to improve throughput and recovery.

Barrick Gold also significantly increased its mineral reserves. Attributable proven and probable gold reserves grew by 23% to 89 million ounces, and copper reserves saw a dramatic 224% increase to 18 million tonnes, thanks to the completion of feasibility studies for the Lumwana and Reko Diq projects.

Looking ahead to 2025, Barrick projects gold production between 3.15 and 3.5 million ounces and copper production between 200,000 and 230,000 tonnes.

Despite ongoing issues in Mali, which Bristow acknowledged have impacted the share price, he emphasized Barrick’s strong fundamentals and the company’s commitment to shareholder returns through share buybacks. He highlighted the company’s ability to self-fund growth without resorting to mergers and acquisitions or equity issuance.

“Our focus on a quality Tier One asset portfolio, continuous talent development, growth potential, robust balance sheet, and unparalleled track record in replacing the reserves we mine are the key reasons why we should be the go-to stock,” Bristow concluded.