October 2, 2022

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Barrick Gold project gets boost from copper

2 min read

Investors also get updates on projects in Nevada and Dominican Republic

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An increase in copper production helped Barrick Gold Corp. boost its profit by almost 19 per cent in the second quarter, meeting analyst expectations.

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The Canadian miner reported Monday that it produced 120 million pounds of copper during the quarter, 25 per cent more than in the same period last year.

Gold production at 1.043 million ounces was about the same as last year, but up five per cent from the previous quarter.

Net earnings increased to US$488 million, or 27 cents per share, for the quarter that ended on June 30, compared to US$411 million in Q2 2021. Adjusted net earnings fell to US$419 million, 18 per cent lower than last year.

Inflation drove up the miner’s costs. All-in sustaining costs per ounce of gold — a measure of cost of production — rose to US$1,212 per ounce compared to US$1,164 per ounce in the previous quarter and US$1,087 per ounce a year ago.

Barrick’s project capital expenditure rose by 11 per cent to US$226 million from last year.

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Investors also got an update on several of the miner’s projects Monday.

The Dominican Republic government has identified a site for a new tailings facility for Barrick’s Pueblo Viejo project, which could extend the mine’s life to 2040 and…

Naimul Karim

2022-08-08 11:46:12

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