Barrick surpasses profit estimates with increased gold prices.
(Reuters) -Barrick Gold Corp Beats Expectations with Strong Second-Quarter Profit
The Canadian gold miner, Barrick Gold Corp, exceeded analysts’ expectations for second-quarter profit, thanks to the surge in prices of the precious metal.
The company remains optimistic about its full-year production outlook for gold and copper. It anticipates higher output in the second half of the year, driven by improved performances from key mines such as the Carlin complex in Nevada, the Kibali gold mine in the Democratic Republic of Congo, and the Lumwana copper mine in Zambia.
The average prices of gold during the reported quarter witnessed a 4.3% increase compared to the previous year, nearly reaching an all-time high in May. This surge was fueled by concerns over U.S. banking and the rush to invest in safe-haven assets.
Barrick Gold Corp benefited from the higher prices of gold, resulting in a 6% rise in its average realized gold prices, reaching $1,972 per ounce compared to the previous year.
However, the all-in sustaining costs (AISC) for gold, a crucial industry metric reflecting total production expenses, rose to $1,355 per ounce from $1,212 per ounce in the same quarter of the previous year.
The mining industry has been grappling with persistent inflation and soaring fuel prices following Russia’s invasion of Ukraine, along with labor shortages in the United States.
In the second quarter ending June 30, gold production declined by 3% to 1 million ounces compared to the previous year, while copper production stood at 107 million pounds, marking an 11% decrease from the previous year.
According to Refinitiv IBES data, analysts had anticipated gold production of 1.09 million ounces on average.
The Toronto-based miner reported adjusted earnings of 19 cents per share for the quarter, surpassing analysts’ expectations of 17 cents.
In contrast, rival company Newmont Corp fell short of second-quarter profit estimates due to lower production and higher costs.
(Reporting by Arshreet Singh; Editing by Shailesh Kuber)
with Marcus Shroeder
with Dan Geltrude
with Chris Elston
with James Fotis
BENGALURU (Reuters) – South Korea’s Hyundai Motor Group said on Tuesday it plans to launch more electric vehicles under the Hyundai and…
BERLIN (Reuters) – German technology group Robert Bosch said on Tuesday that it will establish a joint venture with TSMC, Infineon and…
TAIPEI (Reuters) – Taiwan Semiconductor Manufacturing Co (TSMC) said on Tuesday that its board had approved a 3.5 billion euro ($3.8 billion)…
By Gwladys Fouche OSLO (Reuters) – Meta Platforms is asking a court in Norway to stop a fine the Nordic country’s data…
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
