Barrick revenue hits $5.07bn as gold prices climb

TANZANIA: BARRICK Mining Corporation has recorded a 22 per cent increase in third-quarter this year revenue to 5.07 billion US dollars, driven by higher realised gold prices and improved operational performance across its mining portfolio.

In its results for the three months ended September 30, this year, the global mining company reported gold production of 816,000 ounces, representing a three per cent increase from the previous quarter, although two per cent lower than the corresponding period last year.

Barrick attributed the yearon-year production decline largely to extreme weather conditions at its Veladero operation and delayed access to high-grade ore at North Mara in Tanzania, which the company expects to access in the fourth quarter of this year.

The company also reported strong performances at several operations, including Bulyanhulu in Tanzania, Cortez and Carlin in North America, and LouloGounkoto, where production increased by 16 per cent compared with the second quarter.

Barrick’s net earnings increased by one per cent to 1.32 billion US dollars, equivalent to 0.80 dollars per share, while adjusted net earnings rose to 1.35 billion dollars, or 0.82 dollars per share.

Attributable adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 22 per cent year-on-year to 2.47 billion dollars.

The company generated 2.49 billion dollars in operating cash flow and 640 million dollars in attributable free cash flow during the quarter, reflecting its continued ability to generate cash amid higher operating costs.

Barrick said productivity improvements helped cushion the impact of rising fuel and consumables prices, as well as local currency appreciation. However, its all-in sustaining costs for gold increased to 1,911 dollars per ounce, compared with 1,538 dollars in the third quarter of last year.

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Barrick President and Chief Executive Officer, Mark Hill said the latest results marked the fourth consecutive quarter of consistent operational delivery, with the company strengthening its operations, advancing growth projects and returning capital to shareholders.

He said Barrick remained on track to achieve its full-year production targets. The company maintained its 2026 gold production guidance at between 2.90 million and 3.25 million ounces, while copper production is expected to reach between 190,000 and 220,000 tonnes.

Barrick also returned 1.04 billion dollars to shareholders during the quarter through 761 million dollars in share repurchases and a quarterly dividend of 0.175 dollars per share.

The company ended September with net cash of 900 million dollars, compared with 300 million dollars in the corresponding period last year.

Barrick operates across 17 countries and five continents, with interests in gold and copper mining, exploration and development.