Barrick revenue surges 44 per cent on gold

MARA: BARRICK Mining Corporation reported a 44 per cent jump in second-quarter revenue as higher gold production and prices lifted earnings and cash flow, putting the mining company ahead of its production guidance for the period.

According to the Company’s statement, revenue rose to 5.29 billion US dollars in the three months that ended June this year from 3.68 billion US dollars a year earlier, while gold production reached 796,000 ounces, exceeding the company’s guidance range of 730,000 to 770,000 ounces.

Copper production stood at 56,000 tonnes, down five per cent from a year earlier in line with the company’s plan. Barrick President and Chief Executive Officer Mark Hill said the company had delivered its third consecutive quarter of strong operational and financial performance.

“We beat the top end of our gold production guidance and generated much higher earnings and cash flow than a year ago,” he said.

Operating cash flow increased to 1.70 billion US dollars while attributable operating cash flow reached 1.12 billion US dollars reflecting stronger operating performance during the quarter.

Net earnings climbed to 1.22 billion US dollars or 0.73 US dollars a share, from 810 million US dollars or 0.47 US dollars a share, in the second quarter of 2025. Adjusted net earnings rose to 1.36 billion US dollars or 0.82 US dollars a share, from 800 million US dollars or 0.47 US dollars a share, a year earlier.

The higher gold output was supported by the early restart of Loulo-Gounkoto, faster-than-expected recovery at Pueblo Viejo after planned first-quarter maintenance and record underground production at Cortez, helped by the continued ramp-up of Goldrush.

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The Loulo-Gounkoto mine is a massive gold mining complex in western Mali near the Senegal border. The Pueblo Viejo mine is also a massive open-pit gold mine located in the Dominican Republic.

The stronger production came alongside higher costs. All-in sustaining costs for gold rose 11 per cent to 1,866 US dollars an ounce, mainly because of lower grades at Carlin, Cortez and North Mara, higher fuel costs and increased royalties associated with stronger realised gold prices.

Barrick said it was advancing its growth pipeline, including the Lumwana and Fourmile projects, while investing 90 million US dollars in safety technology this year. Mr Hill said the company remained on track to launch an initial public offering of its North American gold assets by the end of 2026.

He also said an agreement with Newmont would expand the Nevada Gold Mines complex to nearly 100 million ounces and provide greater flexibility and value.

“Our priorities for the second half of the year remain the same: Improve safety, strengthen operational consistency, deliver our full-year guidance and advance our growth projects on time and on budget,” he said.