Barrick Gold Corporation has announced its first-quarter results, aligning with guidance and positioning the company well to achieve its full-year targets.
The company expects gold production to increase steadily throughout the year, supported by the completion of the Pueblo Viejo plant expansion and the resumption of operations at the Porgera mine. Furthermore, copper production should meet 2024 guidance.
In its Q1 results, Barrick cited lower production and higher costs due to the delayed ramp-up at Pueblo Viejo following the reconstruction of the conveyor, now completed, along with planned maintenance at Nevada Gold Mines (NGM) and mine sequencing at other sites. Despite these challenges, the company is progressing on its four major organic growth projects — the Goldrush gold mine near Yerington, the Pueblo Viejo expansion, the Super Pit project at the Lumwana copper mine in Zambia, and the development of the Reko Diq copper-gold mine in Pakistan.
Financially, the company reported a year-over-year 143 percent increase in net earnings per share, a 36 percent rise in earnings, and a seven percent increase to $907 million. Operating cash flow for the quarter reached $760 million, with the quarterly dividend maintained at $0.10 per share.
Operational highlights included the accelerated ramp-up of Goldrush following its final permitting late last year. Additionally, drilling has commenced at the Fourmile project, a significant asset wholly owned by Barrick. Exploration efforts have identified promising high-grade potential at Turquoise Ridge in Humboldt County and Kibali in the Democratic Republic of Congo.
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