Barrick Mining: Q1 Earnings Snapshot
The miner said first-quarter profit more than tripled as gold prices hit record highs and operating cash flow rose 111%.
- On Monday, Toronto-based Barrick Mining Corporation reported first-quarter net income of $1.6 billion, with revenue reaching $5.22 billion as record gold prices bolstered results.
- Gold prices averaged $4,823 per ounce, up roughly 63 per cent from a year earlier, while the company's all-in sustaining costs fell 4 per cent to $1,708 per ounce.
- Barrick approved a share repurchase program of up to $3 billion, prioritizing capital returns to shareholders as Chairman John Thornton leads a strategic reset.
- The miner remains on track to complete an initial public offering of North American Barrick assets by the end of 2026, reiterating it can proceed "unilaterally" despite coordination with Newmont Corp.
- Production fell 5 per cent to 719,000 ounces during the quarter, though the company expects output to ramp up at Nevada Gold Mines and the Loulo-Gounkoto mine later this year.
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