Barrick Gold Posts Strong Earnings, Shares Surge Over 6%
Canadian mining giant Barrick Gold surpassed analysts’ fourth-quarter earnings estimates on Wednesday, driven by higher gold prices and increased production.
The company, which trades locally through the ticker $GOLD, has posted a strong 12% gain year-to-date and climbed nearly 6% in February.
Barrick Gold’s stock closed at $18.17 after jumping 6.4% on Wall Street.
On an adjusted basis, the world’s second-largest gold miner reported earnings of $0.46 per share for the quarter ending December 31, exceeding the estimated $0.41 per share, according to data compiled by LSEG.
Gold production for the quarter reached 1.08 million ounces, up from 1.05 million ounces in the same period last year, as operations in North America, Africa, and the Middle East met expectations.
However, all-in sustaining costs (AISC), an industry metric that reflects total expenses, rose to $1,451 per ounce in the quarter, up from $1,364 per ounce last year.
Gold Prices on the Rise
Gold prices surged over 27% in 2024—their largest annual increase since 2010—fueled by safe-haven demand, interest rate cuts, and central bank purchases.
Barrick reported that its average realized gold price rose to $2,657 per ounce in the fourth quarter, compared to $1,986 per ounce in the previous year.
The company also announced a new $1 billion share buyback program, replacing its previous program that had been in effect since February 14, 2024.
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