{"id":811883,"date":"2025-02-12T06:06:15","date_gmt":"2025-02-12T11:06:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/barrick-delivers-strong-year-end-performance-while-advancing-key-growth-projects\/"},"modified":"2025-02-12T06:06:15","modified_gmt":"2025-02-12T11:06:15","slug":"barrick-delivers-strong-year-end-performance-while-advancing-key-growth-projects","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/barrick-delivers-strong-year-end-performance-while-advancing-key-growth-projects\/","title":{"rendered":"Barrick Delivers Strong Year-End Performance While Advancing Key Growth Projects"},"content":{"rendered":"
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\n Fourth Quarter and Full Year 2024 Results
<\/strong>All amounts expressed in US dollars<\/p>\n

TORONTO, Feb. 12, 2025 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) delivered a strong performance in Q4, increasing gold production by 15% and copper production by 33% over Q3 to meet its annual guidance for the year. Additionally, gold cost of sales1<\/sup> and total cash costs2<\/sup> for the quarter were reduced by 3% and 5%, respectively.<\/p>\n

The results for the year, released today, report a 69% increase in net earnings to $2.14 billion, a 51% increase in adjusted net earnings3<\/sup> to $2.21 billion and a 30% rise in attributable EBITDA4<\/sup> to $5.19 billion for 2024 \u2014 the highest in over a decade. Year-on-year operating cash flow increased 20% to $4.49 billion and free cash flow5<\/sup> more than doubled to $1.32 billion, driven by the stronger earnings. A quarterly dividend of $0.10 per share was maintained, bringing the total annual dividend paid to shareholders to $696 million, and a further $498 million was returned in buying back shares.<\/p>\n

\u201cBarrick remains focused on sustainable value creation for all our stakeholders and as our results today clearly demonstrate, we have the asset quality, balance sheet strength and organic growth projects to deliver on our vision well into the future,\u201d said Barrick president and chief executive Mark Bristow.<\/p>\n

Barrick\u2019s North America and Africa and Middle East operations met their production guidance for the year, while in the Latin America and Asia Pacific region, a slower-than-expected ramp up at Pueblo Viejo meant the region delivered slightly below guidance despite a stellar performance from Veladero. Pueblo Viejo is planning further upgrades in 2025 to continue the improvement in throughput and recovery, starting with a planned 35-day shutdown in the first quarter of the year.<\/p>\n

\u201cDuring the fourth quarter, we made steady progress in ramping up operations at Pueblo Viejo, improving recovery, despite lower production on the back of a slight decrease in grade. At Veladero and Nevada Gold Mines, we boosted production and we closed the gaps at Kibali while strengthening the management team there. Additionally, we completed two major feasibility studies to advance the transformational Lumwana and Reko Diq projects, and also significantly increased our reserves and resources,\u201d said Bristow.<\/p>\n

Barrick continued its strong track record of reserve additions, growing attributable proven and probable gold mineral reserves by 17.4 million ounces18<\/sup> (23%) before 2024 depletion. Attributable proven and probable gold mineral reserves now stand at 89 million ounces at 0.99g\/t19<\/sup>, increasing from 77 million ounces at 1.65g\/t20<\/sup> in 2023. Copper mineral reserves grew by 224% year-on-year on an attributable basis, at more than 13% higher grade, to 18 million tonnes of copper at 0.45%19<\/sup>, from 5.6 million tonnes of copper at 0.39% in 2023.20<\/sup> This resulted from the completion of the Lumwana and Reko Diq feasibility studies \u2014 affirming both projects as potential Tier One21<\/sup> copper assets. Additionally, the wholly-owned Fourmile project is advancing to prefeasibility following a successful 2024 drilling program.<\/p>\n

For 2025, attributable gold production is expected to be in the range of 3.15\u20133.5 million ounces, excluding production from Loulo-Gounkoto while it is temporarily suspended. Attributable copper production for 2025 is projected to increase from 195,000 tonnes in 2024 to 200,000\u2013230,000 tonnes, driven by increased production at Lumwana.<\/p>\n

Bristow said Barrick remains open to a constructive engagement with the Malian government and he continues to believe that a mutually beneficial solution can be found.<\/p>\n

\u201cWhile ongoing issues in Mali remain an investor concern, which have overly weighed on the share price, Barrick\u2019s fundamental value proposition has never been stronger. As such, we have capitalized on the undervaluation of our shares by increasing our repurchases, and we have renewed our $1 billion share buyback program for the upcoming year,\u201d said Bristow.<\/p>\n

\u201cOur ability to self-fund our growth pipeline is a major strength and, unlike many of our peers, we won’t need costly mergers and acquisitions or to issue additional equity to grow production. Our focus on a quality Tier One21<\/sup> asset portfolio, continuous talent development, growth potential, robust balance sheet and unparalleled track record in replacing the reserves we mine, are the key reasons why we should be the go-to stock,\u201d he said.<\/p>\n

\n Key Performance Indicators<\/strong>\n <\/p>\n

\n Best Assets\u2026 <\/strong>\n <\/p>\n