Barrick Gold Q2 profit increased to $370m due to higher gold & copper prices and robust production.
Barrick Gold, a Canadian gold mining company, reported a Q2 profit increase of US$370m compared to a year ago, citing higher gold and copper prices and robust production as key factors. The company's average realized gold price increased by 19% to $2,344 per ounce, while copper prices climbed 22% to $4.53 per pound. Barrick's production at its Nevada and Papua New Guinea mines also increased, with gold output totaling 948,000 ounces in the quarter. The company's free cash flow surged more than 400% to $340m from the previous year. Despite a slight decrease in gold and copper production, Barrick reaffirmed its annual gold production outlook of 3.9-4.3 million ounces.
August 12, 2024
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