Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Barrick Gold Corporation
  6. News
  7. Summary
    ABX   CA0679011084

BARRICK GOLD CORPORATION

(ABX)
  Report
Delayed Toronto Stock Exchange  -  04:00 2022-10-04 pm EDT
21.71 CAD    0.00%
10/03Arizona Metals Gets Conditional Approval to Graduate to TSX; Appoints Director, Provides Drilling Update
MT
09/30TSX ends flat in volatile trade, gold stocks gain
RE
09/30Barrick Gold Buy Rating Maintained by UBS Following Nevada Gold Mines Tour; Price Target Kept at US$21.00
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Barrick Gold quarterly profit beats expectations after copper boost

08/08/2022 | 06:11am EDT

Aug 8 (Reuters) - Barrick Gold Corp reported a nearly 19% rise in second-quarter profit on Monday, beating analysts' expectations thanks to higher copper output, even as inflation drove the miner's cost of production up.

The world's second-biggest gold miner stuck to its cost forecast for the year and said it was on track to meet copper and gold production guidance.

Barrick produced 120 million pounds of copper in the second quarter, up 25% from the same period last year, while gold output rose marginally to 1.043 million ounces from 1.041 million ounces. Copper and gold are often found in the same ore, making copper a common byproduct of gold mines.

Net earnings stood at $488 million, or 27 cents per share, for the quarter ended June 30, compared with $411 million, or 23 cents per share, a year earlier. Earnings and revenue for the quarter beat analysts' estimates, according to Refinitiv data.

Barrick maintained its quarterly dividend of $0.20 per share. "On an annualized basis, this implies a ~5.1% yield, currently the highest in our coverage universe," Credit Suisse analysts said.

However, in a sign of the impact surging inflation is having on Barrick, all-in sustaining costs per ounce of gold - a measure of the cost of production - for the first half increased 13% from the same period last year, while all-in sustaining costs per pound of copper jumped 15%.

The world's biggest gold miner, Newmont Corp, raised its annual cost guidance recently as it warned inflationary pressure would persist next year.

Barrick's adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was down 10% from the same period a year ago, due in part to a 5% fall in gold production.

Project capital expenditure also jumped by 23% in the first half of this year as Barrick pushed ahead with expanding its Pueblo Viejo mine in Dominican Republic, while free cash flow fell by 24%. (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli, Emelia Sithole-Matarise and David Evans)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BARRICK GOLD CORPORATION 0.00% 21.71 Delayed Quote.-9.73%
GOLD -0.60% 1715.05 Delayed Quote.-9.03%
S&P GSCI GOLD INDEX -0.44% 1003.03 Real-time Quote.-8.56%
SILVER -1.45% 20.71 Delayed Quote.-18.00%
All news about BARRICK GOLD CORPORATION
10/03Arizona Metals Gets Conditional Approval to Graduate to TSX; Appoints Director, Provide..
MT
09/30TSX ends flat in volatile trade, gold stocks gain
RE
09/30Barrick Gold Buy Rating Maintained by UBS Following Nevada Gold Mines Tour; Price Targe..
MT
09/30Maverix metals completes acquisition of royalty portfolio from barrick gold
AQ
09/30Barrick Closes Previously Announced Sale of Royalty Portfolio to Maverix Metals
AQ
09/30Tactical Resources Terminates Property Option Agreement for SAM Gold Property in Saskat..
MT
09/29Barrick Closes Sale of Royalty Portfolio to Maverix Metals
MT
09/29Barrick Closes Previously Announced Sale of Royalty Portfolio to Maverix Metals
AQ
09/28Hemlo Explorers Obtains Project Idaho Exploration Permit, Signs Exploration Agreement w..
MT
09/28Nevada Gold Mines Closes Previously Announced Sale of Royalty Portfolio to Gold Royalty..
AQ
More news
Analyst Recommendations on BARRICK GOLD CORPORATION
More recommendations
Financials (USD)
Sales 2022 11 690 M - -
Net income 2022 1 665 M - -
Net cash 2022 386 M - -
P/E ratio 2022 15,4x
Yield 2022 4,30%
Capitalization 28 289 M 28 289 M -
EV / Sales 2022 2,39x
EV / Sales 2023 2,30x
Nbr of Employees 17 500
Free-Float 99,4%
Chart BARRICK GOLD CORPORATION
Duration : Period :
Barrick Gold Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BARRICK GOLD CORPORATION
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 16,01 $
Average target price 22,05 $
Spread / Average Target 37,7%
EPS Revisions
Managers and Directors
Dennis Mark Bristow President, CEO & Non-Independent Director
Graham Patrick Shuttleworth Chief Financial Officer
John Lawson Thornton Co-Chairman
Gustavo A. Cisneros Independent Director
Joseph Brett Harvey Lead Independent Director
Sector and Competitors
1st jan.Capi. (M$)
BARRICK GOLD CORPORATION-9.73%28 289
NEWMONT CORPORATION-28.20%35 343
AGNICO EAGLE MINES LIMITED-14.55%20 659
POLYUS-35.94%19 141
WHEATON PRECIOUS METALS CORP.-13.38%15 672
NEWCREST MINING LIMITED-27.66%10 254