Barrick Gold has reported a second-quarter profit that exceeded Wall Street estimates, driven by higher gold and copper prices alongside robust production levels. The company’s U.S.-listed shares saw a 2.1% increase in pre-market trading.
The rise in gold prices, which jumped 19% to an average of $2,344 per ounce, and a 22% increase in copper prices to $4.53 per pound, were significant contributors to Barrick’s success. The company’s gold output reached 948,000 ounces for the quarter ending June 30, surpassing estimates of 905,800 ounces.
Barrick’s free cash flow surged over 400% to $340 million compared to the previous year, positioning the company well for various mine expansion projects globally. The Toronto-based company reaffirmed its annual gold production outlook of 3.9 million to 4.3 million ounces, aligning with analyst expectations of 4 million ounces for 2024.
Additionally, Barrick is still awaiting a response from the United Nations Human Rights Council regarding allegations of human rights violations at its North Mara Gold Mine, which it addressed in June. On an adjusted basis, Barrick reported a profit of 32 cents per share for the quarter, beating estimates of 28 cents per share.