Gold prices near 3-week high; could reach $4,700/oz - UBS
Investing.com -- Barrick Mining Corporation reported third-quarter earnings that were broadly in line with expectations, while revenue fell short of forecasts.
The miner’s shares rose more than 3% in premarket trading Monday.
Barrick reported earnings per share of $0.58, just below the consensus estimate of $0.61, while revenue totaled $4.15 billion compared with expectations of $4.36 billion.
Gold production rose 4% from the prior quarter to 829,000 ounces but was down from 943,000 ounces a year earlier. Copper output declined 7% sequentially to 55,000 tonnes, in line with company plans, and was 15% higher than a year ago.
Barrick said its average realized gold price climbed sharply to $3,457 per ounce in the third quarter from $2,494 a year earlier. All-in sustaining costs rose modestly to $1,538 per ounce from $1,507.
Operating cash flow surged 82% from the previous quarter to a record $2.4 billion, while free cash flow jumped 274% to $1.5 billion. The company attributed the increase to higher realized gold prices, greater sales volumes, and lower total cash costs per ounce.
“Higher gold production combined with lower costs and strong commodity prices drove record cash flow for Barrick in Q3,” said Mark Hill, COO and Interim President and CEO of Barrick.
Reflecting stronger cash generation, Barrick’s board raised the quarterly base dividend by 25% to $0.125 per share. For the current quarter, shareholders will receive a total dividend of $0.175 per share, including a $0.05 performance component.
The company reaffirmed its full-year 2025 guidance.