(Kitco News) - Investors in the mining sector continue to be rewarded, with Barrick Mining Corporation (NYSE: B) (TSX: ABX) posting better-than-expected Q2 earnings on stronger gold and copper production.
Ahead of Monday’s North American market open, Barrick reported net earnings per share of $0.47, up 124% from Q2 2024, while adjusted EPS rose 47% to $0.47, topping analyst forecasts. Revenue came in at $3.68 billion, just below the $3.73 billion consensus. Free cash flow for the first half jumped 107% year-on-year to $770 million.
“Q2 was another quarter where Barrick delivered on all fronts. We’re growing production, lowering costs and advancing the industry’s most exciting pipeline of gold and copper projects,” said President and CEO Mark Bristow.
Gold output between April and June rose 5% from Q1 to 797,000 ounces, though still 16% lower year-on-year. Copper production hit 59,000 tonnes, up 34% from Q1 and 37% from a year earlier.
“Nevada Gold Mines led the group’s gold performance, with production increasing 11% quarter-on-quarter. Pueblo Viejo also delivered a 28% production increase,” the company said, noting copper output is tracking toward the top of its annual guidance range.
Costs were steady, with gold cost of sales up 2% from Q1 to $1,654 per ounce and all-in sustaining costs down 5% to $1,684.
The board declared a $0.15 per share dividend, including a $0.05 performance payout, and repurchased $268 million in shares during the quarter, bringing total H1 buybacks to $411 million.
