Economic & Industrial

Barrick meets or beats guidance for 10th successive quarter

Barrick meets or beats guidance for 10th successive quarter
Mining News Pro - For the tenth quarter in a row, Barrick Gold has met or beaten guidance, president and CE Dr Mark Bristow said on Monday when the company presented second-quarter results.

On an interim basis, earnings totalled $949-million compared with $757-million, largely on the higher refined gold price of $1 820/oz for the period compared with $1 657/oz for the corresponding period in 2020. The realised price for copper was also higher at $4.32/lb compared with $2.53/lb last year.

Adjusted net interim earnings of $1.02-billion were $320-million higher year-on-year. Barrick ended the period with cash of just over $5-billion.

Steady second-quarter performance kept Barrick on guidance despite mechanical mill failure at Carlin.

The quarterly dividend delivered the $250-million second tranche of the $750-million return of capital approval by shareholders at Barrick’s annual and special meeting in May

The New York- and Toronto-listed gold and copper mining company continues to expect 2021 gold production to be in the range of 4.4-million ounces to 4.7-million ounces, anchored by production from its six gold assets located across the US, the Dominican Republic, Mali and the Democratic Republic of Congo (DRC).

After a strong start in the first quarter of 2021, the Kibali gold mine, in the DRC, continues to replace its reserves faster than it is mining them, and now has a resource base approaching 2013 levels when the mine first went into production.

“This means that Kibali should be able to sustain its production rate well beyond the 10-year timetable in its current business plan, thus continuing to create economic benefits for its stakeholders in a region where its presencehas already had a profoundly positive impact,” said Bristow.

Since the development of Kibali started, it has contributed $3.6-billion into the DRC economy in taxes, salaries, payments to local suppliers, and made tangible contributions to infrastructure. In the year to date alone it has paid $73.8-million to local businesses, in line with its policy of giving preference to Congolese contractors and suppliers. It also prioritises local employment, and of the 5 341 employees and contractors on site at the end of June, 94% were Congolese nationals.

In Côte d’Ivoire, the Tongon gold mine, which has just declared a $150-million dividend, has filed the documentation for the extension of its Nielle mining licence by a further ten years to support the drive to add to its life-of-mine.

A strategic environmental assessment of the extension the life-of-mine of Pueblo Viejo, the Dominican Republic’s largest corporate taxpayer, could take the mine to beyond 2040 and support production of more than 800 000 oz/y.

The revenue from a new mining excise tax on Nevada Gold Mines is to be applied to education. The new tiered tax on gross proceeds has a top rate of 1.1%. At the tertiary level, Nevada Gold Mines is expanding its support for universities in Reno and Las Vegas.

Bristow points to Fourmile in Nevada as one of the best gold discoveries worldwide in recent years, and one that will create significant value when it is potentially added to the Goldrush development project.

On the environmental front, the group had continued to meet and exceed its targets on water recycling as well as lowering energy and greenhouse gas intensity per tonne of ore processed, Barrick stated in a release to Mining Weekly.

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