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CTV News
19 minutes ago
- CTV News
Barrick Mining reports rise is Q2 profits despite US$1-billion writedown on Mali mine
TORONTO — Barrick Mining Corp. took a US$1.04-billion charge in its second quarter related to its loss of control of a gold mine in Mali, but still reported a rise in profit thanks to higher gold prices and an asset sale. The Toronto-based mining company said Monday it earned US$811 million or 47 cents US per diluted share for the quarter ended June 30, up from US$370 million or 21 cents US per diluted share a year earlier. Profits rose as the price it sold its gold at was up 41 per cent from last year to US$3,295 an ounce. Gold prices have climbed in large part over instability fears raised by the economic policies of the U.S. Trump administration. The higher gold price was offset somewhat by the writedown on the value of its Loulo-Gounkoto mine in Mali, after a June ruling by a judge in the country that it be placed under provisional administration for six months. Barrick Gold has been in conflict with Mali's military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for Barrick CEO Mark Bristow and the company's offer to pay US$370 million to the government. Since then, the government has also arrested Barrick employees, who remain detained, and suspended gold exports, but Bristow said on an conference call Monday that there was still a potential to solve the impasse outside the arbitration process. 'We're not at that stage where we don't believe that we can, you know, find a resolution,' Bristow told the conference call to discuss the company's latest financial results. 'When you're engaging and talking, there's always an opportunity. Of course, there's been some activity in Mali, which complicates the process.' He said the company continues to manage the situation in a measured and constructive manner, continuing with arbitration as it works to find a path forward. While the Mali charge weighed on results, it was also balanced by US$745-million gain in the quarter from the sale of a 50 per cent interest in the Donlin gold project in Alaska. Since quarter end, the company has also announced the sale of its Alturas project in Chile for US$50 million, while it is also in talks to sell Hemlo, its last Canadian gold mine. Bristow said there's a lot of appetite for mines like Hemlo, while the company has added significant gold reserves in recent years to make it a good time to review its holdings. 'It makes sense to rationalize your portfolio from time to time,' he said. 'And it's a good time to do it when there are buyers out there in the market.' In its latest results, Barrick noted Hemlo, which produced 32,000 ounces in the quarter, is not considered a core part of its portfolio. On an adjusted basis, Barrick says it earned 47 cents US per share in its latest quarter, up from an adjusted profit of 32 cents US in the same quarter last year. The mean analyst estimate had been for earnings of 45 cents per share, according to LSEG Data & Analytics. Revenue for the quarter totalled US$3.68 billion, up from US$3.16 billion a year earlier. Gold production in the quarter totalled 797,000 ounces, down from 948,000 a year ago. Copper production totalled 59,000 tonnes, up from 43,000 tonnes a year ago. Overall results were mixed, said RBC analyst Josh Wolfson in a note, with operating results in line with expectations while financial results were noisy in part because of the asset sales. This report by The Canadian Press was first published Aug. 11, 2025. By Ian Bickis
CTV News
19 minutes ago
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‘This is a lose-lose proposition': Business analyst on Bick's Pickles leaving shelves due to U.S. ta
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Globe and Mail
19 minutes ago
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Paramount buys UFC rights in $7.7-billion deal with TKO Group
Paramount will become the new home to Ultimate Fighting Championship events across the U.S. next year, through a seven-year agreement announced with TKO Group on Monday. The news comes just days after Skydance and Paramount officially closed their $8 billion merger – kicking off the reign of a new entertainment giant after a contentious endeavour to get the transaction over the finish line. Under the deal with UFC, Paramount will exclusively distribute UFC's full lineup of its 13 marquee numbered events and 30 'Fight Nights' on its streaming platform Paramount+ – with select numbered events also set to simulcast on CBS – starting in 2026. It's a shift away from the UFC's existing pay-per-view model, which Paramount and TKO say will allow the mixed martial arts programming to reach more consumers nationwide. 'Paramount's advantage lies in the expansive reach of our linear and streaming platforms,' David Ellison, chairman and CEO of Paramount, said in a statement. 'Live sports continue to be a cornerstone of our broader strategy – driving engagement, subscriber growth, and long-term loyalty, and the addition of UFC's year-round must-watch events to our platforms is a major win.' Opinion: Opinion: All the rage: How the UFC became America's most important (and misunderstood) political powerhouse Mark Shapiro, president and COO of TKO, added that the deal will mean 'deeper engagement for UFC's passionate fan base' and that its athletes 'will love this new stage.' UFC events currently air on ESPN – which has offered tiered pricing for fans to view content across the sports network's TV offerings and streaming platform ESPN+ since 2019. UFC's partnership with Disney-owned ESPN runs through the end of 2025. The seven-year deal between Paramount and TKO has an average annual value of $1.1 billion, the companies said Monday – marking a notable jump from the roughly $550 million that ESPN reportedly pays each year for UFC coverage today. But UFC's new home on Paramount will simplify offerings for fans − with all content set to be available on Paramount+ (which currently costs between $7.99 and $12.99 a month), rather than various pay-per-view fees. Paramount also said it intends to explore UFC rights outside the U.S. 'as they become available in the future.' While now a done deal, the path toward approval for the Paramount and Skydance merger was far from smooth sailing. Months of scrutiny and turmoil surrounded the transaction – particularly amid President Donald Trump's legal battle with '60 Minutes,' the crown jewel of Paramount-owned broadcast network CBS. With the spectre of the Trump administration potentially blocking the hard-fought deal with Skydance, Paramount agreed to pay a $16 million settlement to the president in early July. The deal later received regulatory approval from the Trump administration. Trump has long been friends with UFC CEO Dana White and routinely attends UFC events. Last month Trump said that he's thinking of staging a UFC match on the White House grounds with upwards of 20,000 spectators to celebrate 250 years of American independence. Trump announced his plan in Iowa during the kickoff for a year's worth of festivities to celebrate America's 250th birthday on July 4, 2026. White said in a post on social media platform X that the deal with Paramount will make it more affordable and accessible for U.S. consumers to watch UFC events. 'This deal puts UFC amongst the biggest sports in the world,' he wrote. 'The exposure provided by the Paramount and CBS networks under this new structure is a huge win for our athletes and anyone who watches and loves this sport.' Aside from the UFC, TKO also houses the WWE and has been actively working out deals for the sports entertainment company. Last week Disney announced an agreement with WWE that will see its premium live events, like WrestleMania , streamed by ESPN. Disney subsidiary ESPN struck a rights agreement with TKO Group's WWE to become the exclusive U.S. domestic streamer of the sports entertainment company's premium live events starting next year. Aside from gaining access to WrestleMania, ESPN will also air marquee events such as the Royal Rumble, SummerSlam and Survivor Series. The wrestling events will be available on ESPN's new streaming service, which is set to launch next month, with select ESPN cable channels also airing them. Financial terms of the agreement were not disclosed, but The Wall Street Journal said that it's a five-year deal worth more than $1.6 billion. Shares of TKO jumped over 7% in midday trading on Monday.
