Latest news with #Lumwana
Yahoo
7 hours ago
- Business
- Yahoo
Barrick Mining reports increased production and higher earnings in Q2
Barrick Mining has reported a robust performance in the second quarter (Q2), with significant increases in gold and copper production, which has led to a substantial rise in free cash flow and net earnings per share. Net earnings per share for the quarter stood at $0.47, mirroring the adjusted net earnings per share. The first half (H1) of the year saw operating cash flow reach $2.5bn (C$3.45bn), a 32% increase from the previous year, while free cash flow soared by 107% to $770m, buoyed by stronger commodity prices. Gold production in Q2 grew by 5%, and copper output saw a 34% increase from Q1, bolstered by a robust contribution from the Lumwana mine in Zambia. Nevada Gold Mines spearheaded the company's gold output, with an 11% increase compared to the previous quarter. Pueblo Viejo also reported a 28% surge in production, driven by higher throughput and ongoing expansion efforts. The company's gold and copper production aligned with its guidance, with copper on track to reach the higher end of the annual forecast. The Board has also sanctioned a $0.15 per share dividend, inclusive of a $0.05 performance dividend. Barrick Mining also continued its share repurchase programme during Q2, buying back $268m of its shares during the quarter, totalling $411m for H1 and $860m over the past 12 months. In H1, $753m in total capital was returned to shareholders. Barrick president and CEO Mark Bristow said: 'Q2 was another quarter where Barrick delivered on all fronts. We are growing production, lowering costs and advancing the industry's most exciting pipeline of gold and copper projects. 'From the ramp-up at Goldrush to the progress at Pueblo Viejo, Lumwana and Reko Diq, not to mention the transformational potential of Fourmile, we are demonstrating the strength and depth of our portfolio.' Barrick also announced a charge of $1.03bn due to losing control of its Loulo-Gounkoto mine in Mali, although this was offset by a $745m gain through the sale of a 50% stake in the Donlin Gold project in Alaska. The company has also been actively engaged in reserve replacement and exploration, with drill testing of new greenfield prospects across Canada, Nevada, Peru and Tanzania, while Kibali delivered promising results from brownfield programmes. Barrick Mining is on track to replace more than 80% of the gold it mines this year, maintaining a rolling three-year average of more than 500% replacement of gold equivalent ounces. Bristow also confirmed that the construction activities at Reko Diq are progressing as planned, with an increase in onsite construction activities. Additionally, drilling efforts at the Fourmile project have covered 34km thus far this year. The outcomes suggest that there is a possibility of increasing the current resource estimates by a factor of two by the end of the year, with the resources being of high quality. In addition, Barrick Mining is reportedly nearing the final stages of discussions to divest its last Canadian gold mine, Hemlo, to Discovery Silver. Initiated in April 2025, the sale process is in advanced stages, although the outcome is yet to be confirmed. "Barrick Mining reports increased production and higher earnings in Q2" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
15-07-2025
- Business
- Globe and Mail
Can Barrick Mining's $2B Lumwana Expansion Power a New Era of Growth?
Barrick Mining Corporation 's B $2 billion Super Pit Expansion Project at its Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. The gold giant recently stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia's long-term development strategy. The Super Pit expansion entails doubling the present process circuit's throughput and substantially boosting mining volumes. Upon completion, the project has the potential to transform Lumwana into a long-term, high-yielding, top-25 copper producer and Tier One copper mine. The expansion project will double Lumwana's copper output to 240,000 tons annually, supported by a new processing plant with a capacity of 50 million tons per year. Construction at the site is in progress, long-lead equipment has been ordered and infrastructure improvements, including a new power transmission system in collaboration with ZESCO, are advancing to benefit both the mine and the surrounding region. The advancements at Lumwana are significant for future growth as Barrick remains entangled in a dispute with the Malian government over dividing the economic benefits from its Loulo-Gounkoto gold mine complex. Barrick also remains on track with its other high-return growth projects, underscoring a disciplined strategy that could reshape its production profile over the next decade. These assets are poised to deliver significant, low-cost production growth, enhancing Barrick's diversification and free cash flow profile should it execute these on schedule and within budget. Among its major peers, Newmont Corporation NEM continues to invest in growth projects in a calculated manner. Newmont is pursuing several projects, including Tanami Expansion 2 in Australia, the Ahafo North expansion in Ghana and Cadia Panel Caves in Australia. These projects should expand production capacity and extend mine life, driving Newmont's revenues and profits. Agnico Eagle Mines Limited AEM is also making steady progress with its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas. Agnico Eagle's Hope Bay project is expected to play a significant role in generating cash flow in the years to come. At Canadian Malartic, Agnico Eagle is advancing the transition to underground mining with the construction of the Odyssey mine and executing other opportunities to beef up annual production. B's Price Performance, Valuation & Estimates Barrick's shares have surged 37% year to date compared with the Zacks Mining – Gold industry's rise of 53%, courtesy of the gold price rally. From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 9.8, a roughly 22.3% discount when stacked up with the industry average of 12.61X. It carries a Value Score of A. The Zacks Consensus Estimate for B's 2025 and 2026 earnings implies a year-over-year rise of 52.4% and 23.8%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days. B stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report Barrick Mining Corporation (B): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Globe and Mail
23-06-2025
- Business
- Globe and Mail
Barrick Mining's Key Projects Advance: Will Execution Fuel the Future?
Barrick Mining Corporation B is executing its slate of high-return growth projects, underscoring a disciplined strategy that could reshape its production profile over the next decade. Its major gold and copper growth projects are advancing, laying the groundwork for the next generation of profitable production. The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the 100% Barrick-owned Fourmile, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. The project has progressed to a pre-feasibility study, following a successful drilling program. Also, the Reko Diq copper-gold project in Pakistan is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second development phase, with the first production expected by the end of 2028. The Super Pit expansion at its Lumwana copper mine in Zambia is another strategic driver that entails doubling the present process circuit's throughput and substantially boosting mining volumes. Upon completion, the $2 billion project has the potential to transform Lumwana into a long-term, high-yielding, top-25 copper producer and Tier One copper mine. These assets are poised to deliver significant, low-cost production growth, enhancing Barrick's diversification and free cash flow profile should it execute these on schedule and within budget. With successful execution, Barrick will emerge with a more diversified production profile as copper would contribute more meaningfully to its revenue mix. Among its major peers, Newmont Corporation NEM continues to invest in growth projects in a calculated manner. Newmont is pursuing several projects, including Tanami Expansion 2 in Australia, the Ahafo North expansion in Ghana and Cadia Panel Caves in Australia. These projects should expand production capacity and extend mine life, driving Newmont's revenues and profits. Agnico Eagle Mines Limited AEM is making steady progress with its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas. Agnico Eagle's Hope Bay project, with proven and probable mineral reserves of 3.4 million ounces, is expected to play a significant role in generating cash flow in the coming years. At Canadian Malartic, Agnico Eagle is advancing the transition to underground mining with the construction of the Odyssey mine and executing other opportunities to beef up annual production. B's Price Performance, Valuation & Estimates Barrick's shares have surged 35.1% year to date against the Zacks Mining – Gold industry's rise of 54.4%, courtesy of the gold price rally. From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 10.51, a roughly 24.8% discount when stacked up with the industry average of 13.97X. It carries a Value Score of A. The Zacks Consensus Estimate for B's 2025 and 2026 earnings implies a year-over-year rise of 43.7% and 13.7%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days. B stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Names "Stock Most Likely to Double" Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest. This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%. Free: See Our Top Stock And 4 Runners Up Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report Barrick Mining Corporation (B): Free Stock Analysis Report
Yahoo
14-02-2025
- Business
- Yahoo
Barrick Gold Q4: Higher Realized Gold Prices, Revenue Miss, New Stock Buyback And More
Barrick Gold Corp (NYSE:GOLD) shares are trading slightly higher after it reported fourth-quarter revenue of $3.645 billion, up 8% quarter over quarter, missing the consensus of $3.978 billion. Gold production stood at 1,080 thousand ounces (+15% Q/Q), and gold sales were 965 thousand ounces (flat Q/Q). The average realized gold price rose 7% Q/Q to $2,657 per ounce, and all-in-sustaining costs (AISC) fell 4% Q/Q to $1,451 per ounce in the quarter. Copper production surged 33% Q/Q to 64 thousand tonnes, and the average realized copper price declined 7% Q/Q to $3.96 per pound. Adjusted EPS of 46 cents beat the consensus of 41 cents. At the end of the year, cash and cash equivalents stood at $4.07 billion, and debt was $4.73 billion. Capital expenditure increased 21% Q/Q to $891 million, and operating cash flow stood at $1.39 billion. President and chief executive Mark Bristow said, 'During the fourth quarter, we made steady progress in ramping up operations at Pueblo Viejo, improving recovery, despite lower production on the back of a slight decrease in grade.' 'At Veladero and Nevada Gold Mines, we boosted production and we closed the gaps at Kibali while strengthening the management team there. Additionally, we completed two major feasibility studies to advance the transformational Lumwana and Reko Diq projects, and also significantly increased our reserves and resources.' 'While ongoing issues in Mali remain an investor concern, which have overly weighed on the share price, Barrick's fundamental value proposition has never been stronger.' Barrick declared a fourth-quarter dividend per share of 10 cents, payable on March 17, to shareholders of record as of February 28, 2025. Barrick repurchased 28.675 million shares during the year. The company's Board of Directors approved a new share repurchase program of up to $1.0 billion. As part of this move, Barrick had discontinued the share repurchase program announced on February 14, 2024, under which it had repurchased $498 million in common shares. FY25 Outlook: The company expects attributable gold production in the range of 3.15–3.5 million ounces (excluding production from temporarily suspended Loulo-Gounkoto) and AISC in the range of 1,460 – 1,560 per ounce. For 2025, attributable capital expenditure is expected to be $3.100 billion – $3.600 billion. The company sees attributable copper production of 200,000–230,000 tonnes in 2025, led by higher production at Lumwana. Investors can gain exposure to the stock via Sprott Gold Miners ETF (NYSE:SGDM) and VanEck Gold Miners ETF (NYSE:GDX). Price Action: GOLD shares are up 0.23% at $17.11 premarket at the last check Wednesday. Read Next:Image via Shutterstock. Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Barrick Gold Q4: Higher Realized Gold Prices, Revenue Miss, New Stock Buyback And More originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
08-02-2025
- Business
- Yahoo
Barrick reports 23% increase in gold reserves in 2024
Canadian miner Barrick Gold has reported a 23% increase in its overall proven and probable gold reserves, reaching 17.4 million ounces (moz) at the end of 2024. This rise is primarily attributed to the Reko Diq copper-gold project in the Chagai district of Balochistan, Pakistan. The company's attributable proven and probable gold reserves stood at 89moz at 0.99 grams per tonne (g/t) in 2024, up from 77moz at 1.65g/t in 2023. This year-on-year increase was driven by the conversion of Reko Diq's copper-gold resources into mineral reserves, contributing 13moz of gold at a grade of 0.28g/t on an attributable basis, after the completion of the feasibility study. Prior to this, Barrick achieved a fourth consecutive year of replacing annual depletion at a 4% higher grade. The Reko Diq mine, in which Barrick owns a 50% stake, is considered 'one of the world's largest underdeveloped copper-gold areas' and is expected to commence production by the end of 2028, reported Reuters. In the Africa and Middle East region, the company's reserves slightly increased by around 1.1% to 19moz in 2024, with contributions from the Loulo-Gounkoto mine in Mali and the Bulyanhulu mine in Tanzania. Barrick replaced more than 180% of its depleted gold reserves, adding almost 46moz of attributable proven and probable reserves across its managed assets, since the end of 2019. The company's measured and indicated gold resources for 2024 have remained consistent at 180moz at 1.06g/t, with inferred resources increasing by 5% from 2023 to 41moz at 0.9g/t. Additionally, copper mineral reserves have grown by 224% year-on-year on an attributable basis, with a more than 13% higher grade, resulting in 18 million tonnes (mt) of copper at 0.45%. This increase in copper reserves is due to the completion of the Lumwana and Reko Diq feasibility studies, which affirmed both as Tier 1 copper projects. The Lumwana Super Pit Expansion feasibility study alone added 5.5mt of copper reserves, while the Reko Diq study contributed an additional 7.3mt of copper to the company's reserves. The Latin America and Asia-Pacific region, driven by Pueblo Viejo mine in the Dominican Republic, replaced 115% of the regional gold reserve depletion for 2024, prior to the inclusion of Reko Diq. The Porgera mine saw a 22% growth in attributable gold reserves year-on-year. Barrick president and chief executive Mark Bristow said: 'In order for our industry to help build a better world, we have to invest in our own future, with transformational projects like the Lumwana Super Pit Expansion, Pueblo Viejo Expansion, Reko Diq and Fourmile. Barrick's vision for these projects extends beyond mining, ensuring the benefits of these investments provide multi-generational benefits to our host countries and local communities through the development of local service provider partnerships and investment in the sustainability of our operating environments.' Barrick faced a setback last month when its operations at the Mali mine were suspended following the seizure of three tonnes of gold by the military-led government. "Barrick reports 23% increase in gold reserves in 2024" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
