Barrick Foresees Steady Ramp Up in 2024 Gold Output

During the quarter, the company’s operations generated operating cash flow of $760 million.

SEATTLE (Scrap Monster): Barrick Gold Corporation announced its first quarter results. The quarterly results were much in line with the guidance. The company is on track to achieve its full year targets, said the company press release.

Barrick expects its gold production to steadily ramp up during the year, aided by successful completion of the Pueblo Viejo plant expansion and resumption of operations at the Porgera mine. Also, the company’s copper production too is expected to meet the full year’s guidance.

The company’s first-quarter earnings per share (EPS) came in at $0.19 compared to the consensus estimate of $0.16. The net EPS reported surge by 143% over the prior year quarter. The revenue for the quarter was in line with forecasts at $2.75 billion. The attributable EBITDA stood at $907 million, higher by 7% year-on-year. During the quarter, the company’s operations generated operating cash flow of $760 million.

Barrick’s gold production totalled 940,000 ounces during the initial three-month period of 2024, down marginally by around 1% from 952,000 ounces produced in the prior year quarter. However, higher gold prices contributed to earnings, despite fall in production, said the company press release.

The company reported yet another strong quarterly performance from Loulo-Gounkoto and Veladero during the first quarter.

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