The gold output by the company edged higher to total 1.04 million ounces in Q2 this year.
SEATTLE (Scrap Monster): A stronger performance across the portfolio during the second quarter of the year has put Barrick on course to achieve its gold and copper production guidance for the current year. The company reported continued progress in its key growth projects.
The gold output by the company edged higher to total 1.04 million ounces in Q2 this year. The increased output was mainly on account of strong production from Carlin and Turquoise Ridge in Nevada, Veladero in Argentina, and Bulyanhulu and North Mara in Tanzania. The production is anticipated to grow further in the second half of the year. Meantime, quarterly copper production totalled 120 million pounds, said the company press release.
The company reported operating cash flow of $924 million and free cash flow of $169 million for the quarter. The net earnings per share was $0.27 and adjusted net earnings were $0.24. The net cash at the end of the quarter was $636 million. On the back of the strong performance, Barrick declared a dividend of $0.20 per share for the quarter.
Barrick posted significant progress with the Pueblo Viejo expansion project and additional tailings storage facility. Moreover, it reiterated its commitment to expand its global exploration footprint.
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