Barrick Gold posted its fourth-quarter 2024 (Q4 2024) performance, with gold production rising by 15% and copper production increasing by 33% compared to the previous quarter.
According to the company, its strong results have enabled it to meet its annual production guidance.
The company also reported a 3% reduction in the gold cost of sales and a 5% decrease in total cash costs for Q4 2024.
For the full year 2024, Barrick Gold’s net earnings surged by 69% to $2.14bn, while adjusted net earnings rose by 51% to $2.21bn.
The company’s attributable earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 30% to $5.19bn, marking its highest level in more than a decade.
Barrick Gold reported that its operating cash flow grew by 20% year-on-year (YoY) to $4.49bn, and free cash flow more than doubled to $1.32bn, driven by higher earnings.
The company also met its production guidance in its North America and Africa as well as Middle East operations.
However, in the Latin America and Asia Pacific regions, overall production fell slightly below target.
This was due to a slower-than-expected ramp-up at the Pueblo Viejo gold and silver mine in the Dominican Republic, despite strong performance from the Veladero.gold mine in Argentina.
Upgrades at the Pueblo Viejo mine are planned for 2025, including a 35-day shutdown in the first quarter to improve throughput and recovery.
Barrick Gold also posted significant reserve additions, with attributable proven and probable gold mineral reserves increasing by 23% to 89 million ounces from 77 million ounces, before depletion.
Attributable copper mineral reserves grew by 224% YoY to 18 million tonnes, with a 13% higher grade, following the completion of feasibility studies at the Lumwana and the Reko Diq mines.
Barrick Gold 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.”
For 2025, Barrick Gold expects attributable gold production of 3.15–3.5 million ounces, excluding output from the Loulo-Gounkoto mine in Mali, which remains suspended.
The company’s attributable copper production is projected to rise from 195,000 tonnes in 2024 to between 200,000 and 230,000 tonnes, driven by higher output at the Lumwana mine.
The company has reportedly confirmed that operations at its Loulo-Gounkoto mine will resume once authorities grant approval for gold shipments to restart.
