Summary by Moomoo AI
Barrick Gold reported Q2 2024 net earnings up 25% to $370 million, with operating cash flow increasing 53% to $1.16 billion and free cash flow rising to $340 million. Revenue grew 15% to $3.16 billion, driven by higher gold prices averaging $2,344 per ounce. The company maintained its quarterly dividend at $0.10 per share while repurchasing 2.95 million shares.Key growth projects are advancing, including the Goldrush mine in Nevada ramping up to 400,000 ounces annual production by 2028, and Fourmile shaping up as a potential Tier One mine with over 500,000 ounces annual output. The Pueblo Viejo expansion targets over 800,000 ounces beyond 2040, while copper projects at Lumwana and Reko Diq aim for 240,000 and 400,000 tonnes of copper production respectively.The company launched an industry-first comprehensive biodiversity assessment tool for quantifying impacts across operations. Safety performance improved with a 33% decrease in total recordable injuries from Q1. Production guidance remains on track with higher output and lower costs expected in H2 2024, supported by the successful restart of Porgera and optimization at key operations.
