Barrick Mining Beats Profit Forecast, Raises Dividend as Gold Prices Soar

Barrick Mining reported second-quarter adjusted earnings of $0.47 a share, a cent above analysts’ expectations, helped by record gold prices that averaged $3,295 an ounce during the period. Net income rose to $811 million, although revenue slipped to $3.68 billion, missing consensus by roughly $20 million. Operationally, the miner lifted gold production 5 percent from the previous quarter to 797,000 ounces and expanded copper output 34 percent to 59,000 tonnes, driven by stronger performances at Nevada Gold Mines, Pueblo Viejo and Lumwana. First-half operating cash flow climbed 32 percent year on year to $2.5 billion, while free cash flow more than doubled to $770 million. Bolstered by the cash influx, Barrick raised its quarterly dividend to $0.15 per share—of which $0.05 is a performance component—and repurchased $268 million of stock in the quarter, returning a total of $753 million to shareholders in the first half. Management said key growth projects, including Reko Diq and the Fourmile exploration program, remain on schedule. Despite the earnings beat, Barrick’s shares fell about 4 percent in pre-market trading as investors focused on the modest revenue shortfall and production disruptions earlier in the year. The company reiterated 2025 production guidance of 3.15 million to 3.50 million ounces of gold.