Barrick Gold beats profit estimates; announces new share buyback
Canada's Barrick Gold beat analysts' estimates for fourth-quarter profit on Wednesday on higher gold prices and production.
On an adjusted basis, the world's second-largest gold miner posted a profit of 46c a share in the quarter ended December 31, compared with estimates of 41c a share, according to data compiled by LSEG.
Gold production in the quarter came in at 1.08-million ounces, higher than 1.05-million ounces in the same quarter last year, due to its North America, Africa and Middle East operations meeting expectations.
Gold prices rose over 27% in 2024, their biggest yearly rise since 2010, driven by safe-haven demand, interest rate cuts, and buying from central banks.
Barrick said its average realized gold prices rose to $2 657/oz in the fourth quarter from $1 986/oz last year.
All-in sustaining costs (AISC), an industry metric reflecting total expenses, however, rose to $1 451 per ounce in the quarter, from $1 364 per ounce last year.
The company also announced a new share buyback program of $1-billion, scrapping its previous share buyback program that was in place from February 14, 2024.
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