Barrick Mines Set to Deliver Strong Finish to the Year

Core Viewpoint - Barrick Gold Corporation reported significant progress in Q3 2024, maintaining production and cost guidance while anticipating a strong Q4 performance driven by operational improvements and project advancements [1][2]. Financial Performance - Gold production remained stable compared to the previous quarter, while copper production increased by 12% quarter-on-quarter [2]. - Net earnings per share rose by 33% year-on-year, with operating cash flow totaling $1.18 billion and free cash flow increasing by 31% quarter-on-quarter to $444 million [3][12]. - The company reduced its debt net of cash by 27% quarter-on-quarter and declared a quarterly dividend of $0.10 per share [3][12]. Operational Highlights - The Pueblo Viejo plant expansion is on track, contributing to a projected material improvement in Q4 [2][10]. - Improved margins across gold operations were attributed to higher gold prices and cost discipline [3][10]. - The company is focused on replacing mineral reserves net of depletion in 2024, driven by the Reko Diq and Lumwana projects [4][10]. Exploration and Development - The Fourmile project in Nevada shows significant value potential, with ongoing exploration efforts yielding promising results [5][10]. - Feasibility studies for the Reko Diq and Lumwana projects are on track for completion by year-end, with long lead items being ordered [4][10]. - Barrick's exploration teams are identifying new high-potential targets across its global portfolio [5][10]. Sustainability and Closure Management - Over the past five years, Barrick has reduced its closure liabilities by more than $1 billion through optimization of closure projects [6][34]. - The company is committed to sustainable mine closure practices, which are integral to its long-term value creation strategy [31][32]. Future Outlook - Barrick projects a 30% growth in gold-equivalent ounce production from existing assets by the end of the decade [48]. - The Lumwana Super Pit expansion is expected to double the mine's annual copper production, with a feasibility study anticipated by year-end [44][45]. - The company continues to focus on organic growth opportunities while remaining alert to potential value-accretive acquisitions [49][50].